This Part deals with the concepts of possession and control of personal property.

A grantor and secured party cannot both have possession of collateral. There are special rules about possession of the following:

               (a)     goods in the possession of a common carrier;

               (b)     negotiable instruments not evidenced electronically;

               (c)     chattel paper evidenced electronically;

               (d)     investment instruments evidenced by a certificate.

Control of certain types of personal property is effective to perfect a security interest in the property (see paragraph 21(2)(c)). This Part includes some special rules about control of the following:

               (a)     ADI accounts;

               (b)     investment entitlements;

               (c)     investment instruments;

               (d)     letters of credit;

               (e)     negotiable instruments not evidenced by a certificate.