2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 93 - Perfection and Priority
Section 9306 - Law governing perfection and priority of security interests in letter-of-credit rights

     § 9306.  Law governing perfection and priority of security
                interests in letter-of-credit rights.
        (a)  Governing law; issuer's or nominated person's
     jurisdiction.--Subject to subsection (c), 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)  Issuer's or nominated person's jurisdiction.--For
     purposes of this chapter, 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 (relating to
     choice of law and forum).
        (c)  When section not applicable.--This section does not
     apply to a security interest which is perfected only under
     section 9308(d) (relating to supporting obligation).

        Cross References.  Section 9306 is referred to in section
     9301 of this title.