New Mexico Statutes 55-9-306. Law governing perfection and priority of security interests in letter-of-credit rights
(a) Subject to Subsection (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.
Terms Used In New Mexico Statutes 55-9-306
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(b) For purposes of Sections 55-9-301 through 55-9-342 N.M. Stat. Ann., 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 55-5-116 N.M. Stat. Ann..
(c) This section does not apply to a security interest that is perfected only under Subsection (d) of Section 55-9-308 N.M. Stat. Ann..