Section 11-9-314. Perfection by control.

 (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 Code Section 11-7-106, 11-9-104, 11-9-105, 11-9-106, or 11-9-107.

(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 Code Section 11-7-106, 11-9-104, 11-9-105, or 11-9-107 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 Code Section 11-9-106 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.

Code 1981, § 11-9-314, enacted by Ga. L. 2001, p. 362, § 1; Ga. L. 2010, p. 481, § 2-27/HB 451.