§ 6A-9-314. Perfection by control.
(a) Perfection by control. A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, investment property, or letter-of-credit rights may be perfected by control of the collateral under § 6A-7-106, § 6A-9-104, § 6A-9-105.1, § 6A-9-106, § 6A-9-107, or § 6A-9-107.1.
(b) Specified collateral: time of perfection by control; continuation of perfection. A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, or letter-of-credit rights is perfected by control under § 6A-7-106, § 6A-9-104, § 6A-9-105, § 6A-9-105.1, § 6A-9-107, or § 6A-9-107.1, not earlier than the time 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 § 6A-9-106 not earlier than 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:
(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.
History of Section.
P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6; P.L. 2006, ch. 112, § 8; P.L. 2006,
ch. 135, § 8; P.L. 2024, ch. 65, § 9, effective June 10, 2024; P.L. 2024, ch. 66,
§ 9, effective June 10, 2024.