South Dakota § 57A-9-306 - Law governing issues of perfection and priority relating to letter-of-credit rights.
Full text of South Dakota South Dakota Codified Laws § 57A-9-306 — Law governing issues of perfection and priority relating to letter-of-credit rights., with citation guidance and answers to common questions.
§ 57A-9-306. Law governing issues of perfection and priority relating to letter-of-credit rights.
(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 § 57A-5-116.
(c) This section does not apply to a security interest that is perfected only under § 57A-9-308(d).
Source: SL 2000, ch 231.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 57A-9-306
What does South Dakota Codified Laws § 57A-9-306 cover?
Section 57A-9-306 ("Law governing issues of perfection and priority relating to letter-of-credit rights.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. 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 South Dakota § 57A-9-306?
A common citation format is "South Dakota Codified Laws § 57A-9-306" (South Dakota). 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 South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 57A-9-306 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota 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 South Dakota.