| (3)]. These paragraphs reflect the view that Article 9 [Maine | cite Article 9-A] should apply to security interests created by a | State, foreign country, or a "governmental unit" (defined in | Section 9-102) [Maine cite section 9-1102] of either except to | the extent that another statute governs the issue in question. | Under paragraph (2) [Maine cite paragraph (b)], this Article | defers to all statutes of the forum State. (A forum cannot | determine whether it should consult the choice-of-law rules in | the forum's UCC unless it first determines that its UCC applies | to the transaction before it.) Paragraph (3) [Maine cite | paragraph (c)] defers to statutes of another State or a foreign | country only to the extent that those statutes contain rules | applicable specifically to security interests created by the | governmental unit in question. |
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| | Example 2: A New Jersey state commission creates a security | interest in favor of a New York bank. The validity of the | security interest is litigated in New York. The relevant | security agreement provides that it is governed by New York law. | To the extent that a New Jersey statute contains rules peculiar | to creation of security interests by governmental units | generally, to creation of security interests by state | commissions, or to creation of security interests by this | particular state commission, then that law will govern. On the | other hand, to the extent that New Jersey law provides that | security interests created by governmental units, state | commissions, or this state commission are governed by the law | generally applicable to secured transactions (i.e., New Jersey's | Article 9), then New York's Article 9 will govern. |
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| | Example 3: An airline that is an instrumentality of a foreign | country creates a security interest in favor of a New York bank. | The analysis used in the previous example would apply here. That | is, if the matter is litigated in New York, New York law would | govern except to the extent that the foreign country enacted a | statute applicable to security interests created by governmental | units generally or by the airline specifically. |
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| | The fact that New York law applies does not necessarily mean | that perfection is accomplished by filing in New York. Rather, | it means that the court should apply New York's Article 9, | including its choice-of-law provisions. Under New York's Section | 9-301, perfection is governed by the law of the jurisdiction in | which the debtor is located. Section 9-307 determines the | debtor's location for choice-of-law purposes. |
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| | If a transaction does not bear an appropriate relation to the | forum State, then that State's Article 9 [Maine cite Article 9-A] | will not apply, regardless of whether the transaction would be | excluded by paragraph (3) [Maine cite paragraph (c)]. |
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