Michigan § 440.9306 - Law governing perfection and priority of security interests in letter-of-credit rights.
Full text of Michigan Michigan Compiled Laws § 440.9306 — Law governing perfection and priority of security interests in letter-of-credit rights., with citation guidance and answers to common questions.
§ 440.9306. Law governing perfection and priority of security interests in letter-of-credit rights.
Subject to subsection (3), 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.
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 5116.
This section does not apply to a security interest that is perfected only under section 9308(4).
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 440.9306
What does Michigan Compiled Laws § 440.9306 cover?
Section 440.9306 ("Law governing perfection and priority of security interests in letter-of-credit rights.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 440.9306?
A common citation format is "Michigan Compiled Laws § 440.9306" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 440.9306 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.