Law governing perfection and priority of security interests in letter-of-credit rights.

(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 42a-5-116 . (c) This section does not apply to a security interest that is perfected only under subsection (d) of section 42a-9-308 .