6 Del. C. § 9-306
This is the official text of 6 Del. C. § 9-306, part of Delaware’s Del. C — part of the compiled statutory law of Delaware, published by the state as "Del. C." Browse the sections below, each linked to its official government source.
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§ Â 9-306. Law governing perfection and priority of security interests in letter-of-credit rights.
Official statutory text
(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 part, 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 5-116.
(c) When section not applicable. — This section does not apply to a security interest that is perfected only under Section 9-308(d).
(b) Issuer’s or nominated person’s jurisdiction. — For purposes of this part, 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 5-116.
(c) When section not applicable. — This section does not apply to a security interest that is perfected only under Section 9-308(d).
Status: in_force · Read it on the official government site
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