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Alaska Statutes.

Title 45. Trade and Commerce

Chapter 29. Secured Transactions

Section 306. Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights.

AS 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).

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Last modified 9/3/2005