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Session Laws, 1999
Volume 796, Page 2075   View pdf image
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(I) A SECURED PARTY DOES NOT RELINQUISH POSSESSION, EVEN IF A
DELIVERY UNDER SUBSECTION (H) VIOLATES THE RIGHTS OF A DEBTOR A PERSON
TO WHICH COLLATERAL IS DELIVERED UNDER SUBSECTION (H) DOES NOT OWE ANY
DUTY TO THE SECURED PARTY AND IS NOT REQUIRED TO CONFIRM THE DELIVERY
TO ANOTHER PERSON UNLESS THE PERSON OTHERWISE AGREES OR LAW OTHER
THAN THIS ARTICLE OTHERWISE PROVIDES.

9-314. PERFECTION BY CONTROL.

(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 § 9-104, § 9-105, § 9-106, OR § 9-107.

(B) A SECURITY INTEREST IN DEPOSIT ACCOUNTS, ELECTRONIC CHATTEL
PAPER, OR LETTER-OF-CREDIT RIGHTS IS PERFECTED BY CONTROL UNDER § 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) A SECURITY INTEREST IN INVESTMENT PROPERTY IS PERFECTED BY
CONTROL UNDER § 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

9-315. SECURED PARTY'S RIGHTS ON DISPOSITION OF COLLATERAL AND IN
PROCEEDS.

(A) EXCEPT AS OTHERWISE PROVIDED IN THIS TITLE AND IN § 2-403(2) OF
THIS ARTICLE:

(1) A SECURITY INTEREST OR AGRICULTURAL LIEN CONTINUES IN
COLLATERAL NOTWITHSTANDING SALE, LEASE, LICENSE, EXCHANGE, OR OTHER
DISPOSITION THEREOF UNLESS THE SECURED PARTY AUTHORIZED THE
DISPOSITION FREE OF THE SECURITY INTEREST OR AGRICULTURAL LIEN; AND

(2) A SECURITY INTEREST ATTACHES TO ANY IDENTIFIABLE PROCEEDS
OF COLLATERAL.

(B) PROCEEDS THAT ARE COMMINGLED WITH OTHER PROPERTY ARE
IDENTIFIABLE PROCEEDS:

 

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Session Laws, 1999
Volume 796, Page 2075   View pdf image
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