ROBERT L. EHRLICH, JR., Governor                              Ch. 95

period of 20 days from the time it attaches to the extent that it arises for new value
given under an authenticated security agreement.

9-313.

(a) Except as otherwise provided in subsection (b), a secured party may perfect
a security interest in TANGIBLE negotiable documents, goods, instruments, money, or
tangible chattel paper by taking possession of the collateral. A secured party may
perfect a security interest in certificated securities by taking delivery of the
certificated securities under § 8-301 of this article.

9-314.

(a)     A security interest in investment property, deposit accounts,
letter-of-credit rights, [or] electronic chattel paper, OR ELECTRONIC DOCUMENTS
may be perfected by control of the collateral under [§ 9-104, § 9-105, § 9-106, or §
9-107] § 7-106, § 9-104, § 9-105, § 9-106, OR § 9-107.

(b)     A security interest in deposit accounts, electronic chattel paper, [or]
letter-of-credit rights, OR ELECTRONIC DOCUMENTS is perfected by control under [§
9-104, § 9-105, or § 9-107] § 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.

9-317.

(b) Except as otherwise provided in subsection (e), a buyer, other than a
secured party, of tangible chattel paper, TANGIBLE documents, goods, instruments, or
a security certificate takes free of a security interest or agricultural lien if the buyer
gives value and receives delivery of the collateral without knowledge of the security
interest or agricultural lien and before it is perfected.

(d) A licensee of a general intangible or a buyer, other than a secured party, of
accounts, electronic chattel paper, ELECTRONIC DOCUMENTS, general intangibles, or
investment property other than a certificated security takes free of a security interest
if the licensee or buyer gives value without knowledge of the security interest and
before it is perfected.

9-338.

If a security interest or agricultural lien is perfected by a filed financing
statement providing information described in § 9-516(b)(5) which is incorrect at the
time the financing statement is filed:

(1)     The security interest or agricultural lien is subordinate to a
conflicting perfected security interest in the collateral to the extent that the holder of
the conflicting security interest gives value in reasonable reliance upon the incorrect
information; and

(2)     A purchaser, other than a secured party, of the collateral takes free of
the security interest or agricultural lien to the extent that, in reasonable reliance
upon the incorrect information, the purchaser gives value and, in the case of

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