47-9314. Perfection by control A. A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper or electronic documents may be perfected by control of the collateral under section 47-7106, 47-9104, 47-9105, 47-9106 or 47-9107. B. A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights or electronic documents is perfected by control under section 47-7106, 47-9104, 47-9105 or 47-9107 when the secured party obtains control and remains perfected by control only while the secured party retains control. C. A security interest in investment property is perfected by control under section 47-9106 from the time the secured party obtains control and remains perfected by control until: 1. The secured party does not have control; and 2. One of the following occurs: (a) If the collateral is a certificated security, the debtor has or acquires possession of the security certificate; (b) If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or (c) If the collateral is a security entitlement, the debtor is or becomes the entitlement holder.
Arizona Legal Code