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Can you summarize VACV 8.5A-117.1?
Uniform Commercial Code Letters of Credit > Security interest of issuer or nominated person
Short Summary
This legal document pertains to the security interest of an issuer or nominated person in a document presented under a letter of credit. The issuer or nominated person has a security interest to the extent that they honor or give 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 security interest is subject to Title 8.9A. A security agreement is not necessary to make the security interest enforceable. If the document is presented in a medium other than a written or tangible medium, the security interest is perfected. 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 has 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
Virginia