Section 9--312. Perfection of Security Interests in Chattel Paper,

Deposit Accounts, Documents, Goods Covered by

Documents, Instruments, Investment Property,

Letter-of-credit Rights, and Money; Perfection by

Permissive Filing; Temporary Perfection Without Filing

or Transfer of Possession.

(a) Perfection by filing permitted. A security interest in chattel
paper, negotiable documents, instruments, or investment property may be
perfected by filing.

(b) Control or possession of certain collateral. Except as otherwise
provided in Section 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) Goods covered by negotiable document. While goods are in the
possession of a bailee that has issued a negotiable document covering
the goods:

(1) a security interest in the goods may be perfected by

perfecting a security interest in the document; and

(2) a security interest perfected in the document has priority

over any security interest that becomes perfected in the

goods by another method during that time.

(d) Goods covered by nonnegotiable document. While goods are in the
possession of a bailee that has issued a non-negotiable document
covering the goods, a security interest in the goods may be perfected
by:

(1) issuance of a document in the name of the secured party;

(2) the bailee's receipt of notification of the secured party's

interest; or

(3) filing as to the goods.

(e) Temporary perfection: new value. A security interest in
certificated securities, negotiable documents, or instruments is
perfected without filing or the taking of possession or control for a
period of 20 days from the time it attaches to the extent that it arises
for new value given under an authenticated security agreement.

(f) Temporary perfection: goods or documents made available to debtor.
A perfected security interest in a negotiable document or goods in
possession of a bailee, other than one that has issued a negotiable
document for the goods, remains perfected for 20 days without filing if
the secured party makes available to the debtor the goods or documents
representing the goods for the purpose of:

(1) ultimate sale or exchange; or

(2) loading, unloading, storing, shipping, transshipping,

manufacturing, processing, or otherwise dealing with them in

a manner preliminary to their sale or exchange.

(g) Temporary perfection: delivery of security certificate or
instrument to debtor. A perfected security interest in a certificated
security or instrument remains perfected for 20 days without filing if
the secured party delivers the security certificate or instrument to the
debtor for the purpose of:

(1) ultimate sale or exchange; or

(2) presentation, collection, enforcement, renewal, or

registration of transfer.

(h) Expiration of temporary perfection. After the 20-day period
specified in subsection (e), (f), or (g) expires, perfection depends
upon compliance with this article.

(i) Cooperative interests. Subsections (a) through (h) do not apply to
cooperative interests.