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Wis. Stat. § 409.306

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

Applied in 1 court decision — leading case 305 F. Supp. 2d 966 - American Wood Dryers, Inc. v. Bombardier Capital, Inc. (2002)

Most recently applied in 305 F. Supp. 2d 966 - American Wood Dryers, Inc. v. Bombardier Capital, Inc. (November 2002)

2001 a. 10.

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

(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).

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