Document ID: chunk:federal_register_of_legislation:C2024C00719:section:23
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 23
Character Range: 93359–94322

23  Guide to this Part

      This Part deals with the concepts of possession and control of personal property.
      A grantor and secured party cannot both have possession of collateral. There are special rules about possession of the following:

                (a) goods transported by a common carrier;
                (b) negotiable instruments not evidenced electronically;
                (c) chattel paper evidenced electronically;
                (d) investment instruments evidenced by a certificate.
      Control of certain types of personal property is effective to perfect a security interest in the property (see paragraph 21(2)(c)). This Part includes some special rules about control of the following:

                (a) ADI accounts;
                (b) intermediated securities;
                (c) investment instruments;
                (d) letters of credit;
                (e) negotiable instruments not evidenced by a certificate.