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  • SECTION 9-314
    Perfection by Control
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  • SUBPART 2
    Perfection
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  • SECTION 9-315
    Secured Party's Rights on Disposition of Collateral and in Proceeds
    • This entry was published on 2025-12-12
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    SECTION 9-314A

    Perfection by Possession and Control of Chattel Paper

    Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 9, PART 3, SUBPART 2

    * Section 9-314A. Perfection by Possession and Control of Chattel Paper.

    (a) Perfection by possession and control. A secured party may perfect
    a security interest in chattel paper by taking possession of each
    authoritative tangible copy of the record evidencing the chattel paper
    and obtaining control of each authoritative electronic copy of the
    electronic record evidencing the chattel paper.

    (b) Time of perfection; continuation of perfection. A security
    interest is perfected under subsection (a) not earlier than the time the
    secured party takes possession and obtains control and remains perfected
    under subsection (a) only while the secured party retains possession and
    control.

    (c) Application of Section 9--313 to perfection by possession of
    chattel paper. Section 9--313(c) and (f) through (i) applies to
    perfection by possession of an authoritative tangible copy of a record
    evidencing chattel paper.

    * NB Effective June 3, 2026