Sec. 45.29.306. Law governing perfection and priority of security interests in letter-of-credit rights.
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Sec. 45.29.306. Law governing perfection and priority of security interests in letter-of-credit rights.
(a)Subject to
(c)of this section, 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)For purposes of AS 45.29.301 — 45.29.342, 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 AS 45.05.116 .
(c)This section does not apply to a security interest that is perfected only under AS 45.29.308 (d).