State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-09a > 70a-9a-312

70A-9a-312. Perfection of security interests in chattel paper, deposit accounts,documents, goods covered by documents, instruments, investment property, letter-of-creditrights, and money -- Perfection by permissive filing -- Temporary perfection without filingor transfer of possession.
(1) A security interest in chattel paper, negotiable documents, instruments, or investmentproperty may be perfected by filing.
(2) Except as otherwise provided in Subsections 70A-9a-315(3) and (4) for proceeds:
(a) a security interest in a deposit account may be perfected only by control under Section70A-9a-314;
(b) and except as otherwise provided in Subsection 70A-9a-308(4), a security interest ina letter-of-credit right may be perfected only by control under Section 70A-9a-314; and
(c) a security interest in money may be perfected only by the secured party's takingpossession under Section 70A-9a-313.
(3) While goods are in the possession of a bailee that has issued a negotiable documentcovering the goods:
(a) a security interest in the goods may be perfected by perfecting a security interest inthe document; and
(b) a security interest perfected in the document has priority over any security interestthat becomes perfected in the goods by another method during that time.
(4) While goods are in the possession of a bailee that has issued a nonnegotiabledocument covering the goods, a security interest in the goods may be perfected by:
(a) issuance of a document in the name of the secured party;
(b) the bailee's receipt of notification of the secured party's interest; or
(c) filing as to the goods.
(5) A security interest in certificated securities, negotiable documents, or instruments isperfected without filing or the taking of possession or control for a period of 20 days from thetime it attaches to the extent that it arises for new value given under an authenticated securityagreement.
(6) A perfected security interest in a negotiable document or goods in possession of abailee, other than one that has issued a negotiable document for the goods, remains perfected for20 days without filing if the secured party makes available to the debtor the goods or documentsrepresenting the goods for the purpose of:
(a) ultimate sale or exchange; or
(b) loading, unloading, storing, shipping, transshipping, manufacturing, processing, orotherwise dealing with them in a manner preliminary to their sale or exchange.
(7) A perfected security interest in a certificated security or instrument remains perfectedfor 20 days without filing if the secured party delivers the security certificate or instrument to thedebtor for the purpose of:
(a) ultimate sale or exchange; or
(b) presentation, collection, enforcement, renewal, or registration of transfer.
(8) After the 20-day period specified in Subsection (5), (6), or (7) expires, perfectiondepends upon compliance with this chapter.

Amended by Chapter 42, 2006 General Session