12A:9-301 Law governing perfection and priority of security interests.
12A:9-301. Law Governing Perfection and Priority of Security Interests.
Except as otherwise provided in sections 12A:9-303 through 12A:9-306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:
(1)Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.
(2)While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.
(3)Except as otherwise provided in paragraph (4), while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:
(A)perfection of a security interest in the goods by filing a fixture filing;
(B)perfection of a security interest in timber to be cut; and
(C)the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.
(4)The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.
(5)Notwithstanding paragraph (1), the local law of this State shall govern the perfection, the effect of perfection or nonperfection, and the priority of a security interest in bondable transition property.
L.2001, c.117, s.1; amended 2001, c.386, s.18; 2013, c.65, s.8.
Section: Previous 12a-9-204 12a-9-205 12a-9-206 12a-9-207 12a-9-208 12a-9-209 12a-9-210 12a-9-301 12a-9-302 12a-9-303 12a-9-304 12a-9-305 12a-9-306 12a-9-307 12a-9-308 Next
Last modified: October 11, 2016