Vermont § 313 - § 9—313.

§ 313. § 9—313.

• When possession by or delivery to secured party perfects security interest without
  filing (a) Except as otherwise provided in subsection (b) of this section, a secured party may
  perfect a security interest in goods, instruments, negotiable tangible documents,
  or tangible money 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 section 8—301 of this title. (b) 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 subsection 9—316(d) of this title. (c) 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 signs 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 signed a record acknowledging
  that it will hold possession of the collateral for the secured party’s benefit. (d) If perfection of a security interest depends upon possession of the collateral by
  a secured party, perfection occurs not earlier than the time the secured party takes
  possession and continues only while the secured party retains possession. (e) A security interest in a certificated security in registered form is perfected by
  delivery when delivery of the certificated security occurs under section 8—301 of this title and remains perfected by delivery until the debtor obtains possession of the security
  certificate. (f) A person in possession of collateral is not required to acknowledge that it holds
  possession for a secured party’s benefit. (g) 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 subsection 8—301(a) of this title, 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) 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) 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. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001; amended 2015, No. 51, § B.9, eff. June 3, 2015; 2025, No. 17, § 9, eff. July 1, 2025.)