N.Y. U.C.C. 9-314

Section 9--314. Perfection by Control.\n (a) Perfection by control. A security interest in controllable\naccounts, controllable electronic records, controllable payment\nintangibles, deposit accounts, electronic documents, electronic money,\ninvestment property, or letter-of-credit rights, may be perfected by\ncontrol of the collateral under Section 7--106, 9--104, 9--105A, 9--106,\n9--107 or 9--107A.\n (b) Specified collateral: time of perfection by control; continuation\nof perfection. A security interest in controllable accounts,\ncontrollable electronic records, controllable payment intangibles,\ndeposit accounts, electronic documents, electronic money, or\nletter-of-credit rights is perfected by control under Section 7--106,\n9--104, 9--105A, 9--107, or 9--107A not earlier than the time when the\nsecured party obtains control and remains perfected by control only\nwhile the secured party retains control.\n (c) Investment property: time of perfection by control; continuation\nof perfection. A security interest in investment property is perfected\nby control under Section 9--106 not earlier than the time the secured\nparty obtains control and remains perfected by control until:\n (1) the secured party does not have control; and\n (2) one of the following occurs:\n (A) if the collateral is a certificated security, the debtor\n has or acquires possession of the security certificate;\n (B) if the collateral is an uncertificated security, the\n issuer has registered or registers the debtor as the\n registered owner; or\n (C) if the collateral is a security entitlement, the debtor\n is or becomes the entitlement holder.\n (d) Cooperative interests. Subsections (a) through (c) do not apply to\ncooperative interests.\n