8.9A-314 - A-314. Perfection by control.
§ 8.9A-314. Perfection by control.
(a) Perfection by control. A security interest in investment property,deposit accounts, letter-of-credit rights, electronic chattel paper, orelectronic documents may be perfected by control of the collateral under §§8.7-106, 8.9A-104, 8.9A-105, 8.9A-106 or § 8.9A-107.
(b) Specified collateral; time of perfection by control; continuation ofperfection. A security interest in deposit accounts, electronic chattelpaper, letter-of-credit rights, or electronic documents is perfected bycontrol under §§ 8.7-106, 8.9A-104, 8.9A-105 or § 8.9A-107 when the securedparty obtains control and remains perfected by control only while the securedparty retains control.
(c) Investment property; time of perfection by control; continuation ofperfection. A security interest in investment property is perfected bycontrol under § 8.9A-106 from the time the secured party obtains control andremains perfected by control until:
(1) the secured party does not have control; and
(2) one of the following occurs:
(A) if the collateral is a certificated security, the debtor has or acquirespossession of the security certificate;
(B) if the collateral is an uncertificated security, the issuer hasregistered or registers the debtor as the registered owner; or
(C) if the collateral is a security entitlement, the debtor is or becomes theentitlement holder.
(1996, c. 216, § 8.9-115; 2000, c. 1007; 2004, c. 200.)