---
title: O.C.G.A. § 11-9-306. Law governing perfection and priority of security interests in letter of credit rights.
collection: code
id: 11-9-306
cite_as: O.C.G.A. § 11-9-306 (2025)
canonical_url: https://georgiacommons.org/code/11-9-306
md_url: https://georgiacommons.org/code/11-9-306.md
text_url: https://georgiacommons.org/code/11-9-306/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t11-(v9)-2022-pdf.pdf?sfvrsn=b5451bbd_0#page=779
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
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version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: COMMERCIAL CODE / SECURED TRANSACTIONS / PERFECTION AND PRIORITY / Law Governing Perfection and Priority
---

# O.C.G.A. § 11-9-306. 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) of this Code 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) Issuer’s or nominated person’s jurisdiction. 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 Code Section 11-5-116.

(c) When Code section not applicable. This Code section does not apply to a security interest that is perfected only under subsection (d) of Code Section 11-9-308.

## History

Code 1981, § 11-9-306, enacted by Ga. L. 2001, p. 362, § 1.