Section 440.9314 - Perfection by control.
UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962
440.9314 Perfection by control.
Sec. 9314.
(1) A security interest in investment property, deposit accounts, letter-of-credit rights, or electronic chattel paper may be perfected by control of the collateral under section 9104, 9105, 9106, or 9107.
(2) A security interest in deposit accounts, electronic chattel paper, or letter-of-credit rights is perfected by control under section 9104, 9105, or 9107 when the secured party obtains control and remains perfected by control only while the secured party retains control.
(3) A security interest in investment property is perfected by control under section 9106 from the time the secured party obtains control and remains perfected by control until both of the following occur:
(a) The secured party does not have control.
(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.
(iii) If the collateral is a security entitlement, the debtor is or becomes the entitlement holder.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2000, Act 348, Eff. July 1, 2001