Idaho Code 28-9-306 – Law Governing Perfection and Priority of Security Interests in Letter of Credit Rights
Current as of: 2023 | Check for updates
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(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.
(b) 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 28-5-116.
Terms Used In Idaho Code 28-9-306
- 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.
- person: includes a corporation as well as a natural person;
Idaho Code 73-114State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(c) This section does not apply to a security interest that is perfected only under section 28-9-308(d).