Washington Code 62A.9A-3062 – Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles
Current as of: 2023 | Check for updates
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(a) Governing law: General rules. Except as provided in subsection (b) of this section, the local law of the controllable electronic record’s jurisdiction specified in RCW 62A.12-107 (c) and (d) governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a controllable electronic record and a security interest in a controllable account or controllable payment intangible evidenced by the controllable electronic record.
Terms Used In Washington Code 62A.9A-3062
- 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.
(b) When perfection governed by law of jurisdiction where debtor located. The local law of the jurisdiction in which the debtor is located governs:
(1) Perfection of a security interest in a controllable account, controllable electronic record, or controllable payment intangible by filing; and
(2) Automatic perfection of a security interest in a controllable payment intangible created by a sale of the controllable payment intangible.
[ 2023 c 266 § 917.]
NOTES:
Construction—Effective date—2023 c 266: See notes following RCW 62A.12-101.