Possessory security interests; agricultural liens. Perfection, the effect of perfection or nonperfection, and priority of a possessory security interest or an agricultural lien are governed by the law of the jurisdiction where the collateral subject to the security interest or lien is located. See Sections 9-301, 9-302 [Maine cite sections 9-1301, 9-1302].

Goods covered by certificates of title; deposit accounts; letter-of-credit rights; investment property. This Article includes several refinements to the treatment of choice-of-law matters for goods covered by certificates of title. See Section 9-303 [Maine cite section 9-1303]. It also provides special choice-of-law rules, similar to those for investment property under current Articles 8 and 9, for deposit accounts (Section 9- 304) [Maine cite section 9-1304], investment property (Section 9- 305)[Maine cite section 9-1305], and letter-of-credit rights (Section 9-306)[Maine cite section 9-1306].

Change in applicable law. Section 9-316 [Maine cite section 9-1316] addresses perfection following a change in applicable law.

d. Perfection. The rules governing perfection of security interests and agricultural liens are found in Part 3, Subpart 2 (Sections 9-308 through 9-316)[Maine cite sections 9-1308 to 9-1316].

Deposit accounts; letter-of-credit rights. With certain exceptions, this Article provides that a security interest in a deposit account or a letter-of-credit right may be perfected only by the secured party's acquiring "control" of the deposit account or letter-of-credit right. See Sections 9-312, 9-314 [Maine cite sections 9-1312, 9-1314]. Under Section 9-104 [Maine cite section 9-1104], a secured party has "control" of a deposit account when, with the consent of the debtor, the secured party obtains the depositary bank's agreement to act on the secured party's instructions (including when the secured party becomes the account holder) or when the secured party is itself the depositary bank. The control requirements are patterned on Section 8-106, which specifies the requirements for control of investment property. Under Section 9-107 [Maine cite section 9- 1107], "control" of a letter-of-credit right occurs when the issuer or nominated person consents to an assignment of proceeds under Section 5-114.

Electronic chattel paper. Section 9-102 [Maine cite section 9-1102] includes a new defined term: "electronic chattel paper." Electronic chattel paper is a record or records