S.C. Code Ann. § 36-9-306

Law governing perfection and priority of security interests in letter-of-credit rights

Known as the Uniform Commercial Code

The act spans §§ 36–36 (519 sections).

Applied in 5 court decisions — leading case Mitchell v. Rock Hill National Bank (In Re Mid-Atlantic Piping Products of Charlotte, Inc.) (1982)

Most recently applied in Finance America Corp. v. Galaxy Boat Manufacturing Co. (June 1987)

1962 Code SECTION 10.9-306; 1966 (54) 2716; 1988 Act No. 494, SECTION 5; 2001 Act No; 67, SECTION 12.

How often courts cite this section

citing decisions per year

Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.

(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 Section 36-5-116.

Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.