400.9-314. Perfection by control. - Missouri Statutes

Perfection by control.

400.9-314. (a) A security interest in investment property, depositaccounts, letter-of-credit rights, or electronic chattel paper may beperfected 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 chattelpaper, or letter-of-credit rights is perfected by control under section400.9-104, 400.9-105 or 400.9-107 when the secured party obtains controland remains perfected by control only while the secured party retainscontrol.

(c) A security interest in investment property is perfected bycontrol under section 400.9-106 from the time the secured party obtainscontrol 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 oracquires possession of the security certificate;

(B) If the collateral is an uncertificated security, the issuer hasregistered or registers the debtor as the registered owner; or

(C) If the collateral is a security entitlement, the debtor is orbecomes the entitlement holder.

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

Effective 7-01-01