§ 46-9-314

W. Va. Code § 46-9-314

Perfection by control.

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

  3. (c) Investment property: Time of perfection by control; continuation of perfection. A security interest in investment property is perfected by control under section 9-106 from the time the secured party obtains control and remains perfected by control until:

    1. (1) The secured party does not have control; and

    2. (2) One of the following occurs:

      1. (A) If the collateral is a certificated security, the debtor has or acquires possession of the security certificate;
      2. (B) If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or
      3. (C) If the collateral is a security entitlement, the debtor is or becomes the entitlement holder.
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