§ 336.9-301 — Law Governing Perfection and Priority of Security Interests
Plain-Language Summary
The local law of the debtor's location governs perfection and priority of security interests in most collateral. For fixtures and timber, the law of the state where the property is located governs.
336.9-301 2000 c 399 art 1 s 140
336.9-301 LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS.
Except as otherwise provided in sections 336.9-303 through 336.9-306B, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:
(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.
(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.
(3) Except as otherwise provided in paragraph (4), while negotiable tangible documents, goods, instruments, or tangible money 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;
(B) perfection of a security interest in timber to be cut; and
(C) the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.
(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.
History:
2000 c 399 art 1 s 21; 2004 c 162 art 5 s 22; 2024 c 93 art 9 s 13; 2025 c 20 s 249
History: History: 2000 c 399 art 1 s 21; 2004 c 162 art 5 s 22; 2024 c 93 art 9 s 13; 2025 c 20 s 249