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Can you summarize NVRS 104.5118?
Uniform Commercial CodeOriginal Articles > Security interest of issuer or nominated person.
Short Summary
This legal document, governed by the Nevada Revised Statutes, specifically falls under the Uniform Commercial CodeOriginal Articles. It establishes that an issuer or a nominated person has a security interest in a document presented under a letter of credit and any identifiable proceeds of the collateral if the issuer or nominated person honors or gives value for the presentation. The security interest continues until the issuer or nominated person has been reimbursed or has otherwise recovered the value given. The document clarifies that a security agreement is not necessary to enforce the security interest, and if the document is presented in a medium other than a written or tangible medium, the security interest is perfected. Additionally, if the document is presented in a written or tangible medium and is not a certificated security, chattel paper, document of title, instrument, or letter of credit, the security interest is perfected and takes priority over a conflicting security interest as long as the debtor does not have possession of the document.
Whom does it apply to?
Issuers or nominated persons
What does it govern?
Security interest of issuer or nominated person
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada