                                 CODE OF VIRGINIA

PERFECTION BY CONTROL (§ 8.9A-314)

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 may be perfected by control of the collateral under
&#xA7; 8.7-106, 8.9A-104, 8.9A-105.1, 8.9A-106, 8.9A-107, or 8.9A-107.1.

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, investment property, or letter-of-credit
rights is perfected by control under &#xA7; 8.7-106, 8.9A-104, 8.9A-105.1,
8.9A-106, 8.9A-107, or 8.9A-107.1 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 § 8.9A-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.

HISTORY: 1996, c. 216, § 8.9-115; 2000, c. 1007; 2004, c. 200; 2024, c. 652.