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The Vermont Statutes Online
Title
09A
:
Uniform Commercial Code
Chapter
009
:
Secured Transactions
§
9-312. Perfection of security interests in chattel paper, deposit accounts,
documents, goods covered by documents, instruments,
investment property, letter-of-credit rights, and money; perfection by
permissive filing; temporary perfection without filing or transfer of
possession
(a) A security
interest in chattel paper, negotiable documents, instruments, or investment
property may be perfected by filing.
(b) Except as
otherwise provided in section 9-315(c) and (d) for proceeds:
(1) a security
interest in a deposit account may be perfected only by control under section
9-314;
(2) and except
as otherwise provided in section 9-308(d), a security interest in a
letter-of-credit right may be perfected only by control under section 9-314;
and
(3) a security
interest in money may be perfected only by the secured party's taking
possession under section 9-313.
(c) While goods
are in the possession of a bailee that has issued a negotiable document
covering the goods:
(1) a security
interest in the goods may be perfected by perfecting a security interest in the
document; and
(2) a security
interest perfected in the document has priority over any security interest that
becomes perfected in the goods by another method during that time.
(d) While goods
are in the possession of a bailee that has issued a nonnegotiable document
covering the goods, a security interest in the goods may be perfected by:
(1) issuance of
a document in the name of the secured party;
(2) the bailee's
receipt of notification of the secured party's interest; or
(3) filing as to
the goods.
(e) A security
interest in certificated securities, negotiable documents, or instruments is
perfected without filing or the taking of possession or control for a period of
20 days from the time it attaches to the extent that it arises for new value
given under an authenticated security agreement.
(f) A perfected
security interest in a negotiable document or goods in possession of a bailee,
other than one that has issued a negotiable document for the goods, remains perfected
for 20 days without filing if the secured party makes available to the debtor
the goods or documents representing the goods for the purpose of:
(1) ultimate
sale or exchange; or
(2) loading,
unloading, storing, shipping, transshipping, manufacturing, processing, or
otherwise dealing with them in a manner preliminary to their sale or exchange.
(g) Temporary
perfection: delivery of security certificate or instrument to debtor. A
perfected security interest in a certificated security or instrument remains
perfected for 20 days without filing if the secured party delivers the security
certificate or instrument to the debtor for the purpose of:
(1) ultimate
sale or exchange; or
(2)
presentation, collection, enforcement, renewal, or registration of transfer.
(h) Expiration
of temporary perfection. After the 20-day period specified in subsection (e),
(f), or (g) expires, perfection depends upon compliance with this article.
(Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2015, No.
51, § B.9, eff. June 3, 2015.)
