1. Subject to subsection 3, the law of the issuers jurisdiction or a nominated persons jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuers jurisdiction or nominated persons jurisdiction is a state. 2. For purposes of this part, an issuers jurisdiction or nominated persons 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 NRS 104.5116 . 3. This section does not apply to a security interest that is perfected only under subsection 4 of NRS 104.9308 .
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