(a)__The secured party does not have control; and

(b)__One of the following occurs:

(i)__If the collateral is a certificated security, the debtor has or acquires possession of the security certificate;

(ii)__If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or

(iii)__If the collateral is a security entitlement, the debtor is or becomes the entitlement holder.

Official Comment

1. Source. Substantially new; derived in part from former Section 9-115(4).

2. Control. This section provides for perfection by control with respect to investment property, deposit accounts, letter-of- credit rights, and electronic chattel paper. For explanations of how a secured party takes control of these types of collateral, see Sections 9-104 through 9-107 [Maine cite sections 9-1104 to section 9-1107)]. Subsection (b) [Maine cite subsection (2)] explains when a security interest is perfected by control and how long a security interest remains perfected by control. Like Section 9-313(d) [Maine cite section 9-1313, subsection (4)] and for the same reasons, subsection (b) [Maine cite subsection (2)] makes no reference to the doctrine of "relation back." See Section 9-313 [Maine cite section 9-1313], Comment 5.

3. Investment Property. Subsection (c) [Maine cite subsection (3)] provides a special rule for investment property. Once a secured party has control, its security interest remains perfected by control until the secured party ceases to have control and the debtor receives possession of collateral that is a certificated security, becomes the registered owner of collateral that is an uncertificated security, or becomes the entitlement holder of collateral that is a security entitlement. The result is particularly important in the "repledge" context. See Section 9-207 [Maine cite section 9-1207], Comment 5.