Washington Code 62A.9A-314 – Perfection by control
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(a) Perfection by control. 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 RCW 62A.7-106, 62A.9A-104, 62A.9A-105, 62A.9A-106, or 62A.9A-107.
Terms Used In Washington Code 62A.9A-314
- 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.
(b) Specified collateral: Time of perfection by control; continuation of perfection. A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights, or electronic documents is perfected by control under RCW 62A.7-106, 62A.9A-104, 62A.9A-105, or 62A.9A-107 when 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 RCW 62A.9A-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.
[ 2012 c 214 § 1512; 2000 c 250 § 9A-314.]
NOTES:
Application—Savings—2012 c 214: See notes following RCW 62A.1-101.
PDFRCW 62A.9A-314
Perfection by control. (Effective January 1, 2024.)
(a) Perfection by control. A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, investment property, or letter-of-credit rights may be perfected by control of the collateral under RCW 62A.7-106, 62A.9A-104, 62A.9A-106, 62A.9A-107, 62A.9A-1051, or 62A.9A-1071.
(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, electronic money, or letter-of-credit rights is perfected by control under RCW 62A.7-106, 62A.9A-104, 62A.9A-107, 62A.9A-1051, or 62A.9A-1071 not earlier than the time when 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 RCW 62A.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.
[ 2023 c 266 § 921; 2012 c 214 § 1512; 2000 c 250 § 9A-314.]
NOTES:
Construction—Effective date—2023 c 266: See notes following RCW 62A.12-101.
Application—Savings—2012 c 214: See notes following RCW 62A.1-101.