9301 - Law governing perfection and priority of security interests.
CHAPTER 93 PERFECTION AND PRIORITY Subchapter A. Law Governing Perfection and Priority B. Perfection C. Priority D. Rights of Bank Enactment. Chapter 93 was added June 8, 2001, P.L.123, No.18, effective July 1, 2001. Prior Provisions. Former Chapter 93, which related to rights of third parties; perfected and unperfected security interests; rules of priority, was added November 1, 1979, P.L.255, No.86, and repealed June 8, 2001, P.L.123, No.18, effective July 1, 2001. Cross References. Chapter 93 is referred to in sections 9705, 9707 of this title. SUBCHAPTER A LAW GOVERNING PERFECTION AND PRIORITY Sec. 9301. Law governing perfection and priority of security interests. 9302. Law governing perfection and priority of agricultural liens. 9303. Law governing perfection and priority of security interests in goods covered by certificate of title. 9304. Law governing perfection and priority of security interests in deposit accounts. 9305. Law governing perfection and priority of security interests in investment property. 9306. Law governing perfection and priority of security interests in letter-of-credit rights. 9307. Location of debtor. Cross References. Subchapter A is referred to in section 1301 of this title. § 9301. Law governing perfection and priority of security interests. (a) General rule; location of debtor.--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. (b) Possessory security interests; location of collateral.-- 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. (c) Fixture filings, timber to be cut, priority of nonpossessory tangible personal property security interests; location of collateral.--Except as otherwise provided in subsection (d), while collateral is located in a jurisdiction, the local law of that jurisdiction governs: (1) perfection of a security interest in goods by filing a fixture filing; (2) perfection of a security interest in timber to be cut; and (3) the effect of perfection or nonperfection and the priority of a nonpossessory security interest in tangible negotiable documents, goods, instruments, money or tangible chattel paper. (d) As-extracted collateral; location of wellhead or minehead.--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. (e) Other exceptions.--The rules of this section are subject to: (1) Section 9303 (relating to law governing perfection and priority of security interests in goods covered by certificate of title). (2) Section 9304 (relating to law governing perfection and priority of security interests in deposit accounts). (3) Section 9305 (relating to law governing perfection and priority of security interests in investment property). (4) Section 9306 (relating to law governing perfection and priority of security interests in letter-of-credit rights). (Apr. 16, 2008, P.L.57, No.13, eff. 60 days) 2008 Amendment. Act 13 amended subsec. (c)(3). Cross References. Section 9301 is referred to in section 9316 of this title.