{"data":{"id":"us-ky/krs-355.5-118","jurisdiction":"us-ky","citation":"KRS 355.5-118","heading":"Security interest of issuer or nominated person.","body":"(1) An issuer or nominated person has a security interest in a document presented under\na letter of credit to the extent that the issuer or nominated person honors or gives\nvalue for the presentation.\n(2) So long as and to the extent that an issuer or nominate d person has not been\nreimbursed or has not otherwise recovered the value given with respect to a security\ninterest in a document under subsection (1) of this section, the security interest\ncontinues and is subject to Article 9 of this chapter, but:\n(a) A security agreement is not necessary to make the security interest enforceable\nunder KRS 355.9-203(2)(c);\n(b) If the document is presented in a medium other than a written or other tangible\nmedium, the security interest is perfected; and\n(c) If the document is presented in a written or other tangible medium and is not a\ncertificated security, chattel paper, a document of title, an instrument, or a\nletter of credit, the security interest is perfected and has priority over a\nconflicting security interest in th e document so long as the debtor does not\nhave possession of the document.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33610","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:46Z","sha256":"8e5d8c2fbc099eaf3dd8880b61c96d090ee21cf3bc4f9c9f104f9fa2a74ec808","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.5-117","next":"us-ky/krs-355.6-101"},"notice":"GroundRules: Original legal text. Not legal advice."}