Section 400.9-314

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 01 Jul 2001, see footnote   

  400.9-314.  Perfection by control. — (a)  A security interest in investment property, deposit accounts, letter-of-credit rights, or electronic chattel paper may be perfected by control of the collateral under section 400.9-104, 400.9-105, 400.9-106 or 400.9-107.

  (b)  A security interest in deposit accounts, electronic chattel paper, or letter-of-credit rights is perfected by control under section 400.9-104, 400.9-105 or 400.9-107 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 section 400.9-106 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.

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(L. 1963 p. 503 § 9-314, A.L. 2001 S.B. 288)

Effective 7-01-01