(a) Governing law; issuer's or nominated person's jurisdiction.-- Subject to subsection (c), 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) Issuer's or nominated person's jurisdiction.-- For purposes of this chapter, 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 5116 (relating to choice of law and forum). (c) When section not applicable.-- This section does not apply to a security interest which is perfected only under section 9308(d) (relating to supporting obligation).
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