Article 9-A: TRANSACTIONS HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
Part 3: PERFECTION AND PRIORITY HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
Subpart 2: PERFECTION HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
§9-1312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment
property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without filing or transfer
of possession
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(1). A security interest in chattel paper, negotiable documents, instruments or investment property may be perfected by filing.
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
(2). Except as otherwise provided in section 9-1315, subsections (3) and (4) for proceeds:
(a). A security interest in a deposit account may be perfected only by control under section 9-1314; [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(b). Except as otherwise provided in section 9-1308, subsection (4), a security interest in a letter-of-credit right may be perfected
only by control under section 9-1314; and [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(c). A security interest in money may be perfected only by the secured party's taking possession under section 9-1313. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
(3). While goods are in the possession of a bailee that has issued a negotiable document covering the goods:
(a). A security interest in the goods may be perfected by perfecting a security interest in the document; and [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(b). A security interest perfected in the document has priority over any security interest that becomes perfected in the goods
by another method during that time. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
(4). While goods are in the possession of a bailee that has issued a nonnegotiable document covering the goods, a security interest
in the goods may be perfected by:
(a). Issuance of a document in the name of the secured party; [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(b). The bailee's receipt of notification of the secured party's interest; or [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(c). Filing as to the goods. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
(5). (TEXT EFFECTIVE UNTIL 2/15/10) A security interest in certificated securities, negotiable documents or instruments is perfected without filing or the taking
of possession for a period of 20 days from the time it attaches to the extent that it arises for new value given under an
authenticated security agreement.
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
(5). (TEXT EFFECTIVE 2/15/10) A security interest in certificated securities, negotiable documents or instruments is perfected without filing or the taking
of possession or control for a period of 20 days from the time it attaches to the extent that it arises for new value given under an authenticated
security agreement.
[
2009, c. 324, Pt. B, §37 (AMD);
2009, c. 324, Pt. B, §48 (AFF)
.]
(6). A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued
a negotiable document for the goods, remains perfected for 20 days without filing if the secured party makes available to
the debtor the goods or documents representing the goods for the purpose of:
(a). Ultimate sale or exchange; or [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(b). Loading, unloading, storing, shipping, transshipping, manufacturing, processing or otherwise dealing with them in a manner
preliminary to their sale or exchange. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
(7). A perfected security interest in a certificated security or instrument remains perfected for 20 days without filing if the
secured party delivers the security certificate or instrument to the debtor for the purpose of:
(a). Ultimate sale or exchange; or [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(b). Presentation, collection, enforcement, renewal or registration of transfer. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
(8). After the 20-day period specified in subsection (5), (6) or (7) expires, perfection depends upon compliance with this Article.
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
SECTION HISTORY
1999, c. 699, §A2 (NEW).
1999, c. 699, §A4 (AFF).
2009, c. 324, Pt. B, §37 (AMD).
2009, c. 324, Pt. B, §48 (AFF).
Data for this page extracted on 11/02/2009 01:51:30.