§ 8.9A-301 Law governing perfection and priority of security interests
Except as otherwise provided in §§ 8.9A-303 through 8.9A-306.2, the following rules 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 governs 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 governs 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 tangible negotiable documents, goods, instruments, or tangible money are located in a jurisdiction, the local law of that jurisdiction governs:
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.
4. 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.
History
The record of this law’s original creation isn’t available online. It has been modified 8 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1964, chapter 219; in 1973, chapter 509; in 1984, chapter 613; in 1996, chapter 216; in 1997, chapter 343; in 2000, chapter 1007; in 2004, chapter 200; in 2024, chapter 652.
Code 1950, § 55-9; 1964, c. 219, § 8.9-103; 1973, c. 509; 1984, c. 613; 1996, c. 216; 1997, c. 343; 2000, c. 1007; 2004, c. 200; 2024, c. 652.