Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/9-314

(810 ILCS 5/9-314) (from Ch. 26, par. 9-314)

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.)