§ 4-9-314 — Perfection by control

Arkansas § 4-9-314

• Jurisdiction: Arkansas
• Title: 4

Text

(a) A security interest in investment property, deposit accounts, letter-of-credit rights, virtual currencies, electronic chattel paper, or electronic documents may be perfected by control of the collateral under § 4-7-106 , § 4-9-104 , § 4-9-105 , § 4-9-106 , or § 4-9-107 . (b) A security interest in deposit accounts, electronic chattel paper, virtual currencies, letter-of-credit rights, or electronic documents is perfected by control under § 4-7-106 , § 4-9-104 , § 4-9-105 , § 4-9-106 , or § 4-9-107 when the secured party obtains control and remains perfected by control only while the secured party retains control. (c) A security interest in investment property is perfected by control under § 4-9-106 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.

Legislative History

Amended by Act 2021, No. 1078,§ 5, eff. 7/28/2021. Acts 2001, No. 1439, § 1; 2007, No. 342, § 35.