§9-1301.__Law governing perfection and priority of security

interests

Except as otherwise provided in sections 9-1303 through 9- 1306, 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 subsection (4), while negotiable documents, goods, instruments, money or tangible chattel paper is 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.

Official Comment

1. Source. Former Sections 9-103(1)(a), (b), 9-103(3)(a), (b), 9-103(5), substantially modified.

2. Scope of This Subpart. Part 3, Subpart 1 (Sections 9-301 through 9-307 [Maine cite sections 9-1301--9-1307]) contains choice-of-law rules similar to those of former Section