Section 7-9A-314 - [Effective 7/1/2024] Perfection by control(a) . A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, investment property, or letter-of-credit rights may be perfected by control of the collateral under Section 7-7-106, 7-9A-104, , 7-9A-106, 7-9A-107, or 7-9A-107A.(b) Specified collateral: Time of perfection by control; continuation of perfection. A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, or letter-of-credit rights is perfected by control under Section 7-7-106, 7-9A-104, 7-9A-107, or 7-9A-107A not earlier than the time 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 Section 7-9A-106 not earlier than 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.Ala. Code § 7-9A-314 (1975)
Amended by Act 2023-492,§ 1, eff. 7/1/2024.Act 2001-481, p. 647, §1; Act 2004-315, p. 464, §2.This section is set out more than once due to postponed, multiple, or conflicting amendments.