Md. Code, Commercial Law § 9-306
This is the official text of Md. Code, Commercial Law § 9-306, part of Maryland’s Code, Commercial Law — governs commercial transactions - Maryland's version of the Uniform Commercial Code.
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§9–306.
Official statutory text
(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 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 § 5-116 of this article.
(c) This section does not apply to a security interest that is perfected only under § 9-308(d).
(b) 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 § 5-116 of this article.
(c) This section does not apply to a security interest that is perfected only under § 9-308(d).
Status: in_force · Read it on the official government site
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