These documents are currently being revised to incorporate the changes made during the 2024 Legislative Session. Please consult the Sections Affected Table for changes made during the 2024 Legislative Session.
Perfection by control. (Effective until January 1, 2024.)
(a)
Perfection by control. A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents may be perfected by control of the collateral under RCW
62A.7-106,
62A.9A-104,
62A.9A-105,
62A.9A-106, or
62A.9A-107.
(b)
Specified collateral: Time of perfection by control; continuation of perfection. A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights, or electronic documents is perfected by control under RCW
62A.7-106,
62A.9A-104,
62A.9A-105, or
62A.9A-107 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 RCW
62A.9A-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.
NOTES:
Application—Savings—2012 c 214: See notes following RCW
62A.1-101.
Perfection by control. (Effective January 1, 2024.)
(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 RCW
62A.7-106,
62A.9A-104,
62A.9A-106,
62A.9A-107,
62A.9A-1051, or
62A.9A-1071.
(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 is perfected by control under RCW
62A.7-106,
62A.9A-104,
62A.9A-107,
62A.9A-1051, or
62A.9A-1071 not earlier than the time 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 RCW
62A.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.
NOTES:
Construction—Effective date—2023 c 266: See notes following RCW
62A.12-101.
Application—Savings—2012 c 214: See notes following RCW
62A.1-101.
