Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/7-9A-314.htm |
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Depth: | 0 singles |
Size: | 1,839 bytes |
Modified: | 2006-04-07 14:49:32 |
Categories: | -None- |
Title: | 7-9A-314 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 7-9A-314 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 Section 7-7-106, 7-9A-104, 7-9A-105, 7-9A-106, or 7-9A-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 Section 7-7-106, 7-9A-104, 7-9A-105, or 7-9A-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 Section 7-9A-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. (Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.) |