§ 10:9-306.1 — Law governing perfection and priority of security interests in chattel paper

Louisiana § 10:9-306.1

• Jurisdiction: Louisiana
• Title 10: Commercial Laws

Text

§9-306.1. Law governing perfection and priority of security interests in chattel paper
(a) Chattel paper evidenced by authoritative electronic copy. Except as provided in
Subsection (d) of this Section, if chattel paper is evidenced only by an authoritative
electronic copy of the chattel paper or is evidenced by an authoritative electronic copy and
an authoritative tangible copy, the local law of the chattel paper's jurisdiction governs
perfection, the effect of perfection or nonperfection, and the priority of a security interest in
the chattel paper, even if the transaction does not bear any relation to the chattel paper's
jurisdiction.
(b) Chattel paper's jurisdiction. The following rules determine the chattel paper's
jurisdiction under this Section:
(1) If the authoritative electronic copy of the record evidencing chattel paper, or a
record attached to or logically associated with the electronic copy and readily available for
review, expressly provides that a particular jurisdiction is the chattel paper's jurisdiction for
purposes of this Title, that jurisdiction is the chattel paper's jurisdiction.
(2) If Paragraph (1) of this Subsection does not apply and the rules of the system in
which the authoritative electronic copy is recorded are readily available for review and
expressly provide that a particular jurisdiction is the chattel paper's jurisdiction for purposes
of this Title, that jurisdiction is the chattel paper's jurisdiction.
(3) If Paragraphs (1) and (2) of this Subsection do not apply and the authoritative
electronic copy, or a record attached to or logically associated with the electronic copy and
readily available for review, expressly provides that the chattel paper is governed by the law
of a particular jurisdiction, that jurisdiction is the chattel paper's jurisdiction.
(4) If Paragraphs (1), (2), and (3) of this Subsection do not apply and the rules of the
system in which the authoritative electronic copy is recorded are readily available for review
and expressly provide that the chattel paper or the system is governed by the law of a
particular jurisdiction, that jurisdiction is the chattel paper's jurisdiction.
(5) If Paragraphs (1) through (4) of this Subsection do not apply, the chattel paper's
jurisdiction is the jurisdiction in which the debtor is located.
(c) Chattel paper evidenced by authoritative tangible copy. If an authoritative
tangible copy of a record evidences chattel paper and the chattel paper is not evidenced by
an authoritative electronic copy, while the authoritative tangible copy of the record
evidencing chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:
(1) perfection of a security interest in the chattel paper by possession under R.S.
10:9-314.1; and
(2) the effect of perfection or nonperfection and the priority of a security interest in
the chattel paper.
(d) When perfection governed by law of jurisdiction where debtor located. The local
law of the jurisdiction in which the debtor is located governs perfection of a security interest
in chattel paper by filing.

Legislative History

Acts 2024, No. 773, §1.