5. Supporting Obligation: Automatic Attachment and Perfection. A letter-of-credit right is a type of "supporting obligation," as defined in Section 9-102 [Maine cite section 9- 1102]. Under Sections 9-203 and 9-308 [Maine cite sections 9- 1203 and 9-1308], a security interest in a letter-of-credit right automatically attaches and is automatically perfected if the security interest in the supported obligation is a perfected security interest. However, unless the secured party has control of the letter-of-credit right or itself becomes a transferee beneficiary, it cannot obtain any rights against the issuer or a nominated person under Article 5. Consequently, as a practical matter, the secured party's rights would be limited to its ability to locate and identify proceeds distributed by the issuer or nominated person under the letter of credit.

§9-1108.__Sufficiency of description

(1)__Except as otherwise provided in subsections (3), (4) and (5), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.

(2)__Except as otherwise provided in subsection (4), a description of collateral reasonably identifies the collateral if it identifies the collateral by:

(a)__Specific listing;

(b)__Category;

(c)__Except as otherwise provided in subsection (5), a type of collateral defined in this Title;

(d)__Quantity;

(e)__Computational or allocational formula or procedure; or

(f)__Except as otherwise provided in subsection (3), any other method, if the identity of the collateral is objectively determinable.

(3)__A description of collateral as "all the debtor's assets" or "all the debtor's personal property" or using words of similar import does not reasonably identify the collateral.