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(Intangible Assets) Intermediate Securities Or: Provided, That A Security That Is Not Registered
(Intangible Assets) Intermediate Securities Or: Provided, That A Security That Is Not Registered
a. A Sec Int. shall be perfected when it has (c) Conclusion of a control agreement.
been created and the Secured Creditor has
Section 4.05 Perfection of Security Interest in
taken one of the actions in accordance with
Electronic Securities –
Sec 12.
b. On perfection, a Security Interest becomes A security interest in electronic non-intermediated
effective against third parties. securities may be by:
Section 4.02 Means of Perfection - Tangible Assets - Provided, that a security that is not registered
A security interest in tangible assets remains valid between the parties;
(a) The Registry shall be established in and (a) A security interest in a deposit account or
administered by the LRA. investment property may be perfected by control
through:
(b) The Registry shall provide electronic means for
registration and searching of notices. (1) The creation of the security interest in favor of
the deposit-taking institution (bank, non-stock
SEC. 27. Public Record. -
savings and loan assoc, cooperative) or the
(a) Information contained in a registered notice shall intermediary;
be considered as a public record.
(2) The conclusion of a control agreement; or
(b) Any person may search notices Registered in the
(3) For an investment property that is an electronic
Registry.
security not held with an intermediary, the notation
(c) The electronic records of the Registry shall be the of the security interest in the books maintained by or
official records. on behalf of the issuer for the purpose of recording
the name of the holder of the securities.
SEC. 30. Effectiveness of Notice. -