2003 Minnesota Statutes

  336.9-301 Law governing perfection and priority of 
  security interests. 

    Except as otherwise provided in sections 336.9-303 through 
 336.9-306, the following rules determine the law governing 
 perfection, the effect of perfection or nonperfection, and the 
 priority of a security interest in collateral: 

    (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 
 negotiable documents, goods, instruments, money, or tangible 
 chattel paper is 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. 

    HIST: 2000 c 399 art 1 s 21