Vermont § 306 - § 9—306.

§ 306. § 9—306.

• 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 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 5—116 of this title. (c) This section does not apply to a security interest that is perfected only under subsection 9—308(d) of this title. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)