§ 9-301 — Law Governing Perfection and Priority of Security Interests

Section 9--301. Law Governing Perfection and Priority of Security\n Interests.\n * Except as otherwise provided in Sections 9--303 through 9--306, the\nfollowing rules determine the law governing perfection, the effect of\nperfection or nonperfection, and the priority of a security interest in\ncollateral:\n * NB Effective until June 3, 2026\n * Except as otherwise provided in Sections 9--303 through 9-306B, the\nfollowing rules determine the law governing perfection, the effect of\nperfection or nonperfection, and the priority of a security interest in\ncollateral:\n * NB Effective June 3, 2026\n (a) Except as otherwise provided in this section, while a debtor is\nlocated in a jurisdiction, the local law of that jurisdiction governs\nperfection, the effect of perfection or nonperfection, and the priority\nof a security interest in collateral.\n (b) While collateral is located in a jurisdiction, the local law of\nthat jurisdiction governs perfection, the effect of perfection or\nnonperfection, and the priority of a possessory security interest in\nthat collateral.\n * (c) Except as otherwise provided in subsection (d), while tangible\nnegotiable documents, goods, instruments, money, or tangible chattel\npaper is located in a jurisdiction, the local law of that jurisdiction\ngoverns:\n (1) perfection of a security interest in the goods by filing a\n fixture filing;\n (2) perfection of a security interest in timber to be cut; and\n (3) the effect of perfection or nonperfection and the priority of\n a nonpossessory security interest in the collateral.\n * NB Effective until June 3, 2026\n * (c) Except as otherwise provided in subsection (d), while\n negotiable tangible documents, goods, instruments, or tangible\n money is located in a jurisdiction, the local law of that\n jurisdiction governs:\n (1) perfection of a security interest in the goods by filing a\n fixture filing;\n (2) perfection of a security interest in timber to be cut; and\n (3) the effect of perfection or nonperfection and the priority of\n a nonpossessory security interest in the collateral.\n * NB Effective June 3, 2026\n (d) The local law of the jurisdiction in which the wellhead or\nminehead is located governs perfection, the effect of perfection or\nnonperfection, and the priority of a security interest in as-extracted\ncollateral.\n (e) When collateral is a cooperative interest, the law of this state\ngoverns perfection, the effect of perfection or nonperfection, and the\npriority of the security interest in such collateral.\n