355.9 -306 Law governing perfection and priority of security interests in letter -of- credit rights. (1) Subject to subsection (3) 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. (2) For purposes of this part of this article, an issuer's jurisdiction or nominate d 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 KRS 355.5 -116. (3) This section does not apply to a security interest that is perfected only under KRS 355.9 -308(4). Effective: July 1, 2001 History: Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 46, effective July 1, 2001. -- Amended 1996 Ky. Acts ch. 130, sec. 176, effective January 1, 1997. -- Amended 1986 Ky. Acts ch. 118, sec. 67, e ffective July 1, 1987. -- Created 1958 Ky. Acts ch. 77, sec. 9 -306, effective July 1, 1960.
Kentucky Legal Code