(a) 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.
(b) 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 (a) of this section, the security interest continues
and is subject to Article 9 of this Chapter, but:
(1) A security agreement is not necessary to make the security interest enforceable
under G.S. 25-9-203(b)(3);
(2) If the document is presented in a medium other than a written or other tangible
medium, the security interest is perfected; and
(3) 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
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