RCW 62A.9A-313
When possession by or delivery to secured
party perfects security interest without filing. (Effective
until July 1, 2013.)
(a) Perfection by possession or delivery.
Except as otherwise provided in subsection (b) of this section, a
secured party may perfect a security interest in negotiable
documents, goods, instruments, money, or tangible chattel paper
by taking possession of the collateral. A secured party may
perfect a security interest in certificated securities by taking
delivery of the certificated securities under RCW 62A.8-301.
(b) Goods covered by certificate of title. With respect to
goods covered by a certificate of title issued by this state, a
secured party may perfect a security interest in the goods by
taking possession of the goods only in the circumstances
described in RCW 62A.9A-316(d).
(c) Collateral in possession of person other than debtor.
With respect to collateral other than certificated securities and
goods covered by a document, a secured party takes possession of
collateral in the possession of a person other than the debtor,
the secured party, or a lessee of the collateral from the debtor
in the ordinary course of the debtor's business, when:
(1) The person in possession authenticates a record
acknowledging that it holds possession of the collateral for the
secured party's benefit; or
(2) The person takes possession of the collateral after
having authenticated a record acknowledging that it will hold
possession of collateral for the secured party's benefit.
(d) Time of perfection by possession; continuation of
perfection. If perfection of a security interest depends upon
possession of the collateral by a secured party, perfection
occurs no earlier than the time the secured party takes
possession and continues only while the secured party retains
possession.
(e) Time of perfection by delivery; continuation of
perfection. A security interest in a certificated security in
registered form is perfected by delivery when delivery of the
certificated security occurs under RCW 62A.8-301 and remains
perfected by delivery until the debtor obtains possession of the
security certificate.
(f) Acknowledgment not required. A person in possession of
collateral is not required to acknowledge that it holds
possession for a secured party's benefit.
(g) Effectiveness of acknowledgment; no duties or
confirmation. If a person acknowledges that it holds possession
for the secured party's benefit:
(1) The acknowledgment is effective under subsection (c) of
this section or RCW 62A.8-301(1), even if the acknowledgment
violates the rights of a debtor; and
(2) Unless the person otherwise agrees or law other than
this Article otherwise provides, the person does not owe any duty
to the secured party and is not required to confirm the
acknowledgment to another person.
(h) Secured party's delivery to person other than debtor. A
secured party having possession of collateral does not relinquish
possession by delivering the collateral to a person other than
the debtor or a lessee of the collateral from the debtor in the
ordinary course of the debtor's business if the person was
instructed before the delivery or is instructed contemporaneously
with the delivery:
(1) To hold possession of the collateral for the secured
party's benefit; or
(2) To redeliver the collateral to the secured party.
(i) Effect of delivery under subsection (h); no duties or
confirmation. A secured party does not relinquish possession,
even if a delivery under subsection (h) of this section violates
the rights of a debtor. A person to which collateral is
delivered under subsection (h) of this section does not owe any
duty to the secured party and is not required to confirm the
delivery to another person unless the person otherwise agrees or
law other than this Article otherwise provides.
[2001 c 32 § 26; 2000 c 250 § 9A-313.]
NOTES:
Effective date -- 2001 c 32: See note following RCW62A.9A-102 .
RCW 62A.9A-313
When possession by or delivery to secured
party perfects security interest without filing. (Effective July
1, 2013.)
(a) Perfection by possession or delivery. Except as
otherwise provided in subsection (b) of this section, a secured
party may perfect a security interest in negotiable documents,
goods, instruments, money, or tangible chattel paper by taking
possession of the collateral. A secured party may perfect a
security interest in certificated securities by taking delivery
of the certificated securities under RCW 62A.8-301.
(b) Goods covered by certificate of title. With respect to
goods covered by a certificate of title issued by this state, a
secured party may perfect a security interest in the goods by
taking possession of the goods only in the circumstances
described in RCW 62A.9A-316(d).
(c) Collateral in possession of person other than debtor.
With respect to collateral other than certificated securities and
goods covered by a document, a secured party takes possession of
collateral in the possession of a person other than the debtor,
the secured party, or a lessee of the collateral from the debtor
in the ordinary course of the debtor's business, when:
(1) The person in possession authenticates a record
acknowledging that it holds possession of the collateral for the
secured party's benefit; or
(2) The person takes possession of the collateral after
having authenticated a record acknowledging that it will hold
possession of collateral for the secured party's benefit.
(d) Time of perfection by possession; continuation of
perfection. If perfection of a security interest depends upon
possession of the collateral by a secured party, perfection
occurs no earlier than the time the secured party takes
possession and continues only while the secured party retains
possession.
(e) Time of perfection by delivery; continuation of
perfection. A security interest in a certificated security in
registered form is perfected by delivery when delivery of the
certificated security occurs under RCW 62A.8-301 and remains
perfected by delivery until the debtor obtains possession of the
security certificate.
(f) Acknowledgment not required. A person in possession of
collateral is not required to acknowledge that it holds
possession for a secured party's benefit.
(g) Effectiveness of acknowledgment; no duties or
confirmation. If a person acknowledges that it holds possession
for the secured party's benefit:
(1) The acknowledgment is effective under subsection (c) of
this section or RCW 62A.8-301(1), even if the acknowledgment
violates the rights of a debtor; and
(2) Unless the person otherwise agrees or law other than
this Article otherwise provides, the person does not owe any duty
to the secured party and is not required to confirm the
acknowledgment to another person.
(h) Secured party's delivery to person other than debtor. A
secured party having possession of collateral does not relinquish
possession by delivering the collateral to a person other than
the debtor or a lessee of the collateral from the debtor in the
ordinary course of the debtor's business if the person was
instructed before the delivery or is instructed contemporaneously
with the delivery:
(1) To hold possession of the collateral for the secured
party's benefit; or
(2) To redeliver the collateral to the secured party.
(i) Effect of delivery under subsection (h) of this section;
no duties or confirmation. A secured party does not relinquish
possession, even if a delivery under subsection (h) of this
section violates the rights of a debtor. A person to which
collateral is delivered under subsection (h) of this section does
not owe any duty to the secured party and is not required to
confirm the delivery to another person unless the person
otherwise agrees or law other than this Article otherwise
provides.
[2011 c 74 § 710; 2001 c 32 § 26; 2000 c 250 § 9A-313.]
NOTES:
Application -- Correction of references -- Effective date -- 2011 c 74: See notes following RCW 62A.9A-102.
Effective date -- 2001 c 32: See note following RCW62A.9A-102 .