Tennessee § 47-9-301 - Law governing perfection and priority of security interests.

§ 47-9-301. Law governing perfection and priority of security interests.

Except as otherwise provided in §§ 47-9-303 through 47-9-306 , the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral: 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. 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. Except as otherwise provided in paragraph (4), while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs: perfection of a security interest in the goods by filing a fixture filing; perfection of a security interest in timber to be cut; and the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral. 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. Acts 2000, ch. 846, § 1; 2008, ch. 814, § 29. Compiler's Notes. Former part 3, §§ 47-9-301 — 47-9-318 (Acts 1963, ch. 81, § 1 (9-301 — 9-318); 1965, ch. 86, § 1; 1967, ch. 318, § 1; 1978, ch. 773, §§ 1, 2; 1979, ch. 283, §§ 1, 2; 1983, ch. 114, §§ 1, 3[2]; 1985, ch. 404, §§ 13-22; 1986, ch. 737, §§ 48-52; 1987, ch. 102, § 1; 1997, ch. 79, §§ 7-14; 1998, ch. 675, §§ 10-12) was repealed and replaced in the revision of chapter 9 of the Uniform Commercial Code by Acts 2000, ch. 846, § 1, effective July 1, 2001. Cross-References. Transition provisions, title 47, ch. 9, part 7. Textbooks. Tennessee Jurisprudence, 6 Tenn. Juris., Commercial Law, §§ 99, 100; 18 Tenn. Juris., Liens, § 3. Law Reviews. Revised UCC Article 9: An Overview and Comparison to Tennessee Law, 50 Tenn. L. Rev. 271 (1983). The New Article 9: Its Impact on Tennessee Law (Part I), 66 Tenn. L. Rev. 125 (1999). The New Article 9: Its Impact on Tennessee Law (Part II), 67 Tenn. L. Rev. 329 (2000).