(1) GOVERNING LAW: ISSUER’S OR NOMINATED PERSON’S JURISDICTION. Subject to sub. (3), 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. (2) ISSUER’S OR NOMINATED PERSON’S JURISDICTION. For purposes of this subchapter, 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 letterof-credit right as provided in ch. 405. (3) WHEN SECTION NOT APPLICABLE. This section does not apply to a security interest that is perfected only under s. 409.308 (4).
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