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 Sections 55-9-301 through 55-9-342 NMSA 1978, 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 55-5-116 NMSA 1978. (c) This section does not apply to a security interest that is perfected only under Subsection (d) of Section 55-9-308 NMSA 1978. History: 1978 Comp., § 55-9-306, enacted by Laws 2001, ch. 139, § 26.