§ 10:9-312 — Perfection of security interests in chattel paper, controllable accounts, controllable

§9-312. Perfection of security interests in chattel paper, controllable accounts, controllable
electronic records, controllable payment intangibles, deposit accounts, negotiable
documents, goods covered by documents, instruments, investment property,
letter-of-credit rights, money, life insurance policies, and collateral mortgage notes;
perfection by permissive filing; temporary perfection without filing or transfer of
possession
(a) Perfection by filing permitted. A security interest in chattel paper, negotiable
documents, controllable accounts, controllable electronic records, controllable payment
intangibles, instruments other than collateral mortgage notes, or investment property may be
perfected by filing.
(b) Control or possession of certain collateral. Except as otherwise provided in R.S.
10:9-315(c) and (d) for proceeds:
(1) a security interest in a deposit account may be perfected only by control under
R.S. 10:9-314;
(2) and except as otherwise provided in R.S. 10:9-308(d), a security interest in a
letter-of-credit right may be perfected only by control under R.S. 10:9-314;
(3) a security interest in money may be perfected only by the secured party's taking
possession under R.S. 10:9-313;
(4) a security interest in a collateral mortgage note may be perfected only by the
secured party's taking possession under R.S. 10:9-313; and
(5) a security interest in a life insurance policy may be perfected only by control
under R.S. 10:9-314.
(c) Goods covered by negotiable document. While goods are in the possession of
a bailee that has issued a negotiable document covering the goods:
(1) a security interest in the goods may be perfected by perfecting a security interest
in the document; and
(2) a security interest perfected in the document has priority over any security interest
that becomes perfected in the goods by another method during that time.
(d) Goods covered by nonnegotiable document. While goods are in the possession
of a bailee that has issued a nonnegotiable document covering the goods, 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 certificated securities,
negotiable documents, or instruments other than collateral mortgage notes is perfected
without filing or the taking of possession or control for a period of twenty days from the time
it attaches to the extent that it arises for new value given under a signed security agreement.
(f) Temporary perfection: goods or documents made available to debtor. A perfected
security interest in a negotiable document or goods in possession of a bailee, other than one
that has issued a negotiable document for the goods, remains perfected for twenty days
without filing if the secured party makes available to the debtor the goods or documents
representing the goods for 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 their sale or exchange.
(g) Temporary perfection: delivery of security certificate or instrument to debtor. A
perfected security interest in a certificated security or instrument other than a collateral
mortgage note remains perfected for twenty days without filing if the secured party delivers
the security certificate or instrument to the debtor for the purpose of:
(1) ultimate sale or exchange; or
(2) presentation, collection, enforcement, renewal, or registration of transfer.
(h) Expiration of temporary perfection. After the twenty-day period specified in
Subsection (e), (f), or (g) expires, perfection depends upon compliance with this Chapter.

Legislative History

Acts 1988, No. 528, §1, eff. Jan. 1, 1990; Acts 1989, No. 135, §7, eff. Jan. 1, 1990; Acts 1989, No. 598, §2, eff. Jan. 1, 1990; Acts 1990, No. 1079, §4, eff. Sept. 1, 1990; Acts 1991, No. 539, §3, eff. Jan. 1, 1992; Acts 1992, No. 819, §1, eff. Jan. 1, 1993; Acts 1995, No. 884, §4, eff. Jan. 1, 1996; Acts 1995, No. 1201, §3, eff. June 29, 1995; Acts 2001, No. 128, §1, eff. July 1, 2001; Acts 2009, No. 207, §5, eff. Jan. 1, 2010; Acts 2024, No. 773, §1.