Public-domain · open source
OpenJurist

Tenn. Code Ann. § 47-9-314

Perfection by control

Known as the Uniform Commercial Code

The act spans §§ 47–47 (578 sections).

Applied in 1 court decision — leading case 903 F. Supp. 2d 568 - American Bank, FSB v. Cornerstone Community Bank (2012)

Most recently applied in 903 F. Supp. 2d 568 - American Bank, FSB v. Cornerstone Community Bank (October 2012)

Acts 2000, ch. 846, § 1; 2008, ch. 814, § 34.

(1) 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 § 47-7-106, § 47-9-104, § 47-9-105, § 47-9-106, or § 47-9-107.

(2) 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 § 47-7-106, § 47-9-104, § 47-9-105, or § 47-9-107 when the secured party obtains control and remains perfected by control only while the secured party retains control.

(3) Investment property: time of perfection by control; continuation of perfection. A security interest in investment property is perfected by control under § 47-9-106 from the time the secured party obtains control and remains perfected by control until: the secured party does not have control; and

(4) one (1) of the following occurs: if the collateral is a certificated security, the debtor has or acquires possession of the security certificate;

(5) if the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or

(6) if the collateral is a security entitlement, the debtor is or becomes the entitlement holder.

Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.