- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 5. Letters of Credit
- Section 118. Security Interest of Issuer or Nominated Person.
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. Subrogation of Issuer, Applicant, and Nominated Person.
next: Section 120
. - 45.05.124l [Renumbered as AS 45.02.326
AS 45.05.118. Security Interest of Issuer or Nominated Person.
- (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
- (2) if the document is presented in a medium other than a written or other tangible medium, the security interest is
- (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.
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