400.9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money--perfection

MISSOURI STATUTES AND CODES

400.9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money--perfection

Perfection of security interests in chattel paper, deposit accounts,documents, goods covered by documents, instruments, investmentproperty, letter-of-credit rights, and money--perfection by permissivefiling--temporary perfection without filing or transfer of possession.

400.9-312. (a) A security interest in chattel paper, negotiabledocuments, instruments, or investment property may be perfected by filing.

(b) Except as otherwise provided in section 400.9-315(c) and (d) forproceeds:

(1) A security interest in a deposit account may be perfected only bycontrol under section 400.9-314;

(2) And except as otherwise provided in section 400.9-308(c), asecurity interest in a letter-of-credit right may be perfected only bycontrol under section 400.9-314; and

(3) A security interest in money may be perfected only by the securedparty's taking possession under section 400.9-313.

(1) A security interest in the goods may be perfected by perfecting asecurity interest in the document; and

(2) A security interest perfected in the document has priority overany security interest that becomes perfected in the goods by another methodduring that time.

(d) While goods are in the possession of a bailee that has issued anonnegotiable document covering the goods, a security interest in the goodsmay be perfected by:

(1) Issuance of a document in the name of the secured party;

(2) The bailee's receipt of notification of the secured party'sinterest; or

(3) Filing as to the goods.

(e) A security interest in certificated securities, negotiabledocuments, or instruments is perfected without filing or the taking ofpossession for a period of twenty days from the time it attaches to theextent that it arises for new value given under an authenticated securityagreement.

(f) A perfected security interest in a negotiable document or goodsin possession of a bailee, other than one that has issued a negotiabledocument for the goods, remains perfected for twenty days without filing ifthe secured party makes available to the debtor the goods or documentsrepresenting the goods for the purpose of:

(1) Ultimate sale or exchange; or

(2) Loading, unloading, storing, shipping, transshipping,manufacturing, processing, or otherwise dealing with them in a mannerpreliminary to their sale or exchange.

(g) A perfected security interest in a certificated security orinstrument remains perfected for twenty days without filing if the securedparty delivers the security certificate or instrument to the debtor for thepurpose of:

(1) Ultimate sale or exchange; or

(2) Presentation, collection, enforcement, renewal, or registrationof transfer.

(h) After the twenty-day period specified in subsection (e), (f), or(g) expires, perfection depends upon compliance with this article.