Okla. Stat. tit. 12A, § 12A-1-9-306: Law governing perfection and priority of security

interests in letter-of-credit rights.

LAW GOVERNING PERFECTION AND PRIORITY

OF SECURITY INTERESTS IN LETTER-OF-CREDIT RIGHTS

(a) Subject to subsection (c) of this section, 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 5-116 of this

title.

(c) This section does not apply to a security interest that is

perfected only under subsection (d) of Section 1-9-308 of this

title.