§ 9-306A — Law Governing Perfection and Priority of Security Interests in Chattel Paper

* Section 9-306A. Law Governing Perfection and Priority of Security\n Interests in Chattel Paper.\n (a) Chattel paper evidenced by authoritative electronic copy. Except\nas provided in subsection (d), if chattel paper is evidenced only by an\nauthoritative electronic copy of the chattel paper or is evidenced by an\nauthoritative electronic copy and an authoritative tangible copy, the\nlocal law of the chattel paper's jurisdiction governs perfection, the\neffect of perfection or nonperfection, and the priority of a security\ninterest in the chattel paper, even if the transaction does not bear any\nrelation to the chattel paper's jurisdiction.\n (b) Chattel paper's jurisdiction. The following rules determine the\nchattel paper's jurisdiction under this section:\n (1) If the authoritative electronic copy of the record evidencing\nchattel paper, or a record attached to or logically associated with the\nelectronic copy and readily available for review, expressly provides\nthat a particular jurisdiction is the chattel paper's jurisdiction for\npurposes of this part, this article, or this code, that jurisdiction is\nthe chattel paper's jurisdiction.\n (2) If paragraph (1) does not apply and the rules of the system in\nwhich the authoritative electronic copy is recorded are readily\navailable for review and expressly provide that a particular\njurisdiction is the chattel paper's jurisdiction for purposes of this\npart, this article, or this code, that jurisdiction is the chattel\npaper's jurisdiction.\n (3) If paragraphs (1) and (2) do not apply and the authoritative\nelectronic copy, or a record attached to or logically associated with\nthe electronic copy and readily available for review, expressly provides\nthat the chattel paper is governed by the law of a particular\njurisdiction, that jurisdiction is the chattel paper's jurisdiction.\n (4) If paragraphs (1), (2) and (3) do not apply and the rules of the\nsystem in which the authoritative electronic copy is recorded are\nreadily available for review and expressly provide that the chattel\npaper or the system is governed by the law of a particular jurisdiction,\nthat jurisdiction is the chattel paper's jurisdiction.\n (5) If paragraphs (1) through (4) do not apply, the chattel paper's\njurisdiction is the jurisdiction in which the debtor is located.\n (c) Chattel paper evidenced by authoritative tangible copy. If an\nauthoritative tangible copy of a record evidences chattel paper and the\nchattel paper is not evidenced by an authoritative electronic copy,\nwhile the authoritative tangible copy of the record evidencing chattel\npaper is located in a jurisdiction, the local law of that jurisdiction\ngoverns:\n (1) perfection of a security interest in the chattel paper by\npossession under Section 9--314A; and\n (2) the effect of perfection or nonperfection and the priority of a\nsecurity interest in the chattel paper.\n (d) When perfection governed by law of jurisdiction where debtor\nlocated. The local law of the jurisdiction in which the debtor is\nlocated governs perfection of a security interest in chattel paper by\nfiling.\n * NB Effective June 3, 2026\n