(a) A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, investment property, or letter-of-credit rights may be perfected by control of the collateral under section 4-7-106, 4-9-104, 4-9-106, 4-9-107, or 4-9-107.5.
(b) A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, or letter-of-credit rights is perfected by control under section 4-7-106, 4-9-104, 4-9-107, or 4-9-107.5 not earlier than the time 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 4-9-106 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.
Source: L. 2001: Entire article R&RE, p. 1352, � 1, effective July 1. L. 2006: (a) and (b) amended, p. 502, � 41, effective September 1. L. 2023: (a), (b), and IP(c) amended, (SB 23-090), ch. 136, p. 553, � 59, effective August 7.
Editor's note: This section is similar to former � 4-9-115 (4) as it existed prior to 2001.