(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 7-7-106, 7-9A-104, , 7-9A-106, 7-9A-107, or 7-9A-107A.
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Terms Used In Alabama Code 7-9A-314 v2

  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • following: means next after. See Alabama Code 1-1-1
  • property: includes both real and personal property. See Alabama Code 1-1-1
(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, or letter-of-credit rights is perfected by control under Section 7-7-106, 7-9A-104, 7-9A-107, or 7-9A-107A 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 Section 7-9A-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.
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