§ 34.1-5-118 — Security interest of issuer or nominated person

(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 article 9, but:
(i) A security agreement is not necessary to make the
security interest enforceable under W.S. 34.1-9-203(b)(iii);
(ii) If the document is presented in a medium other
than a written or other tangible medium, the security interest
is perfected; and
(iii) 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.