Professional statute overview
Enactment structure, operative effect and source provenance
01
Purpose and legislative effect
“An issuer or nominated person may have a security interest in documents presented under a letter of credit and related identifiable proceeds, if it honors or gives value for the presentation.”
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02
How the instrument operates
- 01
Start with the recorded version
Undated source snapshot. The date shown identifies this source expression and should not be treated as proof that no later change exists.
- 02
Locate the controlling provision
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- 03
Read conditions and exceptions together
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- 04
Verify currency and official wording
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03
Research entry points
Selected provisions across the instrument. Open any row to continue with the exact stored text.
An issuer or nominated person may have a security interest in documents presented under a letter of credit and related identifiable proceeds, if it honors or gives value for the presentation.
Section 10:5-118
04
Source and current-law status
Source record view
Source record from legis.la.gov · Undated source snapshot
The source record does not state a definitive current-law status. Check the official publisher and later amendments before relying on this text.