Sec. 42a-9-314. Perfection by control. - Connecticut Statutes

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Statutes > Connecticut > Title42a > Art009 > Sec42a-9-314

      Sec. 42a-9-314. Perfection by control. (a) 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 42a-7-106, 42a-9-104, 42a-9-105, 42a-9-106 or 42a-9-107.

      (b) A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights or electronic documents is perfected by control under section 42a-7-106, 42a-9-104, 42a-9-105 or 42a-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 section 42a-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.

      (1959, P.A. 133, S. 9-314; P.A. 01-132, S. 34; P.A. 04-64, S. 69.)

      History: P.A. 01-132 replaced former provisions re accessions with provisions re when a security interest is perfected by control; P.A. 04-64 amended Subsecs. (a) and (b) by adding "or electronic documents" and adding reference to Sec. 42a-7-106 to conform to revisions made to article 7 by the same act.

State Codes and Statutes

Statutes > Connecticut > Title42a > Art009 > Sec42a-9-314

      Sec. 42a-9-314. Perfection by control. (a) 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 42a-7-106, 42a-9-104, 42a-9-105, 42a-9-106 or 42a-9-107.

      (b) A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights or electronic documents is perfected by control under section 42a-7-106, 42a-9-104, 42a-9-105 or 42a-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 section 42a-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.

      (1959, P.A. 133, S. 9-314; P.A. 01-132, S. 34; P.A. 04-64, S. 69.)

      History: P.A. 01-132 replaced former provisions re accessions with provisions re when a security interest is perfected by control; P.A. 04-64 amended Subsecs. (a) and (b) by adding "or electronic documents" and adding reference to Sec. 42a-7-106 to conform to revisions made to article 7 by the same act.

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State Codes and Statutes

Statutes > Connecticut > Title42a > Art009 > Sec42a-9-314

      Sec. 42a-9-314. Perfection by control. (a) 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 42a-7-106, 42a-9-104, 42a-9-105, 42a-9-106 or 42a-9-107.

      (b) A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights or electronic documents is perfected by control under section 42a-7-106, 42a-9-104, 42a-9-105 or 42a-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 section 42a-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.

      (1959, P.A. 133, S. 9-314; P.A. 01-132, S. 34; P.A. 04-64, S. 69.)

      History: P.A. 01-132 replaced former provisions re accessions with provisions re when a security interest is perfected by control; P.A. 04-64 amended Subsecs. (a) and (b) by adding "or electronic documents" and adding reference to Sec. 42a-7-106 to conform to revisions made to article 7 by the same act.