Neb. U.C.C. § 9-301

Current with changes through the 2024 First Special Legislative Session

Section 9-301 - Law governing perfection and priority of security interests

Except as otherwise provided in sections 9-303 to 9-306B, 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 subdivision (4), while negotiable tangible documents, goods, instruments, or tangible money 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.

(5) While a debtor is located in a jurisdiction that is not a state, the local law of the State of Nebraska governs:

(A) perfection by control of a security interest in an account, controllable electronic record, or payment intangible; and

(B) the effect of perfection or nonperfection and the priority of a security interest in an account, controllable electronic record, or payment intangible perfected by control.

Neb. U.C.C. § 9-301

Laws 1999, LB 550, § 94; Laws 2005, LB 570, § 105; Laws 2021, LB 649, § 52; Laws 2024, LB 94, § 55.

Amended by Laws 2024, LB 94,§ 55, eff. 7/19/2024.

Amended by Laws 2021, LB 649,§ 52, eff. 8/28/2021, op. 7/1/2022.