(2) For purposes of ORS 79.0301 to 79.0342, 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 ORS 75.1160.
(3) This section does not apply to a security interest that is perfected only under ORS 79.0308 (4). [2001 c.445 §26]