Okla. Stat. tit. 12A, § 12A-5-118.1: Security interest of issuer or nominated person

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;

(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.