8.9A-312 - A-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perf
§ 8.9A-312. Perfection of security interests in chattel paper, depositaccounts, documents, goods covered by documents, instruments, investmentproperty, letter-of-credit rights, and money; perfection by permissivefiling, temporary perfection without filing or transfer of possession.
(a) Perfection by filing permitted. A security interest in chattel paper,negotiable documents, instruments, or investment property may be perfected byfiling.
(b) Control or possession of certain collateral. Except as otherwise providedin § 8.9A-315 (c) and (d) for proceeds:
(1) a security interest in a deposit account may be perfected only by controlunder § 8.9A-314;
(2) except as otherwise provided in § 8.9A-308 (d), a security interest in aletter-of-credit right may be perfected only by control under § 8.9A-314; and
(3) a security interest in money may be perfected only by the secured party'staking possession under § 8.9A-313.
(c) Goods covered by negotiable document. While goods are in the possessionof a bailee that has issued a negotiable document covering the goods:
(1) a security interest in the goods may be perfected by perfecting asecurity interest in the document; and
(2) a security interest perfected in the document has priority over anysecurity interest that becomes perfected in the goods by another methodduring that time.
(d) Goods covered by nonnegotiable document. While goods are in thepossession of a bailee that has issued a nonnegotiable document covering thegoods, a security interest in the goods may be perfected by:
(1) issuance of a document in the name of the secured party;
(2) the bailee's receipt of notification of the secured party's interest; or
(3) filing as to the goods.
(e) Temporary perfection; new value. A security interest in certificatedsecurities, negotiable documents, or instruments is perfected without filingor the taking of possession or control for a period of 20 days from the timeit attaches to the extent that it arises for new value given under anauthenticated security agreement.
(f) Temporary perfection; goods or documents made available to debtor. Aperfected security interest in a negotiable document or goods in possessionof a bailee, other than one that has issued a negotiable document for thegoods, remains perfected for 20 days without filing if the secured partymakes available to the debtor the goods or documents representing the goodsfor the purpose of:
(1) ultimate sale or exchange; or
(2) loading, unloading, storing, shipping, transshipping, manufacturing,processing, or otherwise dealing with them in a manner preliminary to theirsale or exchange.
(g) Temporary perfection; delivery of security certificate or instrument todebtor. A perfected security interest in a certificated security orinstrument remains perfected for 20 days without filing if the secured partydelivers the security certificate or instrument to the debtor for the purposeof:
(1) ultimate sale or exchange; or
(2) presentation, collection, enforcement, renewal, or registration oftransfer.
(h) Expiration of temporary perfection. After the 20-day period specified insubsection (e), (f), or (g) expires, perfection depends upon compliance withthis title.
(1973, c. 509, § 8.9-304; 1984, c. 613; 1996, c. 216, § 8.9-115; 1997, c.343; 2000, c. 1007; 2004, c. 200.)