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 RCW 62A.7-106, 62A.9A-104, 62A.9A-105,62A.9A-106 , or 62A.9A-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 RCW 62A.7-106,62A.9A-104 , 62A.9A-105, or 62A.9A-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 RCW 62A.9A-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.

[2012 c 214 § 1512; 2000 c 250 § 9A-314.]

Notes: