The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 9A : Uniform Commercial Code
Article 009 : Secured Transactions
(Cite as: 9A V.S.A. § 9-306)-
§ 9—306. 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 9—308(d) of this title. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
