{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.9A-306.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.9A-306.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.9A-306.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.9A-306.html"}],"law_id":71376,"edition_id":1,"section_id":71376,"structure_id":13859,"section_number":"8.9A-306","catch_line":"Law governing perfection and priority of security interests in letter-of-credit rights","history":"2000, c. 1007.","full_text":"a\n\nGoverning law; issuer’s or nominated person’s jurisdiction. 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\n\nIssuer’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 § 8.5A-116.c\n\nWhen section not applicable. This section does not apply to a security interest that is perfected only under § 8.9A-308 (d).","order_by":null,"text":{"0":{"id":257344,"text":"Governing law; issuer’s or nominated person’s jurisdiction. 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.","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"b"},"1":{"id":257345,"text":"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 § 8.5A-116.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a","next_prefix":"c"},"2":{"id":257346,"text":"When section not applicable. This section does not apply to a security interest that is perfected only under § 8.9A-308 (d).","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b"}},"ancestry":[{"id":13859,"edition_id":1,"name":"Law Governing Perfection and Priority","identifier":"1","label":"subpart","depth":3,"order_by":1,"parent_id":13858,"metadata":{},"date_created":"2026-06-26 03:46:06","date_modified":"2026-06-26 03:46:06","permalink":{"id":283945,"object_type":"structure","relational_id":13859,"identifier":"1","token":"8.9A\/3\/1","url":"\/8.9A\/3\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13858,"edition_id":1,"name":"Perfection and Priority","identifier":"3","label":"part","depth":2,"order_by":1,"parent_id":13277,"metadata":{},"date_created":"2026-06-26 03:46:06","date_modified":"2026-06-26 03:46:06","permalink":{"id":283943,"object_type":"structure","relational_id":13858,"identifier":"3","token":"8.9A\/3","url":"\/8.9A\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13277,"edition_id":1,"name":"Commercial Code \u2014 Secured Transactions","identifier":"8.9A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:33","date_modified":"2026-06-26 03:44:33","permalink":{"id":283833,"object_type":"structure","relational_id":13277,"identifier":"8.9A","token":"8.9A","url":"\/8.9A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":70455,"structure_id":13859,"section_number":"8.9A-301","catch_line":"Law governing perfection and priority of security interests","url":"\/8.9A-301\/","token":"8.9A\/3\/1\/8.9A-301","metadata":false},{"id":73690,"structure_id":13859,"section_number":"8.9A-302","catch_line":"Law governing perfection and priority of agricultural liens","url":"\/8.9A-302\/","token":"8.9A\/3\/1\/8.9A-302","metadata":false},{"id":56057,"structure_id":13859,"section_number":"8.9A-303","catch_line":"Law governing perfection and priority of security interests in goods covered by a certificate of title","url":"\/8.9A-303\/","token":"8.9A\/3\/1\/8.9A-303","metadata":false},{"id":72095,"structure_id":13859,"section_number":"8.9A-304","catch_line":"Law governing perfection and priority of security interests in deposit accounts","url":"\/8.9A-304\/","token":"8.9A\/3\/1\/8.9A-304","metadata":false},{"id":79061,"structure_id":13859,"section_number":"8.9A-305","catch_line":"Law governing perfection and priority of security interests in investment property","url":"\/8.9A-305\/","token":"8.9A\/3\/1\/8.9A-305","metadata":false},{"id":71376,"structure_id":13859,"section_number":"8.9A-306","catch_line":"Law governing perfection and priority of security interests in letter-of-credit rights","url":"\/8.9A-306\/","token":"8.9A\/3\/1\/8.9A-306","metadata":false},{"id":55662,"structure_id":13859,"section_number":"8.9A-306.1","catch_line":"Law governing perfection and priority of security interests in chattel paper","url":"\/8.9A-306.1\/","token":"8.9A\/3\/1\/8.9A-306.1","metadata":false},{"id":54882,"structure_id":13859,"section_number":"8.9A-306.2","catch_line":"Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles","url":"\/8.9A-306.2\/","token":"8.9A\/3\/1\/8.9A-306.2","metadata":false},{"id":68831,"structure_id":13859,"section_number":"8.9A-307","catch_line":"Location of debtor","url":"\/8.9A-307\/","token":"8.9A\/3\/1\/8.9A-307","metadata":false}],"previous_section":{"id":79061,"structure_id":13859,"section_number":"8.9A-305","catch_line":"Law governing perfection and priority of security interests in investment property","url":"\/8.9A-305\/","token":"8.9A\/3\/1\/8.9A-305","metadata":false},"next_section":{"id":55662,"structure_id":13859,"section_number":"8.9A-306.1","catch_line":"Law governing perfection and priority of security interests in chattel paper","url":"\/8.9A-306.1\/","token":"8.9A\/3\/1\/8.9A-306.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.9A-306\/","history_text":"

This law was first created in 2000. The record of its establishment is cataloged in chapter 1007<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":84738,"section_number":"8.9A-308","catch_line":"When security interest or agricultural lien is perfected; continuity of perfection","order_by":null,"url":"\/8.9A-308\/"}],"permalink":{"id":283967,"object_type":"law","relational_id":71376,"identifier":"8.9A-306","token":"8.9A\/3\/1\/8.9A-306","url":"\/8.9A-306\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.9A-306\/","token":"8.9A\/3\/1\/8.9A-306","dublin_core":{"Title":"Law governing perfection and priority of security interests in letter-of-credit rights","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.9A-306","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> Governing law<\/span>; issuer’s or nominated person’s jurisdiction<\/span>. Subject to subsection (c), the local law<\/span> of the issuer’s jurisdiction<\/span> or a nominated person’s jurisdiction<\/span> 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<\/span> or nominated person’s jurisdiction<\/span> is a state. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> Issuer’s or nominated person’s jurisdiction<\/span>. For purposes of this part, an issuer’s jurisdiction<\/span> or nominated person’s jurisdiction<\/span> is the jurisdiction<\/span> whose law<\/span> governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in § 8.5A-116<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> When section not applicable. This section does not apply to a security interest that is perfected only under § 8.9A-308<\/a> (d). <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN LETTER-OF-CREDIT\nRIGHTS (\u00a7 8.9A-306)\n\na. Governing law; issuer’s or nominated person’s jurisdiction.\nSubject to subsection (c), the local law of the issuer’s jurisdiction or a\nnominated person’s jurisdiction governs perfection, the effect of\nperfection or nonperfection, and the priority of a security interest in a\nletter-of-credit right if the issuer’s jurisdiction or nominated\nperson’s jurisdiction is a state.\n\nb. Issuer’s or nominated person’s jurisdiction. For purposes of this\npart, an issuer’s jurisdiction or nominated person’s jurisdiction is\nthe jurisdiction whose law governs the liability of the issuer or nominated\nperson with respect to the letter-of-credit right as provided in §\n8.5A-116.\n\nc. When section not applicable. This section does not apply to a security\ninterest that is perfected only under § 8.9A-308 (d).\n\nHISTORY: 2000, c. 1007.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}