Missouri Revised Statutes
Chapter 400
Uniform Commercial Code
←400.09-315
Section 400.9-316.1
400.09-317→
August 28, 2015
Effect of change in governing law.
400.9-316. (a) A security interest perfected pursuant to the law of
the jurisdiction designated in section 400.9-301(1) or 400.9-305(c) remains
perfected until the earliest of:
(1) The time perfection would have ceased under the law of that
jurisdiction;
(2) The expiration of four months after a change of the debtor's
location to another jurisdiction; or
(3) The expiration of one year after a transfer of collateral to a
person that thereby becomes a debtor and is located in another
jurisdiction.
(b) If a security interest described in subsection (a) becomes
perfected under the law of the other jurisdiction before the earliest time
or event described in that subsection, it remains perfected thereafter. If
the security interest does not become perfected under the law of the other
jurisdiction before the earliest time or event, it becomes unperfected and
is deemed never to have been perfected as against a purchaser of the
collateral for value.
(c) A possessory security interest in collateral, other than goods
covered by a certificate of title and as-extracted collateral consisting of
goods, remains continuously perfected if:
(1) The collateral is located in one jurisdiction and subject to a
security interest perfected under the law of that jurisdiction;
(2) Thereafter the collateral is brought into another jurisdiction;
and
(3) Upon entry into the other jurisdiction, the security interest is
perfected under the law of the other jurisdiction.
(d) Except as otherwise provided in subsection (e), a security
interest in goods covered by a certificate of title which is perfected by
any method under the law of another jurisdiction when the goods become
covered by a certificate of title from this state remains perfected until
the security interest would have become unperfected under the law of the
other jurisdiction had the goods not become so covered.
(e) A security interest described in subsection (d) becomes
unperfected as against a purchaser of the goods for value and is deemed
never to have been perfected as against a purchaser of the goods for value
if the applicable requirements for perfection under section 400.9-311(b) or
400.9-313 are not satisfied before the earlier of:
(1) The time the security interest would have become unperfected
under the law of the other jurisdiction had the goods not become covered by
a certificate of title from this state; or
(2) The expiration of four months after the goods had become so
covered.
(f) A security interest in deposit accounts, letter-of-credit rights,
or investment property which is perfected under the law of the bank's
jurisdiction, the issuer's jurisdiction, a nominated person's jurisdiction,
the securities intermediary's jurisdiction, or the commodity intermediary's
jurisdiction, as applicable, remains perfected until the earlier of:
(1) The time the security interest would have become unperfected
under the law of that jurisdiction; or
(2) The expiration of four months after a change of the applicable
jurisdiction to another jurisdiction.
(g) If a security interest described in subsection (f) becomes
perfected under the law of the other jurisdiction before the earlier of the
time or the end of the period described in that subsection, it remains
perfected thereafter. If the security interest does not become perfected
under the law of the other jurisdiction before the earlier of that time or
the end of that period, it becomes unperfected and is deemed never to have
been perfected as against a purchaser of the collateral for value.
(h) The following rules apply to collateral to which a security
interest attaches within four months after the debtor changes its location
to another jurisdiction:
(1) A financing statement filed before the change pursuant to the law
of the jurisdiction designated in section 400.9-301(1) or 400.9-305(c) is
effective to perfect a security interest in the collateral if the financing
statement would have been effective to perfect a security interest in the
collateral had the debtor not changed its location.
(2) If a security interest perfected by a financing statement that is
effective under paragraph (1) becomes perfected under the law of the other
jurisdiction before the earlier of the time the financing statement would
have become ineffective under the law of the jurisdiction designated in
section 400.9-301(1) or 400.9-305(c) or the expiration of the four-month
period, it remains perfected thereafter. If the security interest does not
become perfected under the law of the other jurisdiction before the earlier
time or event, it becomes unperfected and is deemed never to have been
perfected as against a purchaser of the collateral for value.
(i) If a financing statement naming an original debtor is filed
pursuant to the law of the jurisdiction designated in section 400.9-301(1)
or 400.9-305(c) and the new debtor is located in another jurisdiction, the
following rules apply:
(1) The financing statement is effective to perfect a security
interest in collateral acquired by the new debtor before, and within four
months after, the new debtor becomes bound under section 400.9-203(d), if
the financing statement would have been effective to perfect a security
interest in the collateral had the collateral been acquired by the original
debtor.
(2) A security interest perfected by the financing statement and
which becomes perfected under the law of the other jurisdiction before the
earlier of the time the financing statement would have become ineffective
under the law of the jurisdiction designated in section 400.9-301(1) or
400.9-305(c) or the expiration of the four-month period remains perfected
thereafter. A security interest that is perfected by the financing
statement but that does not become perfected under the law of the other
jurisdiction before the earlier time or event becomes unperfected and is
deemed never to have been perfected as against a purchaser of the
collateral for value.
(L. 1963 p. 503 § 9-316, A.L. 2001 S.B. 288, A.L. 2013 H.B. 212)
2001
1991
2001
400.9-316. (a) A security interest perfected pursuant to the law of the
jurisdiction designated in section 400.9-301(1) or 400.9-305(c) remains
perfected until the earliest of:
(1) The time perfection would have ceased under the law of that
jurisdiction;
(2) The expiration of four months after a change of the debtor's
location to another jurisdiction; or
(3) The expiration of one year after a transfer of collateral to a
person that thereby becomes a debtor and is located in another jurisdiction.
(b) If a security interest described in subsection (a) becomes perfected
under the law of the other jurisdiction before the earliest time or event
described in that subsection, it remains perfected thereafter. If the
security interest does not become perfected under the law of the other
jurisdiction before the earliest time or event, it becomes unperfected and is
deemed never to have been perfected as against a purchaser of the collateral
for value.
(c) A possessory security interest in collateral, other than goods
covered by a certificate of title and as-extracted collateral consisting of
goods, remains continuously perfected if:
(1) The collateral is located in one jurisdiction and subject to a
security interest perfected under the law of that jurisdiction;
(2) Thereafter the collateral is brought into another jurisdiction; and
(3) Upon entry into the other jurisdiction, the security interest is
perfected under the law of the other jurisdiction.
(d) Except as otherwise provided in subsection (e), a security interest
in goods covered by a certificate of title which is perfected by any method
under the law of another jurisdiction when the goods become covered by a
certificate of title from this state remains perfected until the security
interest would have become unperfected under the law of the other
jurisdiction had the goods not become so covered.
(e) A security interest described in subsection (d) becomes unperfected
as against a purchaser of the goods for value and is deemed never to have
been perfected as against a purchaser of the goods for value if the applicable
requirements for perfection under section 400.9-311(b) or 400.9-313 are not
satisfied before the earlier of:
(1) The time the security interest would have become unperfected under
the law of the other jurisdiction had the goods not become covered by a
certificate of title from this state; or
(2) The expiration of four months after the goods had become so covered.
(f) A security interest in deposit accounts, letter-of-credit rights,
or investment property which is perfected under the law of the bank's
jurisdiction, the issuer's jurisdiction, a nominated person's jurisdiction,
the securities intermediary's jurisdiction, or the commodity intermediary's
jurisdiction, as applicable, remains perfected until the earlier of:
(1) The time the security interest would have become unperfected under
the law of that jurisdiction; or
(2) The expiration of four months after a change of the applicable
jurisdiction to another jurisdiction.
(g) If a security interest described in subsection (f) becomes perfected
under the law of the other jurisdiction before the earlier of the time or the
end of the period described in that subsection, it remains perfected
thereafter. If the security interest does not become perfected under the law
of the other jurisdiction before the earlier of that time or the end of that
period, it becomes unperfected and is deemed never to have been perfected as
against a purchaser of the collateral for value.
1991
400.9-316. Nothing in this article prevents subordination by
agreement by any person entitled to priority.
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