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2012 Florida Statutes

Title XXXIX COMMERCIAL RELATIONS
Chapter 675 UNIFORM COMMERCIAL CODE: LETTERS OF CREDIT Entire Chapter
SECTION 1181
Security interest of issuer or nominated person.
F.S. 675.1181
675.1181 Security interest of issuer or nominated person.—
(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.
(2) As 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 chapter 679, but a security agreement is not necessary to make the security interest enforceable under s. 679.2031(2)(c):
(a) If the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and
(b) 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.
History.—s. 17, ch. 2001-198.