Except as otherwise provided in Sections
70A-9a-303 through
70A-9a-306, 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. |
Terms Used In Utah Code 70A-9a-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 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 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; |
(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. |
Amended by Chapter 42, 2006 General Session