§ 34.1-9-316 — Effect of change in governing law

Wyoming § 34.1-9-316

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 9: SECURED TRANSACTIONS

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(a) A security interest perfected pursuant to the law of
the jurisdiction designated in section 34.1-9-301(a)(i) or
34.1-9-305(c) remains perfected until the earliest of:
(i) The time perfection would have ceased under the
law of that jurisdiction;
(ii) The expiration of four (4) months after a change
of the debtor's location to another jurisdiction; or
(iii) The expiration of one (1) 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:
(i) The collateral is located in one (1) jurisdiction
and subject to a security interest perfected under the law of
that jurisdiction;
(ii) Thereafter the collateral is brought into
another jurisdiction; and
(iii) 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 34.1-9-311(b) or 34.1-9-313 are not
satisfied before the earlier of:
(i) 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
(ii) The expiration of four (4) 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:
(i) The time the security interest would have become
unperfected under the law of that jurisdiction; or
(ii) The expiration of four (4) 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.
(h) The following rules apply to collateral to which a
security interest attaches within four (4) months after the
debtor changes its location to another jurisdiction:
(i) A financing statement filed before the change
pursuant to the law of the jurisdiction designated in W.S.
34.1-9-301(a) or 34.1-9-305(c) is effective to perfect a
security interest in the collateral if the financing statement
would have been effective to perfect a security interest in the
collateral if the debtor had not changed its location;
(ii) If a security interest perfected by a financing
statement that is effective under paragraph (i) of this
subsection becomes perfected under the law of the other
jurisdiction before the earlier of the time the financing
statement would have become ineffective under the law of the
jurisdiction designated in W.S. 34.1-9-301(a) or 34.1-9-305(c)
or the expiration of the four (4) month period, it remains
perfected thereafter. If the security interest does not become
perfected under the law of the other jurisdiction before the
earlier time or event, it becomes unperfected and is deemed
never to have been perfected as against a purchaser of the
collateral for value.
(j) If a financing statement naming an original debtor is
filed pursuant to the law of the jurisdiction designated in W.S.
34.1-9-301(a) or 34.1-9-305(c) and the new debtor is located in
another jurisdiction, the following rules apply:
(i) The financing statement is effective to perfect a
security interest in collateral in which the new debtor has or
acquires rights before or within four (4) months after the new
debtor becomes bound under W.S. 34.1-9-203(d), if the financing
statement would have been effective to perfect a security
interest in the collateral if the collateral had been acquired
by the original debtor;
(ii) A security interest that is perfected by the
financing statement and which becomes perfected under the law of
the other jurisdiction before the earlier of the expiration of
the four (4) month period or the time the financing statement
would have become ineffective under the law of the jurisdiction
designated in W.S. 34.1-9-301(a) or 34.1-9-305(c) remains
perfected thereafter. A security interest that is perfected by
the financing statement but which does not become perfected
under the law of the other jurisdiction before the earlier time
or event becomes unperfected and is deemed never to have been
perfected as against a purchaser of the collateral for value.