New Jersey § 12a:5-118
Full text of New Jersey New Jersey Statutes § 12a:5-118, with citation guidance and answers to common questions.
§ 12a:5-118.
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 Chapter 9, but: (1) a security agreement is not necessary to make the security interest enforceable
under 12A: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, document of title, an instrument, or 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.
Frequently Asked Questions About New Jersey § 12a:5-118
What does New Jersey Statutes § 12a:5-118 cover?
Section 12a:5-118 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 12a:5-118?
A common citation format is "New Jersey Statutes § 12a:5-118" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:5-118 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.