Texas Business & Commerce Code

§ 9.312 — PERFECTION OF SECURITY INTERESTS IN CHATTEL PAPER, DEPOSIT ACCOUNTS, DOCUMENTS, AND GOODS COVERED BY DOCUMENTS, INSTRUMENTS, INVESTMENT PROPERTY, VIRTUAL CURRENCIES, LETTER-OF-CREDIT RIGHTS, AND MONEY; PERFECTION BY PERMISSIVE FILING; TEMPORARY PERFECTION WITHOUT FILING OR TRANSFER OF POSSESSION

BC § 9.312Title 1. UNIFORM COMMERCIAL CODE · Ch. 9. SECURED TRANSACTIONS · Art. C. PERFECTION AND PRIORITY

Statute text

(a)A security interest in chattel paper, negotiable documents, instruments, investment property, and virtual currencies may be perfected by filing.

(b)Except as otherwise provided in Sections 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)While goods are in the possession of a bailee that has issued a negotiable document covering the goods:

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Legislative history

Acts 2005, 79th Leg., Ch. 122 (S.B. 1593), Sec. 25, eff. September 1, 2005. Acts 2021, 87th Leg., R.S., Ch. 739 (H.B. 4474), Sec. 4, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 739 (H.B. 4474), Sec. 5, eff. September 1, 2021.