§ 57A-9-314 — Perfection by control.

(a) 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 § 57A-7-106 , 57A-9-104 , 57A-9-105.1 , 57A-9-106 , 57A-9-107 , or 57A-9-107.1 . (b) 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 § 57A-7-106 , 57A-9-104 , 57A-9-105.1 , 57A-9-107 , or 57A-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) A security interest in investment property is perfected by control under § 57A-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: (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

SL 2000, ch 231; SL 2009, ch 254, § 833; SL 2024, ch 198, § 63.