Section 8.9A-301 - [Effective 7/1/2025] Law governing perfection and priority of security interestsExcept as otherwise provided in §§ 8.9-303A through 8.9A-306B, 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.(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 paragraph (4), while tangible negotiable documents, goods, instruments, or tangible money are 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.Code 1950, § 55-9; 1964, c. 219, § 8.9-103; 1973, c. 509; 1984, c. 613; 1996, c. 216; 1997, c. 343; 2000, c. 1007; 2004, c. 200.Amended by Acts 2024 c. 652,§ 1, eff. 7/1/2025.Amended by Acts 2004, § c.200.Amended by Acts 2000, § c. 1007.Amended by Acts 1997, § c. 343.Amended by Acts 1996, § c. 216.Amended by Acts 1984, § c.613.Amended by Acts 1973, § c. 509.Amended by Acts 1964, § c. 219, § 8.9-103.This section is set out more than once due to postponed, multiple, or conflicting amendments.