Perfection by control. (a) A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, investment property, or letter-of-credit rights may be perfected by control of the collateral under § 28:7-106, § 28:9-104, § 28:9-105A, § 28:9-106, § 28:9-107, or § 28:9-107A. (b) A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, or letter-of-credit rights is perfected by control under § 28:7-106, § 28:9-104, § 28:9-105A, § 28:9-107, or § 28:9-107A not earlier than the time 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 § 28:9-106 not earlier than 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

ontrol 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. (Oct. 26, 2000, D.C. Law 13-201, § 101, 47 DCR 7576; Apr. 27, 2013, D.C. Law 19-299, § 11(k), 60 DCR 2634; Apr. 20, 2024, D.C. Law 25-158, § 2(j)(19), 71 DCR 2265.) Section References This section is referenced in § 28:9-310, § 28:9-312, § 28:9-327, § 28:9-328, and § 28:9-329. Effect of Amendments The 2013 amendment by D.C. Law 19-299 rewrote (a) and (b). Uniform Commercial Code 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.

roperty, 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. Subsection (b) explains when a security interest is perfected by control and how long a security interest remains perfected by control. Like Section 9-313(d) and for the same reasons, subsection (b) makes no reference to the doctrine of 'relation back.' See Section 9-313, Comment 5. 3. Investment Property. Subsection (c) 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, Comment 5. In a transaction in which a secured party who has control grants a security interest in investment property or sells outright the investment property, by virtue

context. See Section 9-207, Comment 5. In a transaction in which a secured party who has control grants a security interest in investment property or sells outright the investment property, by virtue of the debtor’s consent or applicable legal rules, a purchaser from the secured party typically will cut off the debtor’s rights in the investment property or be immune from the debtor’s claims. See Section 9-207, Comments 5 and 6. If the investment property is a security, the debtor normally would retain no interest in the security following the purchase from the secured party, and a claim of the debtor against the secured party for redemption ( Section 9-623) or otherwise with respect to the security would be a purely personal claim. If the investment property transferred by the secured party is a financial asset in which the debtor had a security entitlement credited to a securities account maintained with the secured party as a securities intermediary, the debtor’s claim against the secured party could arise as a part of its securities account notwithstanding its personal nature. (This claim would be analogous to a 'credit balance' in the securities account, which is a component

secured party could arise as a part of its securities account notwithstanding its personal nature. (This claim would be analogous to a 'credit balance' in the securities account, which is a component of the securities account even though it is a personal claim against the intermediary.) In the case in which the debtor may retain an interest in investment property notwithstanding a repledge or sale by the secured party, subsection (c) makes clear that the security interest will remain perfected by control.