Law governing perfection and priority of security interests

1. Law
2. Mississippi Code
3. Regulation of Trade, Commerce and Investments
4. Uniform Commercial Code-Secured Transactions
5. Perfection and Priority
6. Law Governing Perfection and Priority
7. Law governing perfection and priority of security interests

Except as otherwise provided in Sections 75-9-303 through 75-9-306, 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 tangible negotiable documents, goods, instruments, money or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:
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.

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.

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