11 §9-1314. Perfection by control
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
Part 3: PERFECTION AND PRIORITY HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
Subpart 2: PERFECTION HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
§9-1314. Perfection by control
(1). A security interest in investment property, deposit accounts, letter-of-credit rights , electronic chattel paper or electronic documents may be perfected by control of the collateral under section 7-1106, 9-1104, 9-1105, 9-1106 or 9-1107.
[ 2009, c. 324, Pt. B, §39 (AMD); 2009, c. 324, Pt. B, §48 (AFF) .]
(2). A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights or electronic documents is perfected by control under section 7-1106, 9-1104, 9-1105 or 9-1107 when the secured party obtains control and remains perfected by control only while the secured party retains control.
[ 2009, c. 324, Pt. B, §40 (AMD); 2009, c. 324, Pt. B, §48 (AFF) .]
(3). A security interest in investment property is perfected by control under section 9-1106 from the time the secured party obtains control and remains perfected by control until:
(a). The secured party does not have control; and [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(b). One of the following occurs:
(i) If the collateral is a certificated security, the debtor has or acquires possession of the security certificate;
(ii) If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or
(iii) If the collateral is a security entitlement, the debtor is or becomes the entitlement holder. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]
SECTION HISTORY
1999, c. 699, §A2 (NEW). 1999, c. 699, §A4 (AFF). 2009, c. 324, Pt. B, §§39, 40 (AMD). 2009, c. 324, Pt. B, §48 (AFF).