554.9306 Law governing perfection and priority of security interests in letter-of-credit rights. 1. Governing law — issuer’s or nominated person’s jurisdiction. Subject to subsection 3, the local law of the issuer’s jurisdiction or a nominated person’s jurisdiction governsperfection, the effect of perfection or nonperfection, and the priority of a security interest ina letter-of-credit right if the issuer’s jurisdiction or nominated person’s jurisdiction is a state. 2. 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 theliability of the issuer or nominated person with respect to the letter-of-credit right asprovided in section 554.5116. 3. When section not applicable. This section does not apply to a security interest that is perfected only under section 554.9308, subsection 4. 2000 Acts, ch 1149, §26, 185, 187Referred to in §554.1301, 554.9301 Sat Dec 23 11:01:45 2023 Iowa Code 2024, Section 554.9306 (25, 0)
Iowa Legal Code