§9-312. Perfection of security interests in chattel paper, deposit accounts, documents,

Link to law: http://legislature.vermont.gov/statutes/section/09A/009/00312
Published: 2015

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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.)
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