§9-301. Law governing perfection and priority of security interests

Link to law: http://legislature.vermont.gov/statutes/section/09A/009/00301
Published: 2015

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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

009

:
Secured Transactions











 

§

9-301. Law governing perfection and priority of security interests

Except as

otherwise provided in sections 9-303 through 9-306 of this title, the following

rules determine the law governing perfection, the effect of perfection or

nonperfection, and the priority of a security interest in collateral:

(1) Except as

otherwise provided in this section, while a debtor is located in a

jurisdiction, the local law of that jurisdiction governs perfection, the effect

of perfection or nonperfection, and the priority of a security interest in

collateral.

(2) While

collateral is located in a jurisdiction, the local law of that jurisdiction

governs perfection, the effect of perfection or nonperfection, and the priority

of a possessory security interest in that collateral.

(3) Except as

otherwise provided in subdivision (4) of this section, while tangible

negotiable documents, goods, instruments, money, or tangible chattel paper is

located in a jurisdiction, the local law of that jurisdiction governs:

(A) perfection of

a security interest in the goods by filing a fixture filing;

(B) perfection

of a security interest in timber to be cut; and

(C) the effect

of perfection or nonperfection and the priority of a nonpossessory security

interest in the collateral.

(4) The local

law of the jurisdiction in which the wellhead or minehead is located governs

perfection, the effect of perfection or nonperfection, and the priority of a

security interest in as-extracted collateral. (Added 1999, No. 106 (Adj.

Sess.), § 2, eff. July 1, 2001; amended 2015, No. 51, § B.9, eff. June 3,

2015.)
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