4. Law Governing Perfection: General Rule. Paragraph (1) [Maine cite paragraph (a)] contains the general rule: the law governing perfection of security interests in both tangible and intangible collateral, whether perfected by filing or automatically, is the law of the jurisdiction of the debtor's location, as determined under Section 9-307 [Maine cite section 9-1307].

Paragraph (1) [Maine cite paragraph (a)] substantially simplifies the choice-of-law rules. Former Section 9-103 contained different choice-of-law rules for different types of collateral. Under Section 9-301(1) [Maine cite section 9-1301, subsection (1)], the law of a single jurisdiction governs perfection with respect to most types of collateral, both tangible and intangible. Paragraph (1) [Maine cite paragraph (a)] eliminates the need for former Section 9- 103(1)(c), which concerned purchase-money security interests in tangible collateral that is intended to move from one jurisdiction to the other. It is likely to reduce the frequency of cases in which the governing law changes after a financing statement is properly filed. (Presumably, debtors change their own location less frequently than they change the location of their collateral.) The approach taken in paragraph (1) [Maine cite paragraph (a)] also eliminates some difficult priority issues and the need to distinguish between "mobile" and "ordinary" goods, and it reduces the number of filing offices in which secured parties must file or search when collateral is located in several jurisdictions.

5. Law Governing Perfection: Exceptions. The general rule is subject to several exceptions. It does not apply to goods covered by a certificate of title (see Section 9-303 [Maine cite section 9-1303]), deposit accounts (see Section 9-304) [Maine cite section 9-1304], investment property (see Section 9-305 [Maine cite section 9-1305]), or letter-of-credit rights (see Section 9-306 [Maine cite section 9-1306]). Nor does it apply to possessory security interests, i.e., security interests that the secured party has perfected by taking possession of the collateral (see paragraph (2) [Maine cite paragraph (b)]), security interests perfected by filing a fixture filing (see paragraph (4) [Maine cite paragraph (d)]), security interests in