1. (a) Perfection by possession and control.— A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the chattel paper and obtaining control of each authoritative electronic copy of the electronic record evidencing the chattel paper.
2. (b) Time of perfection; continuation of perfection.— A security interest is perfected under subsection (a) not earlier than the time the secured party takes possession and obtains control and remains perfected under subsection (a) only while the secured party retains possession and control.

3. (c) Application of section 9313 to perfection by possession of chattel paper.— Section 9313(c), (f), (g), (h) and (i) (relating to when possession by or delivery to secured party perfects security interest without filing) applies to perfection by possession of an authoritative tangible copy of a record evidencing chattel paper.

   Cross References. Section 9314.1 is referred to in sections 9203, 9306.1, 9310 of this title.

(July 1, 2024, P.L.450, No.41, eff. 60 days)

2024 Amendment. Act 41 added section 9314.1. See section 1 of Act 41 in the appendix to this title for special provisions relating to findings and declarations.