(1) 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.
(2) As 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 subsection (1) of this section, the security interest continues and is subject to ORS chapter 79, but:
(a) A security agreement is not necessary to make the security interest enforceable under ORS 79.0203 (2)(c);
(b) If the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and
(c) 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 as long as the debtor does not have possession of the document. [2001 c.445 §148]
_______________Section: Previous 75.1040 75.1050 75.1060 75.1070 75.1080 75.1090 75.1100 75.1110 75.1120 75.1130 75.1140 75.1150 75.1160 75.1170 75.1180
Last modified: August 7, 2008