{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.5A-117.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.5A-117.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.5A-117.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.5A-117.1.html"}],"law_id":75081,"edition_id":1,"section_id":75081,"structure_id":14537,"section_number":"8.5A-117.1","catch_line":"Security interest of issuer or nominated person","history":"2000, c. 1007.","full_text":"a\n\nAn 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\n\nSo 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 Title 8.9A, but:1\n\na security agreement is not necessary to make the security interest enforceable under subdivision (b) (3) of § 8.9A-203;2\n\nif the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and3\n\nif 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.","order_by":null,"text":{"0":{"id":269683,"text":"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.","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"b"},"1":{"id":269684,"text":"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 Title 8.9A, but:","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a","next_prefix":"b1"},"2":{"id":269685,"text":"a security agreement is not necessary to make the security interest enforceable under subdivision (b) (3) of § 8.9A-203;","type":"section","prefixes":["b","1"],"prefix":"1","entire_prefix":"b1","prefix_anchor":"b1","level":2,"prior_prefix":"b","next_prefix":"b2"},"3":{"id":269686,"text":"if the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and","type":"section","prefixes":["b","2"],"prefix":"2","entire_prefix":"b2","prefix_anchor":"b2","level":2,"prior_prefix":"b1","next_prefix":"b3"},"4":{"id":269687,"text":"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.","type":"section","prefixes":["b","3"],"prefix":"3","entire_prefix":"b3","prefix_anchor":"b3","level":2,"prior_prefix":"b2"}},"ancestry":[{"id":14537,"edition_id":1,"name":"Uniform Commercial Code \u2014 Letters of Credit","identifier":"8.5A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:48:34","date_modified":"2026-06-26 03:48:34","permalink":{"id":283351,"object_type":"structure","relational_id":14537,"identifier":"8.5A","token":"8.5A","url":"\/8.5A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":68137,"structure_id":14537,"section_number":"8.5A-101","catch_line":"Short title","url":"\/8.5A-101\/","token":"8.5A\/8.5A-101","metadata":false},{"id":68166,"structure_id":14537,"section_number":"8.5A-102","catch_line":"Definitions","url":"\/8.5A-102\/","token":"8.5A\/8.5A-102","metadata":false},{"id":59884,"structure_id":14537,"section_number":"8.5A-103","catch_line":"Scope","url":"\/8.5A-103\/","token":"8.5A\/8.5A-103","metadata":false},{"id":62564,"structure_id":14537,"section_number":"8.5A-104","catch_line":"Formal requirements","url":"\/8.5A-104\/","token":"8.5A\/8.5A-104","metadata":false},{"id":78674,"structure_id":14537,"section_number":"8.5A-105","catch_line":"Consideration","url":"\/8.5A-105\/","token":"8.5A\/8.5A-105","metadata":{"court_decisions":""}},{"id":58998,"structure_id":14537,"section_number":"8.5A-106","catch_line":"Issuance, amendment, cancellation, and duration","url":"\/8.5A-106\/","token":"8.5A\/8.5A-106","metadata":false},{"id":78720,"structure_id":14537,"section_number":"8.5A-107","catch_line":"Confirmer, nominated person, and adviser","url":"\/8.5A-107\/","token":"8.5A\/8.5A-107","metadata":false},{"id":84859,"structure_id":14537,"section_number":"8.5A-108","catch_line":"Issuer's rights and obligations","url":"\/8.5A-108\/","token":"8.5A\/8.5A-108","metadata":{"court_decisions":""}},{"id":68535,"structure_id":14537,"section_number":"8.5A-109","catch_line":"Fraud and forgery","url":"\/8.5A-109\/","token":"8.5A\/8.5A-109","metadata":false},{"id":86292,"structure_id":14537,"section_number":"8.5A-110","catch_line":"Warranties","url":"\/8.5A-110\/","token":"8.5A\/8.5A-110","metadata":false},{"id":80661,"structure_id":14537,"section_number":"8.5A-111","catch_line":"Remedies","url":"\/8.5A-111\/","token":"8.5A\/8.5A-111","metadata":false},{"id":55987,"structure_id":14537,"section_number":"8.5A-112","catch_line":"Transfer of letter of credit","url":"\/8.5A-112\/","token":"8.5A\/8.5A-112","metadata":{"court_decisions":""}},{"id":63412,"structure_id":14537,"section_number":"8.5A-113","catch_line":"Transfer by operation of law","url":"\/8.5A-113\/","token":"8.5A\/8.5A-113","metadata":false},{"id":72104,"structure_id":14537,"section_number":"8.5A-114","catch_line":"Assignment of proceeds","url":"\/8.5A-114\/","token":"8.5A\/8.5A-114","metadata":false},{"id":66415,"structure_id":14537,"section_number":"8.5A-115","catch_line":"Statute of limitations","url":"\/8.5A-115\/","token":"8.5A\/8.5A-115","metadata":false},{"id":78841,"structure_id":14537,"section_number":"8.5A-116","catch_line":"Choice of law and forum","url":"\/8.5A-116\/","token":"8.5A\/8.5A-116","metadata":false},{"id":61433,"structure_id":14537,"section_number":"8.5A-117","catch_line":"Subrogation of issuer, applicant, and nominated person","url":"\/8.5A-117\/","token":"8.5A\/8.5A-117","metadata":{"court_decisions":""}},{"id":75081,"structure_id":14537,"section_number":"8.5A-117.1","catch_line":"Security interest of issuer or nominated person","url":"\/8.5A-117.1\/","token":"8.5A\/8.5A-117.1","metadata":false},{"id":65323,"structure_id":14537,"section_number":"8.5A-118","catch_line":"Applicability","url":"\/8.5A-118\/","token":"8.5A\/8.5A-118","metadata":false}],"previous_section":{"id":61433,"structure_id":14537,"section_number":"8.5A-117","catch_line":"Subrogation of issuer, applicant, and nominated person","url":"\/8.5A-117\/","token":"8.5A\/8.5A-117","metadata":{"court_decisions":""}},"next_section":{"id":65323,"structure_id":14537,"section_number":"8.5A-118","catch_line":"Applicability","url":"\/8.5A-118\/","token":"8.5A\/8.5A-118","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.5A-117.1\/","history_text":"

This law was first created in 2000. The record of its establishment is cataloged in chapter 1007<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":74128,"section_number":"8.9A-203","catch_line":"Attachment and enforceability of security interest; proceeds, supporting obligations; formal requisites","order_by":null,"url":"\/8.9A-203\/"}],"permalink":{"id":283421,"object_type":"law","relational_id":75081,"identifier":"8.5A-117.1","token":"8.5A\/8.5A-117.1","url":"\/8.5A-117.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.5A-117.1\/","token":"8.5A\/8.5A-117.1","dublin_core":{"Title":"Security interest of issuer or nominated person","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.5A-117.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> 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. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> 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 Title 8.9A, but: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> a security agreement is not necessary to make the security interest enforceable under subdivision (b) (3) of § 8.9A-203<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> if the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> 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<\/span> of the document. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSECURITY INTEREST OF ISSUER OR NOMINATED PERSON (\u00a7 8.5A-117.1)\n\na. An issuer or nominated person has a security interest in a document presented\nunder a letter of credit to the extent that the issuer or nominated person\nhonors or gives value for the presentation.\n\nb. So long as and to the extent that an issuer or nominated person has not been\nreimbursed or has not otherwise recovered the value given with respect to a\nsecurity interest in a document under subsection (a), the security interest\ncontinues and is subject to Title 8.9A, but:\n\n 1. a security agreement is not necessary to make the security interest\n enforceable under subdivision (b) (3) of § 8.9A-203;\n\n 2. if the document is presented in a medium other than a written or other\n tangible medium, the security interest is perfected; and\n\n 3. if the document is presented in a written or other tangible medium and is\n not a certificated security, chattel paper, a document of title, an\n instrument, or a letter of credit, the security interest is perfected and has\n priority over a conflicting security interest in the document so long as the\n debtor does not have possession of the document.\n\nHISTORY: 2000, c. 1007.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}