{"data":{"id":"us-mi/mich.-comp.-laws-440.5118","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.5118","heading":"Document presented under letter of credit; security interest of issuer or nominated person.","body":"Sec. 5118.\n\nAn 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.\n\nSo 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), the security interest continues and is subject to article 9, but all of the following apply:\n\nA security agreement is not necessary to make the security interest enforceable under section 9203(2)(c).\n\nIf the document is presented in a medium other than a written or other tangible medium, the security interest is perfected.\n\nIf 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.","path":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-5118","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"76d845d20880321b803c35d3b7d3006bd8ee524fec683d25975d060061b8459c","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.5117","next":"us-mi/mich.-comp.-laws-440.7101"},"notice":"GroundRules: Original legal text. Not legal advice."}