{"data":{"id":"us-mi/mich.-comp.-laws-440.9306","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.9306","heading":"Law governing perfection and priority of security interests in letter-of-credit rights.","body":"Sec. 9306.\n\nSubject to subsection (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.\n\nFor 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 5116.\n\nThis section does not apply to a security interest that is perfected only under section 9308(4).","path":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-9306","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"93d7184809b070b83254e7b5925997f222786d5ca1abe6cb58b73f574a1a1625","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.9305","next":"us-mi/mich.-comp.-laws-440.9307"},"notice":"GroundRules: Original legal text. Not legal advice."}