|
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]. |
|
| | 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]. |
|
| 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. |
|
| | 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)]. |
|
| | 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 |
|
|