{"data":{"id":"us-ak/as-45.29.306","jurisdiction":"us-ak","citation":"AS 45.29.306","heading":"Law governing perfection and priority of security interests in letter-of-credit rights.","body":"(a) Subject to (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.\n(b) For purposes of AS 45.29.301 — 45.29.342, 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 AS 45.05.116.\n(c) This section does not apply to a security interest that is perfected only under AS 45.29.308(d).","path":["Title 45. Trade and Commerce.","Chapter 29. Secured Transactions.","Article 3. Perfection and Priority."],"source_url":"https://www.akleg.gov/basis/statutes.asp#45.29.306","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:19:44Z","sha256":"1dd2eec9fec2cfbaec86998f6631ac3d765c6963075ba9656e07c0340c71c0b8","source_id":"us-ak","stale":false,"prev":"us-ak/as-45.29.305","next":"us-ak/as-45.29.307"},"notice":"GroundRules: Original legal text. Not legal advice."}