Sec. 9-306B. Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles.
149 words·~1 min read·
/il/chapter-810/act-5/9-306bA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 9-306B. Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles.
(a)Governing law: general rules. Except as provided in subsection (b), the local law of the controllable electronic record's jurisdiction specified in Section 12-107(c) and
(d)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; and
(2)automatic perfection of a security interest in a controllable payment intangible
created by a sale of the controllable payment intangible.