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

Section 9-314A. Perfection by Possession and Control of Chattel Paper.\n (a) Perfection by possession and control. A secured party may perfect\na security interest in chattel paper by taking possession of each\nauthoritative tangible copy of the record evidencing the chattel paper\nand obtaining control of each authoritative electronic copy of the\nelectronic record evidencing the chattel paper.\n (b) Time of perfection; continuation of perfection. A security\ninterest is perfected under subsection (a) not earlier than the time the\nsecured party takes possession and obtains control and remains perfected\nunder subsection (a) only while the secured party retains possession and\ncontrol.\n (c) Application of Section 9--313 to perfection by possession of\nchattel paper. Section 9--313(c) and (f) through (i) applies to\nperfection by possession of an authoritative tangible copy of a record\nevidencing chattel paper.\n