Section 9--313. When Possession by or Delivery to Secured Party Perfects\n Security Interest Without Filing.\n * (a) Perfection by possession or delivery. Except as otherwise\nprovided in subsection (b), a secured party may perfect a security\ninterest in tangible negotiable documents, goods, instruments, money, or\ntangible chattel paper by taking possession of the collateral. A secured\nparty may perfect a security interest in certificated securities by\ntaking delivery of the certificated securities under Section 8--301.\n * NB Effective until June 3, 2026\n* (a) Perfection by possession or delivery. Except as otherwise provided\nin subsection (b), a secured party may perfect a security interest in\ngoods, instruments, negotiable tangible documents, or tangible money by\ntaking possession of the collateral. A secured party may perfect a\nsecurity interest in certificated securities by taking delivery of the\ncertificated securities under Section 8--301.\n * NB Effective June 3, 2026\n (b) Goods covered by certificate of title. With respect to goods\ncovered by a certificate of title issued by this state, a secured party\nmay perfect a security interest in the goods by taking possession of the\ngoods only in the circumstances described in Section 9--316(d).\n * (c) Collateral in possession of person other than debtor. With\nrespect to collateral other than certificated securities and goods\ncovered by a document, a secured party takes possession of collateral in\nthe possession of a person other than the debtor, the secured party, or\na lessee of the collateral from the debtor in the ordinary course of the\ndebtor's business, when:\n (1) the person in possession authenticates a record acknowledging\n that it holds possession of the collateral for the secured\n party's benefit; or\n (2) the person takes possession of the collateral after having\n authenticated a record acknowledging that it will hold\n possession of collateral for the secured party's benefit.\n * NB Effective until June 3, 2026\n* (c) Collateral in possession of person other than debtor. With respect\nto collateral other than certificated securities and goods covered by a\ndocument, a secured party takes possession of collateral in the\npossession of a person other than the debtor, the secured party, or a\nlessee of the collateral from the debtor in the ordinary course of the\ndebtor's business, when:\n (1) the person in possession signs a record acknowledging that it\n holds possession of the collateral for the secured party's\n benefit; or\n (2) the person takes possession of the collateral after having\n signed a record acknowledging that it will hold possession of\n the collateral for the secured party's benefit.\n * NB Effective June 3, 2026\n * (d) Time of perfection by possession; continuation of perfection. If\nperfection of a security interest depends upon possession of the\ncollateral by a secured party, perfection occurs no earlier than the\ntime the secured party takes possession and continues only while the\nsecured party retains possession.\n * NB Effective until June 3, 2026\n* (d) Time of perfection by possession; continuation of perfection. If\nperfection of a security interest depends upon possession of the\ncollateral by a secured party, perfection occurs not earlier than the\ntime the secured party takes possession and continues only while the\nsecured party retains possession.\n * NB Effective June 3, 2026\n (e) Time of perfection by delivery; continuation of perfection. A\nsecurity interest in a certificated security in registered form is\nperfected by delivery when delivery of the certificated security occurs\nunder Section 8--301 and remains perfected by delivery until the debtor\nobtains possession of the security certificate.\n (f) Acknowledgment not required. A person in possession of col
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