Section 45.29.301. Law governing perfection and priority of security interests.

Except as otherwise provided in AS 45.29.303 - 45.29.306, 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 (4) of this section, while tangible 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.

Authorities

45.01.301;45.29.304;45.29.305;45.29.306;45.29.307;45.29.316;45.29.319;45.29.322;45.29.326;45.29.335;45.29.336;45.29.705;45.29.707

Notes

References

AS 45.01.301 Territorial applicability; parties' power to choose applicable law.
AS 45.29.304 Law governing perfection and priority of security interests in deposit accounts.
AS 45.29.305 Law governing perfection and priority of security interests in investment property.
AS 45.29.306 Law governing perfection and priority of security interests in letter-of-credit rights.
AS 45.29.307 Location of debtor.
AS 45.29.316 Continued perfection of security interest following change in governing law.
AS 45.29.319 Rights and title of consignee with respect to creditors and purchasers.
AS 45.29.322 Priorities among conflicting security interests in and agricultural liens on same collateral.
AS 45.29.326 Priority of security interests created by new debtor.
AS 45.29.335 Accessions.
AS 45.29.336 Commingled goods.
AS 45.29.705 Effectiveness of action taken before effective date.
AS 45.29.707 Amendment of pre-effective date financing statement.

History

(Sec. 1 ch 113 SLA 2000; am Sec. 101 ch 44 SLA 2009)