§ 41-09-34 — (9-314) Perfection by control

1. A security interest in controllable accounts, controllable electronic records, controllable
payment intangibles, deposit accounts, uncertificated certificates of deposit, electronic
documents, electronic money, investment property, or letter-of-credit rights may be
perfected by control of the collateral under section 41-07-06, 41-09-04, 41-09-05.1,
41-09-06, 41-09-07, or 41-09-07.1.
2. A security interest in controllable accounts, controllable electronic records, controllable
payment intangibles, deposit accounts, electronic documents, uncertificated
certificates of deposit, electronic money, or letter-of-credit rights is perfected by control
under section 41-07-06, 41-09-04, 41-09-05.1, 41-09-07, or 41-09-07.1 not earlier than

the time the secured party obtains control and remains perfected by control only while
the secured party retains control.
3. A security interest in investment property is perfected by control under section
41-09-06 not earlier than the time the secured party obtains control and remains
perfected by control until:
a. The secured party does not have control; and
b. One of the following occurs:
(1) If the collateral is a certificated security, the debtor has or acquires
possession of the security certificate;
(2) If the collateral is an uncertificated security, the issuer has registered or
registers the debtor as the registered owner; or
(3) If the collateral is a security entitlement, the debtor is or becomes the
entitlement holder.