N.Y. Uniform Commercial Code Law § 9-312: Perfection of Security Interests in Chattel Paper, Controllable Accounts, Controllable Electronic Records, Controllable Payment Intangibl...

Section 9--312. Perfection of Security Interests in Chattel Paper,

Controllable Accounts, Controllable Electronic

Records, Controllable Payment Intangibles, Deposit

Accounts, Documents, Goods Covered by Documents,

Instruments, Investment Property, Letter-of-credit

Rights, and Money; Perfection by Permissive Filing;

Temporary Perfection Without Filing or Transfer of

Possession.

(a) Perfection by filing permitted. A security interest in chattel

paper, controllable accounts, controllable electronic records,

controllable payment intangibles, instruments, investment property, or

negotiable documents may be perfected by filing.

(b) Control or possession of certain collateral. Except as otherwise

provided in Section 9--315(c) and (d) for proceeds:

(1) a security interest in a deposit account may be perfected

only by control under Section 9--314;

(2) and except as otherwise provided in Section 9--308(d), a

security interest in a letter-of-credit right may be

perfected only by control under Section 9--314;

(3) a security interest in tangible money may be perfected only

by the secured party's taking possession under Section

9--313; and

(4) a security interest in electronic money may be perfected only

by control under Section 9--314.

(c) Goods covered by negotiable document. While goods are in the

possession of a bailee that has issued a negotiable document covering

the goods:

(1) a security interest in the goods may be perfected by

perfecting a security interest in the document; and

(2) a security interest perfected in the document has priority

over any security interest that becomes perfected in the

goods by another method during that time.

(d) Goods covered by nonnegotiable document. While goods are in the

possession of a bailee that has issued a non-negotiable document

covering the goods, a security interest in the goods may be perfected

by:

(1) issuance of a document in the name of the secured party;

(2) the bailee's receipt of notification of the secured party's

interest; or

(3) filing as to the goods.

(e) Temporary perfection: new value. A security interest in

certificated securities, negotiable documents, or instruments is

perfected without filing or the taking of possession or control for a

period of 20 days from the time it attaches to the extent that it arises

for new value given under a signed security agreement.

(f) Temporary perfection: goods or documents made available to debtor.

A perfected security interest in a negotiable document or goods in

possession of a bailee, other than one that has issued a negotiable

document for the goods, remains perfected for 20 days without filing if

the secured party makes available to the debtor the goods or documents

representing the goods for the purpose of:

(1) ultimate sale or exchange; or

(2) loading, unloading, storing, shipping, transshipping,

manufacturing, processing, or otherwise dealing with them in

a manner preliminary to their sale or exchange.

(g) Temporary perfection: delivery of security certificate or

instrument to debtor. A perfected security interest in a certificated

security or instrument remains perfected for 20 days without filing if

the secured party delivers the security certificate or instrument to the

debtor for the purpose of:

(1) ultimate sale or exchange; or

(2) presentation, collection, enforcement, renewal, or

registration of transfer.

(h) Expiration of temporary perfection. After the 20-day period

specified in subsection (e), (f), or (g) expires, perfection depends

upon compliance with this article.

(i) Cooperative interests. Subsections (a) through (h) do not apply to

cooperative interests.