47-9301

47-9301. Law governing perfection and priority
of security interests

Except as otherwise provided in sections 47-9303 through 47-9306, 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 of this section, 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.