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Can you summarize MNST 336.9-306?
UNIFORM COMMERCIAL CODE > LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN LETTER OF CREDIT RIGHTS.
Short Summary
This legal document, governed by the Uniform Commercial Code under Minnesota Statutes, pertains to the perfection and priority of security interests in letter of credit rights. It states that the local law of the issuer’s jurisdiction or a nominated person’s jurisdiction governs the perfection, effect, and priority of a security interest in a letter of credit right if the issuer’s jurisdiction or nominated person’s jurisdiction is a state. The issuer’s or nominated person’s jurisdiction is defined as the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter of credit right. However, this section does not apply to a security interest that is perfected only under section 336.9-308 (d).
Whom does it apply to?
Creditors with security interests in letter of credit rights
What does it govern?
Perfection and priority of security interests in letter of credit rights
What are exemptions?
This section does not apply to a security interest that is perfected only under section 336.9-308 (d).
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota