PART 3. 
PERFECTION AND PRIORITY



 



Subpart 1. 
Law Governing Perfection and Priority



 



§490:9-301  Law governing perfection and
priority of security interests.  Except as otherwise provided in sections
490:9-303 through 490:9-306, 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. [L 2000, c 241, pt of §1; am L 2004, c 163, §25]