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Kentucky Revised Statutes Title XXIX. Commerce and Trade § 355.9-314.Perfection by control

Current as of January 01, 2021 | Updated by FindLaw Staff

(1) 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 KRS 355.7-106, 355.9-104, 355.9-105, 355.9-106, or 355.9-107.

(2) A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights, or electronic documents is perfected by control under KRS 355.7-106, 355.9-104, 355.9-105, or 355.9-107 when the secured party obtains control and remains perfected by control only while the secured party retains control.

(3) A security interest in investment property is perfected by control under KRS 355.9-106 from the time the secured party obtains control and remains perfected by control until:

(a) The secured party does not have control; and

(b) One (1) of the following occurs:

1. If the collateral is a certificated security, the debtor has or acquires possession of the security certificate;

2. If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or

3. If the collateral is a security entitlement, the debtor is or becomes the entitlement holder.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXIX. Commerce and Trade § 355.9-314.Perfection by control - last updated January 01, 2021 | https://codes.findlaw.com/ky/title-xxix-commerce-and-trade/ky-rev-st-sect-355-9-314/

Read this complete Kentucky Revised Statutes Title XXIX. Commerce and Trade § 355.9-314.Perfection by control on Westlaw

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