N.Y.
Uniform Commercial Code Law 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.
Source:
Section 9-314 — Perfection by Control, https://www.nysenate.gov/legislation/laws/UCC/9-314 (updated Dec. 26, 2014; accessed Oct. 26, 2024).
