2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 93 - Perfection and Priority
Section 9316 - Continued perfection of security interest following change in governing law

     § 9316.  Continued perfection of security interest following
                change in governing law.
        (a)  General rule: effect on perfection of change in
     governing law.--A security interest perfected pursuant to the
     law of the jurisdiction designated in section 9301(a) (relating
     to general rule: location of debtor) or 9305(c) (relating to
     when perfection governed by law of jurisdiction where debtor
     located) remains perfected until the earliest of:
            (1)  the time perfection would have ceased under the law
        of that jurisdiction;
            (2)  the expiration of four months after a change of the
        debtor's location to another jurisdiction; or
            (3)  the expiration of one year after a transfer of
        collateral to a person that thereby becomes a debtor and is
        located in another jurisdiction.
        (b)  Security interest perfected or unperfected under law of
     new jurisdiction.--If a security interest described in
     subsection (a) becomes perfected under the law of the other
     jurisdiction before the earliest time or event described in that
     subsection, it remains perfected thereafter. If the security
     interest does not become perfected under the law of the other
     jurisdiction before the earliest time or event, it becomes
     unperfected and is deemed never to have been perfected as
     against a purchaser of the collateral for value.
        (c)  Possessory security interest in collateral moved to new
     jurisdiction.--A possessory security interest in collateral,
     other than goods covered by a certificate of title and as-
     extracted collateral consisting of goods, remains continuously
     perfected if:
            (1)  the collateral is located in one jurisdiction and
        subject to a security interest perfected under the law of
        that jurisdiction;
            (2)  thereafter the collateral is brought into another
        jurisdiction; and
            (3)  upon entry into the other jurisdiction, the security
        interest is perfected under the law of the other
        jurisdiction.
        (d)  Goods covered by certificate of title from the
     Commonwealth.--Except as otherwise provided in subsection (e), a
     security interest in goods covered by a certificate of title
     which is perfected by any method under the law of another
     jurisdiction when the goods become covered by a certificate of
     title from the Commonwealth remains perfected until the security
     interest would have become unperfected under the law of the
     other jurisdiction had the goods not become so covered.
        (e)  When subsection (d) security interest becomes
     unperfected against purchasers.--A security interest described
     in subsection (d) becomes unperfected as against a purchaser of
     the goods for value and is deemed never to have been perfected
     as against a purchaser of the goods for value if the applicable
     requirements for perfection under section 9311(b) (relating to
     perfection of security interests in property subject to certain
     statutes, regulations and treaties) or 9313 (relating to when
     possession by or delivery to secured party perfects security
     interest without filing) are not satisfied before the earlier
     of:
            (1)  the time the security interest would have become
        unperfected under the law of the other jurisdiction had the
        goods not become covered by a certificate of title from the
        Commonwealth; or
            (2)  the expiration of four months after the goods had
        become so covered.
        (f)  Change in jurisdiction of bank, issuer, nominated
     person, securities intermediary or commodity intermediary.--A
     security interest in deposit accounts, letter-of-credit rights
     or investment property which is perfected under the law of the
     bank's jurisdiction, the issuer's jurisdiction, a nominated
     person's jurisdiction, the securities intermediary's
     jurisdiction or the commodity intermediary's jurisdiction, as
     applicable, remains perfected until the earlier of:
            (1)  the time the security interest would have become
        unperfected under the law of that jurisdiction; or
            (2)  the expiration of four months after a change of the
        applicable jurisdiction to another jurisdiction.
        (g)  Subsection (f) security interest perfected or
     unperfected under law of new jurisdiction.--If a security
     interest described in subsection (f) becomes perfected under the
     law of the other jurisdiction before the earlier of the time or
     the end of the period described in that subsection, it remains
     perfected thereafter. If the security interest does not become
     perfected under the law of the other jurisdiction before the
     earlier of that time or the end of that period, it becomes
     unperfected and is deemed never to have been perfected as
     against a purchaser of the collateral for value.

        Cross References.  Section 9316 is referred to in sections
     9308, 9310, 9311, 9313, 9320 of this title; section 5323 of
     Title 30 (Fish); sections 1137, 7712.8 of Title 75 (Vehicles).