§12A-9-304.

§12A-9-304.
   
   Perfection of Security Interest in Instruments, Documents, Proceeds of
   a Written Letter of Credit, and Goods Covered by Documents; Perfection
   by Permissive Filing; Temporary Perfection Without Filing or Transfer
   of Possession.
   
   (1) A security interest in chattel paper or negotiable documents may
   be perfected by filing. A security interest in the rights to proceeds
   of a written letter of credit can be perfected only by the secured
   party's taking possession of the letter of credit. A security interest
   in money or instruments, other than instruments which constitute part
   of chattel paper, can be perfected only by the secured party's taking
   possession, except as provided in subsections (4) and (5) of this
   section and subsections (2) and (3) of Section 9-306 of this title on
   proceeds.
   
   (2) During the period that goods are in the possession of the issuer
   of a negotiable document therefor, a security interest in the goods is
   perfected by perfecting a security interest in the document, and any
   security interest in the goods otherwise perfected during such period
   is subject thereto.
   
   (3) A security interest in goods in the possession of a bailee other
   than one who has issued a negotiable document therefor is perfected by
   issuance of a document in the name of the secured party or by the
   bailee's receipt of notification of the secured party's interest or by
   filing as to the goods.
   
   (4) A security interest in instruments, certificated securities, or
   negotiable documents is perfected without filing or the taking of
   possession for a period of twenty-one (21) days from the time it
   attaches to the extent that it arises for new value given under a
   written security agreement.
   
   (5) A security interest remains perfected for a period of twenty-one
   (21) days without filing where a secured party having a perfected
   security interest in an instrument, a certificated security, a
   negotiable document or goods in possession of a bailee other than one
   who has issued a negotiable document therefor:
   
   (a) makes available to the debtor the goods or documents representing
   the goods for the purpose of ultimate sale or exchange or for the
   purpose of loading, unloading, storing, shipping, transshipping,
   manufacturing, processing or otherwise dealing with them in a manner
   preliminary to their sale or exchange, but priority between
   conflicting security interests in the goods is subject to subsection
   (3) of Section 9-312 of this title; or
   
   (b) delivers the instrument or certificated security to the debtor for
   the purpose of ultimate sale or exchange or of presentation,
   collection, renewal, or registration of transfer.
   
   (6) After the twenty-one-day period in subsections (4) and (5) of this
   section perfection depends upon compliance with applicable provisions
   of this article.