(a) Subject to subdivision (c), the local law of the issuerâs jurisdiction or a nominated personâs jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuerâs jurisdiction or nominated personâs jurisdiction is a state. (b) For purposes of this chapter, an issuerâs jurisdiction or nominated personâs 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 5116. (c) This section does not apply to a security interest that is perfected only under subdivision (d) of Section 9308.
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