70A-9a-311 - Perfection of security interests in property subject to certain statutes, regulations, and treaties. - Utah Statutes

70A-9a-311. Perfection of security interests in property subject to certain statutes,regulations, and treaties.
(1) Except as otherwise provided in Subsection (4), the filing of a financing statement isnot necessary or effective to perfect a security interest in property subject to:
(a) a statute, regulation, or treaty of the United States whose requirements for a securityinterest's obtaining priority over the rights of a lien creditor with respect to the property preemptSubsection 70A-9a-310(1);
(b) Section 41-1a-601; or
(c) a certificate-of-title statute of another jurisdiction which provides for a securityinterest to be indicated on the certificate as a condition or result of the security interest's obtainingpriority over the rights of a lien creditor with respect to the property.
(2) Compliance with the requirements of a statute, regulation, or treaty described inSubsection (1) for obtaining priority over the rights of a lien creditor is equivalent to the filing of afinancing statement under this chapter. Except as otherwise provided in Subsection (4), Section70A-9a-313, and Subsections 70A-9a-316(4) and (5) for goods covered by a certificate of title, asecurity interest in property subject to a statute, regulation, or treaty described in Subsection (1)may be perfected only by compliance with those requirements, and a security interest so perfectedremains perfected notwithstanding a change in the use or transfer of possession of the collateral.
(3) Except as otherwise provided in Subsection (4) and Subsections 70A-9a-316(4) and(5), duration and renewal of perfection of a security interest perfected by compliance with therequirements prescribed by a statute, regulation, or treaty described in Subsection (1) aregoverned by the statute, regulation, or treaty. In other respects, the security interest is subject tothis chapter.
(4) During any period in which collateral subject to a statute specified in Subsection (1)(b)is inventory held for sale or lease by a person or leased by that person as lessor and that person isin the business of selling goods of that kind, this section does not apply to a security interest inthat collateral created by that person.

Enacted by Chapter 252, 2000 General Session