Legislation

* Section 9--314. Perfection by Control.

(a) Perfection by control. A security interest in investment property,
deposit accounts, letter-of-credit rights, electronic chattel paper, or
electronic documents may be perfected by control of the collateral under
Section 7--106, 9--104, 9--105, 9--106, or 9--107.

(b) Specified collateral: time of perfection by control; continuation
of perfection. A security interest in deposit accounts, electronic
chattel paper, letter-of-credit rights, or electronic documents is
perfected by control under Section 7--106, 9--104, 9--105, or 9--107
when the secured party obtains control and remains perfected by control
only while the secured party retains control.

(c) Investment property: time of perfection by control; continuation
of perfection. A security interest in investment property is perfected
by control under Section 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.

(d) Cooperative interests. Subsections (a) through (c) do not apply to
cooperative interests.

* NB Effective until June 3, 2026
* Section 9--314. Perfection by Control.
(a) Perfection by control. 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 Section 7--106, 9--104, 9--105A, 9--106, 9--107 or
9--107A.
(b) Specified collateral: time of perfection by control; continuation of
perfection. 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 Section 7--106, 9--104, 9--105A, 9--107, or
9--107A not earlier than the time when the secured party obtains control
and remains perfected by control only while the secured party retains
control.
(c) Investment property: time of perfection by control; continuation of
perfection. A security interest in investment property is perfected by
control under Section 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.
(d) Cooperative interests. Subsections (a) through (c) do not apply to
cooperative interests.

* NB Effective June 3, 2026