2020 New York Laws
UCC - Uniform Commercial Code
Article 9 - Secured Transactions
Part 3 - Perfection and Priority
Sub Part 1 - Law Governing Perfection and Priority
9-301 - Law Governing Perfection and Priority of Security Interests.
Section 9--301. Law Governing Perfection and Priority of Security
Interests.
Except as otherwise provided in Sections 9--303 through 9--306, the
following rules determine the law governing perfection, the effect of
perfection or nonperfection, and the priority of a security interest in
collateral: (a) 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.
(b) 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.
(c) Except as otherwise provided in subsection (d), while tangible
negotiable documents, goods, instruments, money, or tangible chattel
paper is located in a jurisdiction, the local law of that jurisdiction
governs:
(1) perfection of a security interest in the goods by filing a
fixture filing;
(2) perfection of a security interest in timber to be cut; and
(3) the effect of perfection or nonperfection and the priority of
a nonpossessory security interest in the collateral.
(d) 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.
(e) When collateral is a cooperative interest, the law of this state
governs perfection, the effect of perfection or nonperfection, and the
priority of the security interest in such collateral.
