9314 - Perfection by control. - Pennsylvania Statutes

§ 9314. 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 7106 (relating to control of electronic document of title), 9104 (relating to control of deposit account), 9105 (relating to control of electronic chattel paper), 9106 (relating to control of investment property) or 9107 (relating to control of letter- of-credit right). (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 7106, 9104, 9105 or 9107 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 9106 from the time the secured party obtains control and remains perfected by control until both of the following paragraphs apply: (1) The secured party does not have control. (2) One of the following occurs: (i) If the collateral is a certificated security, the debtor has or acquires possession of the security certificate. (ii) If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner. (iii) If the collateral is a security entitlement, the debtor is or becomes the entitlement holder. (Apr. 16, 2008, P.L.57, No.13, eff. 60 days) 2008 Amendment. Act 13 amended subsecs. (a) and (b). Cross References. Section 9314 is referred to in sections 9308, 9310, 9312, 9327, 9328, 9329 of this title.