Pennsylvania § 9306.2 - Law governing perfection and priority of security interests in controllable accounts, controllable electronic records and controllable payment intangibles.

§ 9306.2. Law governing perfection and priority of security interests in controllable accounts, controllable electronic records and controllable payment intangibles.

(a) General rule.--Except as provided in subsection (b), the local law of the controllable electronic record's jurisdiction specified in section 12107(c) and (d) (relating to governing law) 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.

(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.

(2) Automatic perfection of a security interest in a controllable payment intangible created by a sale of the controllable payment intangible.

(July 1, 2024, P.L.450, No.41, eff. 60 days)

2024 Amendment. Act 41 added section 9306.2. See section 1 of Act 41 in the appendix to this title for special provisions relating to findings and declarations.

Cross References. Section 9306.2 is referred to in section 9316 of this title.