{"data":{"id":"us-ky/krs-355.9-306","jurisdiction":"us-ky","citation":"KRS 355.9-306","heading":"Law governing perfection and priority of security interests in letter -of-","body":"credit rights.\n(1) Subject to subsection (3) of this section, the local law of the issuer's jurisdiction or a\nnominated person's jurisdiction governs perfection, the effect of perfection or\nnonperfection, and the priority of a security interest in a letter -of-credit right if the\nissuer's jurisdiction or nominated person's jurisdiction is a state.\n(2) For purposes of this part of this article, an issuer's jurisdiction or nominated person's\njurisdiction is the jurisdiction whose law governs the liability of the issuer or\nnominated person with respect to the letter -of-credit right as provided in KRS\n355.5-116.\n(3) This section does not apply to a security interest that is perfected only under KRS\n355.9-308(4).","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33759","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:48Z","sha256":"4e1a556de5858c7be28fc5576dbe164b141cfed2296a0751978e8241071a8dee","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.9-305","next":"us-ky/krs-355.9-3061"},"notice":"GroundRules: Original legal text. Not legal advice."}