S.C. Code Ann. § 36-9-306
Law governing perfection and priority of security interests in letter-of-credit rights
Effective Jul 1, 20131962 Code SECTION 10.9-307; 1966 (54) 2716; 1977 Act No. 134 SECTION 1; 1988 Act No. 494, SECTION 5; 1993 Act No. 181, SECTION 525; 1996 Act No. 459, SECTION 57; 2001 Act No. 67, SECTION 12; 2013 Act No. 96, SECTION 4, eff July 1, 2013.
- (a) 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) 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 36-5-116.
- (c) This section does not apply to a security interest that is perfected only under Section 36-9-308(d).
HISTORY: 1962 Code SECTION 10.9-307; 1966 (54) 2716; 1977 Act No. 134 SECTION 1; 1988 Act No. 494, SECTION 5; 1993 Act No. 181, SECTION 525; 1996 Act No. 459, SECTION 57; 2001 Act No. 67, SECTION 12; 2013 Act No. 96, SECTION 4, eff July 1, 2013.
Effect of Amendment
The 2013 amendment in subsection (f), in paragraph (2), inserted ", including by designating its main office, home office, or other compatible office;" and made other nonsubstantive changes.
Subpart 2
Perfection