Okla. Stat. tit. 12A, § 12A-5-118.1
This is the official text of Okla. Stat. tit. 12A, § 12A-5-118.1, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Security interest of issuer or nominated person
Official statutory text
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 and any identifiable
proceeds of the collateral to the extent that the issuer or
nominated person honors or gives value for the presentation.
(b) 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 (a) of this section, the security interest continues and
is subject to Article 9 of this title, but:
(1) a security agreement is not necessary to make the security
interest enforceable under paragraph (3) of subsection (b) of
Section 1-9-203 of this title;
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 394
(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, so long as the
debtor does not have possession of the document, the security is
perfected and has priority over a conflicting security interest in
the document.
(a) An issuer or nominated person has a security interest in a
document presented under a letter of credit and any identifiable
proceeds of the collateral to the extent that the issuer or
nominated person honors or gives value for the presentation.
(b) 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 (a) of this section, the security interest continues and
is subject to Article 9 of this title, but:
(1) a security agreement is not necessary to make the security
interest enforceable under paragraph (3) of subsection (b) of
Section 1-9-203 of this title;
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 394
(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, so long as the
debtor does not have possession of the document, the security is
perfected and has priority over a conflicting security interest in
the document.
Status: in_force · Read it on the official government site
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