As Amended
SEC. 75-9-314. Perfection by control [Effective January 1, 2002].
(a) A security interest in investment property, deposit accounts, letter-of-credit rights, or electronic chattel paper may be perfected by control of the collateral under Section 75-9-104, 75-9-105, 75-9-106 or 75-9-107.
(b) A security interest in deposit accounts, electronic chattel paper or letter-of-credit rights is perfected by control under Section 75-9-104, 75-9-105 or 75-9-107 when the secured party obtains control and remains perfected by control only while the secured party retains control.
(c) A security interest in investment property is perfected by control under Section 75-9-106 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 (1) 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.
SOURCES: Former 1972 Code § 75-9-314 [Codes, 1942, § 41A:9-314; Laws, 1966, ch. 316, § 9-314, eff March 31, 1968] is now found in comparable provisions enacted at § 75-9-335 by Laws, 2001, ch. 495, § 1. Present § 75-9-314 was derived from 1972 Code § 75-8-106 [Laws, 1996, ch. 468, § 7] and former 1972 Code § 75-9-115 [Laws, 1996, ch. 468, § 59, eff from and after July 1, 1996] and was enacted by Laws, 2001, ch. 495, § 1, HB 1311, eff from and after January 1, 2002.
PREVIOUS VERSIONS: Pre-2001