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810 ILCS 5/9-314 (810 ILCS 5/9-314) (from Ch. 26, par. 9-314) (Text of Section before amendment by P.A. 103-1036) Sec. 9-314. Perfection by control. (a) Perfection by control. A security interest in investment
property, deposit accounts,
electronic chattel paper, letter-of-credit rights,
electronic documents, or beneficial interests in Illinois land trusts may be
perfected by control of the collateral under Section 7-106, 9-104, 9-105, 9-106,
9-107, or 9-107.1. (b) Specified collateral: time of perfection by control;
continuation of perfection. A security interest in deposit accounts,
electronic
chattel paper, letter-of-credit rights,
electronic documents, or beneficial interests in Illinois land trusts
is perfected by control under Section
7-106, 9-104,
9-105, 9-107, or 9-107.1 when 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 9-106 from 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.
|
| (Source: P.A. 95-895, eff. 1-1-09.)
(Text of Section after amendment by P.A. 103-1036)
Sec. 9-314. Perfection by control.
(a) Perfection by control. A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, investment property, or letter-of-credit rights or beneficial interests in Illinois land trusts may be perfected by control of the collateral under Section 7-106, 9-104, 9-105A, 9-106, 9-107, 9-107.1, or 9-107A.
(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, electronic money, or letter-of-credit rights or beneficial interests in Illinois land trusts is perfected by control under Section 7-106, 9-104, 9-105A, 9-107, 9-107.1, or 9-107A 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 9-106 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.
|
| (Source: P.A. 103-1036, eff. 1-1-25.)
|
|
