| Under subsection (b)(3), if the document (i) is in a written |
or tangible medium, (ii) is not a certificated security, chattel |
paper, a document of title, an instrument, or a letter of credit, |
and (iii) is not in the debtor's possession, the security |
interest is perfected and has priority over a conflicting |
security interest.__If the document is a type of tangible |
collateral that subsection (b)(3) excludes from its perfection |
and priority rules, the issuer or nominated person must comply |
with the normal method of perfection (e.g., possession of an |
instrument) and is subject to the applicable Article 9 [Maine |
cite Article 9-A] priority rules.__Documents to which subsection |
(b)(3) applies may be important to an issuer or nominated person.__ |
For example, a confirmer who pays the beneficiary must be assured |
that its rights to all documents are not impaired.__It will find |
it necessary to present all of the required documents to the |
issuer in order to be reimbursed.__Moreover, when a nominated |
person sends documents to an issuer in connection with the |
nominated person's reimbursement, that activity is not a |