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Office of the Revisor of Statutes

336.9-312 MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-312 PERFECTION OF SECURITY INTERESTS IN CHATTEL PAPER, DEPOSIT
ACCOUNTS, DOCUMENTS, GOODS COVERED BY DOCUMENTS, INSTRUMENTS,
INVESTMENT PROPERTY, LETTER OF CREDIT RIGHTS, AND MONEY;
PERFECTION BY PERMISSIVE FILING; TEMPORARY PERFECTION WITHOUT
FILING OR TRANSFER OF POSSESSION.
(a) Perfection by filing permitted. A security interest in chattel paper, negotiable
documents, instruments, or investment property may be perfected by filing.
(b) Control or possession of certain collateral. Except as otherwise provided in section
336.9-315(c) and (d) for proceeds:
(1) a security interest in a deposit account may be perfected only by control under section
336.9-314;
(2) and except as otherwise provided in section 336.9-308(d), a security interest in a letter of
credit right may be perfected only by control under section 336.9-314; and
(3) a security interest in money may be perfected only by the secured party's taking
possession under section 336.9-313.
(c) Goods covered by negotiable document. While goods are in the possession of a bailee
that has issued a negotiable document covering the goods:
(1) a security interest in the goods may be perfected by perfecting a security interest in the
document; and
(2) a security interest perfected in the document has priority over any security interest that
becomes perfected in the goods by another method during that time.
(d) Goods covered by nonnegotiable document. While goods are in the possession of a
bailee that has issued a nonnegotiable document covering the goods, a security interest in the
goods may be perfected by:
(1) issuance of a document in the name of the secured party;
(2) the bailee's receipt of notification of the secured party's interest; or
(3) filing as to the goods.
(e) Temporary perfection: new value. A security interest in certificated securities,
negotiable documents, or instruments is perfected without filing or the taking of possession or
control for a period of 20 days from the time it attaches to the extent that it arises for new value
given under an authenticated security agreement.
(f) Temporary perfection: goods or documents made available to debtor. A perfected
security interest in a negotiable document or goods in possession of a bailee, other than one
that has issued a negotiable document for the goods, remains perfected for 20 days without
filing if the secured party makes available to the debtor the goods or documents representing the
goods for the purpose of:
(1) ultimate sale or exchange; or
(2) loading, unloading, storing, shipping, transshipping, manufacturing, processing, or
otherwise dealing with them in a manner preliminary to their sale or exchange.
(g) Temporary perfection: delivery of security certificate or instrument to debtor. A
perfected security interest in a certificated security or instrument remains perfected for 20 days
without filing if the secured party delivers the security certificate or instrument to the debtor for
the purpose of:
(1) ultimate sale or exchange; or
(2) presentation, collection, enforcement, renewal, or registration of transfer.
(h) Expiration of temporary perfection. After the 20-day period specified in subsection
(e), (f), or (g) expires, perfection depends upon compliance with this article.
History: 2000 c 399 art 1 s 32; 2004 c 162 art 5 s 24