N.Y. Uniform Commercial Code Law § 9-301: Law Governing Perfection and Priority of Security Interests

Section 9--301. Law Governing Perfection and Priority of Security

Interests.

Except as otherwise provided in Sections 9--303 through 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:

(a) 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.

(b) 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.

(c) Except as otherwise provided in subsection (d), while negotiable

tangible documents, goods, instruments, or tangible money is located in

a jurisdiction, the local law of that jurisdiction governs:

(1) perfection of a security interest in the goods by filing a

fixture filing;

(2) perfection of a security interest in timber to be cut; and

(3) the effect of perfection or nonperfection and the priority of

a nonpossessory security interest in the collateral.

(d) 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.

(e) When collateral is a cooperative interest, the law of this state

governs perfection, the effect of perfection or nonperfection, and the

priority of the security interest in such collateral.