N.Y. UCC Law § 9-312 — New York Code / Act UCC / Article 9 / Part 3 / Subpart 2 / Section 9-312
Perfection of Security Interests in Chattel Paper, Controllable Accounts, Controllable Electronic Records, Controllable Payment Intangibl...
Status: in_force

Section 9--312. Perfection of Security Interests in Chattel Paper,\n                   Controllable Accounts, Controllable Electronic\n                   Records, Controllable Payment Intangibles, Deposit\n                   Accounts, Documents, Goods Covered by Documents,\n                   Instruments, Investment Property, Letter-of-credit\n                   Rights, and Money; Perfection by Permissive Filing;\n                   Temporary Perfection Without Filing or Transfer of\n                   Possession.\n  (a) Perfection by filing permitted. A security interest in chattel\npaper, controllable accounts, controllable electronic records,\ncontrollable payment intangibles, instruments, investment property, or\nnegotiable documents may be perfected by filing.\n  (b) Control or possession of certain collateral. Except as otherwise\nprovided in Section 9--315(c) and (d) for proceeds:\n       (1) a security interest in a deposit account may be perfected\n           only by control under Section 9--314;\n       (2) and except as otherwise provided in Section 9--308(d), a\n           security interest in a letter-of-credit right may be\n           perfected only by control under Section 9--314;\n       (3) a security interest in tangible money may be perfected only\n           by the secured party's taking possession under Section\n           9--313; and\n       (4) a security interest in electronic money may be perfected only\n           by control under Section 9--314.\n  (c) Goods covered by negotiable document. While goods are in the\npossession of a bailee that has issued a negotiable document covering\nthe goods:\n       (1) a security interest in the goods may be perfected by\n           perfecting a security interest in the document; and\n       (2) a security interest perfected in the document has priority\n           over any security interest that becomes perfected in the\n           goods by another method during that time.\n  (d) Goods covered by nonnegotiable document. While goods are in the\npossession of a bailee that has issued a non-negotiable document\ncovering the goods, a security interest in the goods may be perfected\nby:\n       (1) issuance of a document in the name of the secured party;\n       (2) the bailee's receipt of notification of the secured party's\n           interest; or\n       (3) filing as to the goods.\n  (e) Temporary perfection: new value. A security interest in\ncertificated securities, negotiable documents, or instruments is\nperfected without filing or the taking of possession or control for a\nperiod of 20 days from the time it attaches to the extent that it arises\nfor new value given under a signed security agreement.\n  (f) Temporary perfection: goods or documents made available to debtor.\nA perfected security interest in a negotiable document or goods in\npossession of a bailee, other than one that has issued a negotiable\ndocument for the goods, remains perfected for 20 days without filing if\nthe secured party makes available to the debtor the goods or documents\nrepresenting the goods for the purpose of:\n       (1) ultimate sale or exchange; or\n       (2) loading, unloading, storing, shipping, transshipping,\n           manufacturing, processing, or otherwise dealing with them in\n           a manner preliminary to their sale or exchange.\n  (g) Temporary perfection: delivery of security certificate or\ninstrument to debtor. A perfected security interest in a certificated\nsecurity or instrument remains perfected for 20 days without filing if\nthe secured party delivers the security certificate or instrument to the\ndebtor for the purpose of:\n       (1) ultimate sale or exchange; or\n       (2) presentation, collection, enforcement, renewal, or\n           registration of transfer.\n  (h) Expiration of temporary perfection. After the 20-day period\nspecified in subsection (e), (f), or (g) expires, perfection depends\nupon compliance with this article.\n  (i) Cooperative interests. Subsections (a) through (h) do not apply to\ncooperative interests.\n