Section 5118 - Security interest of issuer or nominated person(a) General rule.--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) Duration.--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), the security interest continues and is subject to Division 9 (relating to secured transactions), but: (1) a security agreement is not necessary to make the security interest enforceable under section 9203(b)(3) (relating to attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites);(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 the document.2001, June 8, P.L. 123, No. 18, § 13, effective 7/1/2001.