Ask Reggi Your Question Now
Can you summarize NHRS 382-A:9-306?
UNIFORM COMMERCIAL CODE > Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights.
Short Summary
(a) Governing law: issuer’s or nominated person’s jurisdiction. Subject to subsection (c), the local law of the issuer’s jurisdiction or a nominated person’s jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer’s jurisdiction or nominated person’s jurisdiction is a State. (b) Issuer’s or nominated person’s jurisdiction. For purposes of this part, an issuer’s jurisdiction or nominated person’s jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in Section 5-116. (c) When section not applicable. This section does not apply to a security interest that is perfected only under Section 9-308(d). Source. 2001, 102:25, eff. July 1, 2001.
Jurisdiction
New Hampshire