A security interest in goods, instruments, money, negotiable documents, or chattel paper may be perfected by the secured party's taking possession of the collateral. A security interest in the right to proceeds of a written letter of credit may be perfected by the secured party's taking possession of the letter of credit. If such collateral other than goods covered by a negotiable document is held by a bailee, the secured party is deemed to have possession from the time the bailee receives notification of the secured party's interest. A security interest is perfected by possession from the time possession is taken without relation back and continues only so long as possession is retained, unless otherwise specified in this article. The security interest may be otherwise perfected as provided in this article before or after the period of possession by the secured party.
CREDIT(S)
(Dec. 30, 1963, 77 Stat. 756, Pub. L. 88-243, § 1; Mar. 16, 1982, D.C. Law 4-85, § 22, 29 DCR 309; Mar. 16, 1993, D.C. Law 9-196, § 5(f), 39 DCR 9165; Apr. 9, 1997, D.C. Law 11-238, § 3(i), 44 DCR 923; Apr. 9, 1997, D.C. Law 11-240, § 3(o), 44 DCR 1087.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 28:9-305.
1973 Ed., § 28:9-305.
Legislative History of Laws
For legislative history of D.C. Law 4-85, see Historical and Statutory Notes following § 28:9-102.
For legislative history of D.C. Law 9-196, see Historical and Statutory Notes following § 28:9-103.
For legislative history of D.C. Law 11-238, see Historical and Statutory Notes following § 28:9-304.
For legislative history of D.C. Law 11-240, see Historical and Statutory Notes following § 28:9-301.
For Law 13-201, see notes following § 28:9-101.