Jurisdictional Issues Flashcards
State Law Governing Perfection
State where debtor is located (principal residence for individual, state under whose laws it was organized for business)
State Law Governing Perfection: Exception for Realty
Fixtures and timber: state where collateral is located
State Law Governing Perfection: Exception for Goods Covered by Certificate of Title
State issuing the most recent certificate of title
State Law Governing Perfection: Exception for Deposit Accounts
State in which the bank has its CEO
State Law Governing Perfection: Exception for Investment Property
Certified security: state where the certified security is located
Uncertified security: state where issuer was organized
Securities account: state where securities intermediary’s CEO is located
Exception: If security interest is perfected by filing or automatically perfected, state where debtor is located
State Law Governing Perfection: Exception for Ag. Liens
State in which the farm product covered by the lien is located
Debtor Relocation
If governed by state where debtor is located, security interest will remain perfected without any further action until 4 months after debtor moves or until perfection in the first state lapses, whichever is earlier
New Debtor in New State
If collateral is transferred to a new debtor in a different state, the security interest remains perfected until 1 year after the sale of the collateral or until perfection in the first state lapses, whichever is earlier
