HRS §490:9-306
Which state's law controls a security interest in letter-of-credit rights
This section says which state's law applies to a security interest in letter-of-credit rights. It uses the law of the state that governs the issuer or nominated person's liability. It does not apply if the interest is perfected only under a specific rule.
creditorsdebtorsfinancial institutions
The statute, as written — Law governing perfection and priority of security interests in 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 section 490:5-116. (c) This section does not apply to a security interest that is perfected only under section 490:9-308(d).
Sections this one refers to
§490:9-308 When a security interest or agricultural lien is perfected and stays perfected
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