RCW 62A.9A-3062: Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles. (<i>Effective January 1, 2024.</i>)

RCWs > Title 62A > Chapter 62A.9A > Section 62A.9A-3062

62A.9A-3061 << 62A.9A-3062 >> 62A.9A-307

PDFRCW 62A.9A-3062

Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles. (Effective January 1, 2024.)

(a) Governing law: General rules. Except as provided in subsection (b) of this section, the local law of the controllable electronic record's jurisdiction specified in RCW 62A.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.

[ 2023 c 266 § 917.]

NOTES:

Construction—Effective date—2023 c 266: See notes following RCW 62A.12-101.