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c. Timber to Be Cut. Application of the general rule in | | paragraph (1) [Maine cite paragraph (a)] to perfection of a | | security interest in timber to be cut would yield undesirable | | results analogous to those described with respect to fixtures. | | Paragraph (3)(B) [Maine cite paragraph (c), subparagraph (ii)] | | adopts a similar solution: perfection is governed by the law | | of the jurisdiction in which the timber is located. As with | | fixtures, under paragraph (3)(C) [Maine cite paragraph (c), | | subparagraph (iii)], the same law governs priority. Timber to | | be cut also is "goods" as defined in Section 9-102 [Maine cite | | section 9-1102]. |
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| | | Paragraph (3)(B) [Maine cite paragraph (c), subparagraph (ii)] | | applies only to "timber to be cut," not to timber that has been | | cut. Consequently, once the timber is cut, the general choice- | | of-law rule in paragraph (1) [Maine cite paragraph (a)] becomes | | applicable. To ensure continued perfection, a secured party | | should file in both the jurisdiction in which the timber to be | | cut is located and in the state where the debtor is located. The | | former filing would be with the office in which a real property | | mortgage would be filed, and the latter would be a central | | filing. See Section 9-501 [Maine cite section 9-1501]. |
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| | | d. As-Extracted Collateral. Paragraph (4) [Maine cite | | paragraph (d)] adopts the rule of former Section 9-103(5) | | with respect to certain security interests in minerals and | | related accounts. Like security interests in fixtures | | perfected by filing a fixture filing, security interests in | | minerals that are as-extracted collateral are perfected by | | filing in the office designated for the filing or recording | | of a mortgage on the real property. For the same reasons, | | the law governing perfection and priority is the law of the | | jurisdiction in which the wellhead or minehead is located. |
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| | | 6. Change in Law Governing Perfection. When the debtor | | changes its location to another jurisdiction, the jurisdiction | | whose law governs perfection under paragraph (1) [Maine cite | | paragraph (a)] changes, as well. Similarly, the law governing | | perfection of a possessory security interest in collateral under | | paragraph (2) [Maine cite paragraph (b)] changes when the | | collateral is removed to another jurisdiction. Nevertheless, | | these changes will not result in an immediate loss of perfection. | | See Section 9-316(a), (b) [Maine cite section 9-1316, subsection | | (1), subsection (2)]. |
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| | | 7. Law Governing Effect of Perfection and Priority: Goods, | | Documents, Instruments, Money, Negotiable Documents, and Tangible | | Chattel Paper. Under former section 9-103, the law of a single |
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