§490:9-316  Continued perfection of security
interest following change in governing law.  (a)  A security interest
perfected pursuant to the law of the jurisdiction designated in section
490:9-301(1) or 490:9-305(c) remains perfected until the earliest of:



(1)  The time perfection would have ceased under the
law of that jurisdiction;



(2)  The expiration of four months after a change of
the debtor's location to another jurisdiction; or



(3)  The expiration of one year after a transfer of
collateral to a person that thereby becomes a debtor and is located in another
jurisdiction.



(b)  If a security interest described in
subsection (a) becomes perfected under the law of the other jurisdiction before
the earliest time or event described in that subsection, it remains perfected
thereafter.  If the security interest does not become perfected under the law
of the other jurisdiction before the earliest time or event, it becomes
unperfected and is deemed never to have been perfected as against a purchaser
of the collateral for value.



(c)  A possessory security interest in
collateral, other than goods covered by a certificate of title and as-extracted
collateral consisting of goods, remains continuously perfected if:



(1)  The collateral is located in one jurisdiction and
subject to a security interest perfected under the law of that jurisdiction;



(2)  Thereafter the collateral is brought into another
jurisdiction; and



(3)  Upon entry into the other jurisdiction, the
security interest is perfected under the law of the other jurisdiction.



(d)  Except as otherwise provided in subsection
(e), a security interest in goods covered by a certificate of title which is
perfected by any method under the law of another jurisdiction when the goods
become covered by a certificate of title from this State remains perfected
until the security interest would have become unperfected under the law of the
other jurisdiction had the goods not become so covered.



(e)  A security interest described in
subsection (d)  becomes unperfected as against a purchaser of the goods for
value and is deemed never to have been perfected as against a purchaser of the
goods for value if the applicable requirements for perfection under section
490:9-311(b) or 490:9-313 are not satisfied before the earlier of:



(1)  The time the security interest would have become
unperfected under the law of the other jurisdiction had the goods not become
covered by a certificate of title from this State; or



(2)  The expiration of four months after the goods had
become so covered.



(f)  A security interest in deposit accounts,
letter-of-credit rights, or investment property which is perfected under the
law of the bank's jurisdiction, the issuer's jurisdiction, a nominated person's
jurisdiction, the securities intermediary's jurisdiction, or the commodity
intermediary's jurisdiction, as applicable, remains perfected until the earlier
of:



(1)  The time the security interest would have become
unperfected under the law of that jurisdiction; or



(2)  The expiration of four months after a change of
the applicable jurisdiction to another jurisdiction.



(g)  If a security interest described in
subsection (f) becomes perfected under the law of the other jurisdiction before
the earlier of the time or the end of the period described in that subsection,
it remains perfected thereafter.  If the security interest does not become
perfected under the law of the other jurisdiction before the earlier of that
time or the end of that period, it becomes unperfected and is deemed never to
have been perfected as against a purchaser of the collateral for value. [L
2000, c 241, pt of §1]