N.Y. Uniform Commercial Code Law § 9-314a: Perfection by Possession and Control of Chattel Paper

Section 9-314A. Perfection by Possession and Control of Chattel Paper.

(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.

(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.

(c) Application of Section 9--313 to perfection by possession of

chattel paper. Section 9--313(c) and (f) through (i) applies to

perfection by possession of an authoritative tangible copy of a record

evidencing chattel paper.