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.

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B. As 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 of this title, but:

1. A security agreement is not necessary to make the security interest enforceable under section 47-9203, subsection B, paragraph 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, a document of title, an instrument or a letter of credit, the security interest is perfected and has priority over conflicting security interest in the document as long as the debtor does not have possession of the document.