2010 New York Code
UCC - Uniform Commercial Code
Article 9 - SECURED TRANSACTIONS
Part 3 - PERFECTION AND PRIORITY
Sub Part 2 - (9-308 - 9-316) PERFECTION
9-312 - Perfection of Security Interests in Chattel Paper, Deposit Accounts, Documents, Goods Covered by Documents, Instruments, Investment Property, Letter-o

Section 9--312. Perfection  of  Security  Interests  in  Chattel  Paper,
                    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, negotiable documents, instruments, or investment property 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; and
         (3) a  security  interest  in  money may be perfected only by the
             secured party's taking possession under Section 9--313.
    (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 for a period of 20
  days from the time it attaches to the extent  that  it  arises  for  new
  value given under an authenticated 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.