(1). An 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. [PL 1999, c. 699, Pt. B, §18 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] (2). So 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-A, but: (a). A security agreement is not necessary to make the security interest enforceable under section 9-1203, subsection (2), paragraph (c); [PL 1999, c. 699, Pt. B, §18 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] (b). If the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and [PL 1999, c. 699, Pt. B, §18 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] (c). 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, 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. [PL 1999, c. 699, Pt. B, §18 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] [PL 1999, c. 699, Pt. B, §18 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).]
‹ Prev All Maine sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.