Wisconsin § 405.118 - Security interest of issuer or nominated person.

§ 405.118. Security interest of issuer or nominated person.

405.118(1) (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. 405.118(2) (2) 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 sub. (1) , the security interest continues and is subject to ch. 409 , but: 405.118(2)(a) (a) A security agreement is not necessary to make the security interest enforceable under s. 409.203 (2) (c) ; 405.118(2)(b) (b) If the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and 405.118(2)(c) (c) If the document is presented in a written or other tangible medium and is not a certificated security, a 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. 405.118 History History: 2005 a. 213 . Down Down /statutes/statutes/405 true statutes /statutes/statutes/405/118 Chs. 401-411, Uniform Commercial Code statutes/405.118 statutes/405.118 section true Menu » Statutes Related » Statutes » Chapter 405 × Details for PDF view Link (Permanent link) Bookmark this location View toggle Go to top of document Search in this chapter Search in this section Search in this agency Search in this chapter group Search in this chapter Search in this section Cross references for section Acts affecting this section References to this 1970 Statutes Annotations Appellate Court Citations Administrative Code Index Reference lines Clear highlighting 2023-24 Wisconsin Statutes updated through 2025 Wis. Act 247 and through all Supreme Court Orders and Controlled Substances Board Orders filed before and in effect on August 5, 2026. Published and certified under s. 35.18. Changes effective after August 5, 2026, are designated by NOTES. (Published 8-5-26)