(a) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation.
(b) So long as and to the extent that an issuer or nominated person has not been reimbursed or has not otherwise recovered the value given with respect to a security interest in a document under (a) of this section, the security interest continues and is subject to AS 45.29, but
(1) a security agreement is not necessary to make the security interest enforceable under AS 45.29.203 (b)(3);
(2) if the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and
(3) if the document is presented in a written or other tangible medium and is not a certificated security, chattel paper, a document of title, an instrument, or a letter of credit, the security interest is perfected and has priority over a conflicting security interest in the document so long as the debtor does not have possession of the document.
Section: Previous 45.05.111 45.05.112 45.05.113 45.05.114 45.05.115 45.05.116 45.05.117 45.05.118 45.05.120-45.05.124 45.05.125 45.05.126-45.05.130 45.05.132-45.05.160 45.05.162-45.05.192 45.05.194-45.05.242 45.05.246-45.05.288 NextLast modified: November 15, 2016