400.9-301. Law governing perfection and priority of security interests. - Missouri Statutes

Law governing perfection and priority of security interests.

400.9-301. Except as otherwise provided in sections 400.9-303 through400.9-306, the following rules determine the law governing perfection, theeffect of perfection or nonperfection, and the priority of a securityinterest in collateral:

(1) Except as otherwise provided in this section, while a debtor islocated in a jurisdiction, the local law of that jurisdiction governsperfection, the effect of perfection or nonperfection, and the priority ofa security interest in collateral;

(2) While collateral is located in a jurisdiction, the local law ofthat jurisdiction governs perfection, the effect of perfection ornonperfection, and the priority of a possessory security interest in thatcollateral;

(3) Except as otherwise provided in paragraph (4), while negotiabledocuments, goods, instruments, money, or tangible chattel paper is locatedin a jurisdiction, the local law of that jurisdiction governs:

(A) Perfection of a security interest in the goods by filing afixture filing;

(B) Perfection of a security interest in timber to be cut; and

(C) The effect of perfection or nonperfection and the priority of anonpossessory security interest in the collateral;

(4) The local law of the jurisdiction in which the wellhead orminehead is located governs perfection, the effect of perfection ornonperfection, and the priority of a security interest in as-extractedcollateral.

(L. 1963 p. 503 § 9-301, A.L. 1988 S.B. 583, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)

Effective 7-01-01