Section 26-1-9.1-306 - Law governing perfection and priority of security interests in letter-of-credit rights(a) 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) For purposes of IC 26-1-9.1-301 through IC 26-1-9.1-342, 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 IC 26-1-5.1-116.(c) This section does not apply to a security interest that is perfected only under IC 26-1-9.1-308(d).As added by P.L. 57-2000, SEC.45. Amended by P.L. 165-2001, SEC.4.