Systems that evolve for control of electronic chattel paper may or may not involve a third party custodian of the relevant records. However, this section and the concept of control of electronic chattel paper are not based on the same concepts as are control of deposit accounts (Section 9-104) [Maine cite section 9-1104], security entitlements, a type of investment property (Section 9-106) [Maine cite section 9-1106], and letter- of-credit rights (Section 9-107) [Maine cite section 9-1107]. The rules for control of that collateral are based on existing market practices and legal and regulatory regimes for institutions such as banks and securities intermediaries. Analogous practices for electronic chattel paper are developing nonetheless. The flexible approach adopted by this section, moreover, should not impede the development of these practices and, eventually, legal and regulatory regimes, which may become analogous to those for, e.g., investment property.

§9-1106.__Control of investment property

(1)__A person has control of a certificated security, uncertificated security or security entitlement as provided in section 8-1106.

(2)__A secured party has control of a commodity contract if:

(a)__The secured party is the commodity intermediary with which the commodity contract is carried; or

(b)__The commodity customer, secured party and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.

(3)__A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.