Except as otherwise provided in sections 490:9-303 through 490:9-306.6, the following rules shall 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 shall govern perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral;

Terms Used In Hawaii Revised Statutes 490:9-301

  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(2) While collateral is located in a jurisdiction, the local law of that jurisdiction shall govern 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 shall govern:

(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; and
(4) The local law of the jurisdiction in which the wellhead or minehead is located shall govern perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.

  Previous
Next  
 Subpart 1 Contents