{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-5-118.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-5-118.1","heading":"Security interest of issuer or nominated person","body":"SECURITY INTEREST OF ISSUER OR NOMINATED PERSON\n\n(a) An issuer or nominated person has a security interest in a\n\ndocument presented under a letter of credit and any identifiable\n\nproceeds of the collateral to the extent that the issuer or\n\nnominated person honors or gives value for the presentation.\n\n(b) As long as and to the extent that an issuer or nominated\n\nperson has not been reimbursed or has not otherwise recovered the\n\nvalue given with respect to a security interest in a document under\n\nsubsection (a) of this section, the security interest continues and\n\nis subject to Article 9 of this title, but:\n\n(1) a security agreement is not necessary to make the security\n\ninterest enforceable under paragraph (3) of subsection (b) of\n\nSection 1-9-203 of this title;\n\n(2) if the document is presented in a medium other than a\n\nwritten or other tangible medium, the security interest is\n\nperfected; and\n\n(3) if the document is presented in a written or other tangible\n\nmedium and is not a certificated security, chattel paper, a document\n\nof title, an instrument, or a letter of credit, so long as the\n\ndebtor does not have possession of the document, the security is\n\nperfected and has priority over a conflicting security interest in\n\nthe document.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"048c4ba496d5845a3b01c4497397a048d907ed964079b433af91d7d12fce8890","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-5-118","next":"us-ok/okla.-stat.-tit.-12a-12a-5-119"},"notice":"GroundRules: Original legal text. Not legal advice."}