Print
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.)