RS 10:9-314

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RS 10:9-314

§9-314. Perfection by control

(a)Perfection by control. A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, investment property, letter-of-credit rights, or a life insurance policy may be perfected by control of the collateral under R.S. 10:7-106, 9-104, 9-106, 9-107, 9-107.1, or 9-107.3.

(b)Specified collateral: time of perfection by control; continuation of perfection. A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, a life insurance policy, or letter-of-credit rights is perfected by control under R.S. 10:7-106, 9-104, 9-107, 9-107.1, or 9-107.3 not earlier than the time 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 R.S. 10:9-106 not earlier than 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.

Acts 1988, No. 528, §1, eff. Jan. 1, 1990; Acts 1989, No. 135, §7, eff. Jan. 1, 1990; Acts 1990, No. 1079, §4, eff. Sept. 1, 1990; Acts 2001, No. 128, §1, eff. July 1, 2001; Acts 2009, No. 207, §5, eff. Jan. 1, 2010; Acts 2024, No. 773, §1.