2013 Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS
11 §9-1301. Law governing perfection and priority of security interests
Part 3: PERFECTION AND PRIORITY
Subpart 1: LAW GOVERNING PERFECTION AND PRIORITY
9-1301. Law governing perfection and priority of security interests
Except as otherwise provided in sections 9-1303 through 9-1306, the following rules determine the law governing perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral. [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]
(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.
[ 1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF) .]
(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.
[ 1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF) .]
(3). Except as otherwise provided in subsection (4), 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; [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]
(b). Perfection of a security interest in timber to be cut; and [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]
(c). The effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral. [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]
[ 2009, c. 324, Pt. B, 34 (AMD); 2009, c. 324, Pt. B, 48 (AFF) .]
(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.
[ 1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF) .]
SECTION HISTORY
1999, c. 699, A2 (NEW). 1999, c. 699, A4 (AFF). 2009, c. 324, Pt. B, 34 (AMD). 2009, c. 324, Pt. B, 48 (AFF).
Disclaimer: These codes may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
