Section 9--314. Perfection by Control.(a) Perfection by control. 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--106, 9--104, 9--105, 9--106, or 9--107.
(b) Specified collateral: time of perfection by control; continuation of perfection. A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights, or electronic documents is perfected by control under Section 7--106, 9--104, 9--105, or 9--107 when the secured party obtains control and remains perfected by control only while the secured party retains control.
(c) Investment property: time of perfection by control; continuation of perfection. A security interest in investment property is perfected by control under Section 9--106 from the time the secured party obtains control and remains 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 acquires possession of the security certificate;
(B) if the collateral is an uncertificated security, the
issuer has registered or registers the debtor as the
registered owner; or
(C) if the collateral is a security entitlement, the debtor
is or becomes the entitlement holder.
(d) Cooperative interests. Subsections (a) through (c) do not apply to cooperative interests.
Last modified: February 3, 2019