3. Relationship to Letter-of-Credit Law. Although restrictions on an assignment of a letter of credit are ineffective to prevent creation, attachment, and perfection of a security interest, subsection (b) [Maine cite subsection (2)] protects the issuer and other parties from any adverse effects of the security interest by preserving letter-of-credit law and practice that limits the right of a beneficiary to transfer its right to draw or otherwise demand performance (Section 5-112) and limits the obligation of an issuer or nominated person to recognize a beneficiary's assignment of letter-of-credit proceeds (Section 5-114). Thus, this section's treatment of letter-of- credit rights differs from this Article's treatment of instruments and investment property. Moreover, under Section 9- 109(c)(4) [Maine cite section 9-1109, subsection (3), paragraph (d)], this Article does not apply to the extent that the rights of a transferee beneficiary or nominated person are independent and superior under Section 5-114, thereby preserving the "independence principle" of letter-of-credit law.

PART 5

FILING

SUBPART 1

FILING OFFICE; CONTENTS AND

EFFECTIVENESS OF FINANCING STATEMENT

§9-1501.__Filing office

(1)__Except as otherwise provided in subsection (2), if the local law of this State governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is:

(a)__The office designated for the filing or recording of a record of a mortgage on the related real property, if:

(i)__The collateral is as-extracted collateral or timber to be cut; or

(ii)__The financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures; or

(b)__The office of the Secretary of State, in all other cases, including a case in which the collateral is goods