§ 25-9-303. Law governing perfection and priority of security interests in goods covered by a certificate of title. - North Carolina Statutes

§25‑9‑303.  Law governing perfection and priority of securityinterests in goods covered by a certificate of title.

(a)        Applicability ofsection. – This section applies to goods covered by a certificate of title,even if there is no other relationship between the jurisdiction under whosecertificate of title the goods are covered and the goods or the debtor.

(b)        When goods coveredby certificate of title. – Goods become covered by a certificate of title whena valid application for the certificate of title and the applicable fee aredelivered to the appropriate authority. Goods cease to be covered by acertificate of title at the earlier of the time the certificate of title ceasesto be effective under the law of the issuing jurisdiction or the time the goodsbecome covered subsequently by a certificate of title issued by anotherjurisdiction.

(c)        Applicable law. –The local law of the jurisdiction under whose certificate of title the goodsare covered governs perfection, the effect of perfection or nonperfection, andthe priority of a security interest in goods covered by a certificate of titlefrom the time the goods become covered by the certificate of title until thegoods cease to be covered by the certificate of title. (1945,c. 196, s. 2; 1957, c. 564; 1965, c. 700, s. 1; 1967, c. 562, s. 1; 1975, c.862, s. 7; 1989 (Reg. Sess., 1990), c. 1024, s. 8(e), (f); 1997‑181, s.2; 1999‑73, s. 4(a), (b); 2000‑169, s. 1.)