§ 41-09-21 — (9-301) Law governing perfection and priority of security interests

Except as otherwise provided in sections 41-09-23 through 41-09-26.2, 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 subsection 4, while negotiable tangible documents,
goods, instruments, or tangible money 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.