PART 3.  PERFECTION AND PRIORITY

Subpart 1.  Law Governing Perfection and Priority

     §490:9-301  Law governing perfection and priority of security interests.  Except as otherwise provided in sections 490:9-303 through 490:9-306.6, the following rules shall 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 shall govern 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 shall govern perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral;

     (3)  Except as otherwise provided in paragraph (4), while negotiable tangible documents, goods, instruments, or tangible money is located in a jurisdiction, the local law of that jurisdiction shall govern:

          (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; and

     (4)  The local law of the jurisdiction in which the wellhead or minehead is located shall govern perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral. [L 2000, c 241, pt of §1; am L 2004, c 163, §25; am L 2023, c 132, §43]