Perfection by possession

• No filing statement needed when allowed to be perfected by possession, such as goods in possession of a bailee, documents, certificated securities, instruments, deposit accounts, and collateral in the secured party’s possession. And this can be effective on delivery and by a person other than debtor with authenticated acknowledgement that holds possession of the collateral for the secured party’s benefit. o If you give the perfected item away and get it back the date of perfection only goes back to the date of the return and if you don’t get it back it is no longer perfected at all o Can file and then give to maintain possession o Possession is not interrupted when the police seize an item o No perfection by possession of photocopies • If money, possession is the only way to perfect