N.Y. Uniform Commercial Code Law § 9-306a: Law Governing Perfection and Priority of Security Interests in Chattel Paper

Section 9-306A. Law Governing Perfection and Priority of Security

Interests in Chattel Paper.

(a) Chattel paper evidenced by authoritative electronic copy. Except

as provided in subsection (d), if chattel paper is evidenced only by an

authoritative electronic copy of the chattel paper or is evidenced by an

authoritative electronic copy and an authoritative tangible copy, the

local law of the chattel paper's jurisdiction governs perfection, the

effect of perfection or nonperfection, and the priority of a security

interest in the chattel paper, even if the transaction does not bear any

relation to the chattel paper's jurisdiction.

(b) Chattel paper's jurisdiction. The following rules determine the

chattel paper's jurisdiction under this section:

(1) If the authoritative electronic copy of the record evidencing

chattel paper, or a record attached to or logically associated with the

electronic copy and readily available for review, expressly provides

that a particular jurisdiction is the chattel paper's jurisdiction for

purposes of this part, this article, or this code, that jurisdiction is

the chattel paper's jurisdiction.

(2) If paragraph (1) does not apply and the rules of the system in

which the authoritative electronic copy is recorded are readily

available for review and expressly provide that a particular

jurisdiction is the chattel paper's jurisdiction for purposes of this

part, this article, or this code, that jurisdiction is the chattel

paper's jurisdiction.

(3) If paragraphs (1) and (2) do not apply and the authoritative

electronic copy, or a record attached to or logically associated with

the electronic copy and readily available for review, expressly provides

that the chattel paper is governed by the law of a particular

jurisdiction, that jurisdiction is the chattel paper's jurisdiction.

(4) If paragraphs (1), (2) and (3) do not apply and the rules of the

system in which the authoritative electronic copy is recorded are

readily available for review and expressly provide that the chattel

paper or the system is governed by the law of a particular jurisdiction,

that jurisdiction is the chattel paper's jurisdiction.

(5) If paragraphs (1) through (4) do not apply, the chattel paper's

jurisdiction is the jurisdiction in which the debtor is located.

(c) Chattel paper evidenced by authoritative tangible copy. If an

authoritative tangible copy of a record evidences chattel paper and the

chattel paper is not evidenced by an authoritative electronic copy,

while the authoritative tangible copy of the record evidencing chattel

paper is located in a jurisdiction, the local law of that jurisdiction

governs:

(1) perfection of a security interest in the chattel paper by

possession under Section 9--314A; and

(2) the effect of perfection or nonperfection and the priority of a

security interest in the chattel paper.

(d) When perfection governed by law of jurisdiction where debtor

located. The local law of the jurisdiction in which the debtor is

located governs perfection of a security interest in chattel paper by

filing.