§12A-9-103.1.

§12A-9-103.1.
   
   Perfection of Security Interests in Multiple State Transactions.
   
   (1) Documents, Instruments, Letters of Credit, and Ordinary Goods.
   
   (a) This subsection applies to documents, instruments, rights to
   proceeds of written letters of credit, and to goods other than those
   covered by a certificate of title described in subsection (2) of this
   section, mobile goods described in subsection (3) of this section, and
   minerals described in subsection (5) of this section.
   
   (b) Except as otherwise provided in this subsection, perfection and
   the effect of perfection or nonperfection of a security interest in
   collateral are governed by the law of the jurisdiction where the
   collateral is when the last event occurs on which is based the
   assertion that the security interest is perfected or unperfected.
   
   (c) If the parties to a transaction creating a purchase money security
   interest in goods in one jurisdiction understand at the time that the
   security interest attaches that the goods will be kept in another
   jurisdiction, then the law of the other jurisdiction governs the
   perfection and the effect of perfection or nonperfection of the
   security interest from the time it attaches until thirty (30) days
   after the debtor receives possession of the goods and thereafter if
   the goods are taken to the other jurisdiction before the end of the
   thirty-day period.
   
   (d) When collateral is brought into and kept in this state while
   subject to a security interest perfected under the law of the
   jurisdiction from which the collateral was removed, the security
   interest remains perfected; but if action is required by Part 3 of
   this article to perfect the security interest:
   
   (i) if the action is not taken before the expiration of the period of
   perfection in the other jurisdiction or the end of four (4) months
   after the collateral is brought into this state, whichever period
   first expires, the security interest becomes unperfected at the end of
   that period and is thereafter deemed to have been unperfected as
   against a person who became a purchaser after removal, or
   
   (ii) if the action is taken before the expiration of the period
   specified in subparagraph (i), the security interest continues
   perfected thereafter.
   
   (2) Certificate of Title.
   
   (a) This subsection applies to goods covered by a certificate of title
   issued under a statute of this state or of another jurisdiction under
   the law of which indication or delivery for indication of a security
   interest on the certificate is required as a condition of perfection.
   
   (b) Except as otherwise provided in this subsection, perfection and
   the effect of perfection or nonperfection of the security interest are
   governed by the law, including the conflict of laws rules, of the
   jurisdiction issuing the certificate until four (4) months after the
   goods are removed from that jurisdiction and thereafter until the
   goods are registered in another jurisdiction, but in any event not
   beyond surrender of the certificate. After the expiration of that
   period, the goods are not covered by the certificate of title within
   the meaning of this section.
   
   (c) Except with respect to the rights of a buyer described in the next
   paragraph, a security interest, perfected in another jurisdiction
   otherwise than by notation on a certificate of title, in goods brought
   into this state and thereafter covered by a certificate of title
   issued by this state is subject to the rules stated in paragraph (d)
   of subsection (1) of this section.
   
   (d) If goods are brought into this state while a security interest
   therein is perfected in any manner under the law of the jurisdiction
   from which the goods are removed, and a certificate of title is issued
   by this state and the certificate does not show that the goods are
   subject to the security interest or that they may be subject to
   security interests not shown on the certificate, the security interest
   is subordinate to the rights of a buyer of the goods who is not in the
   business of selling goods of that kind to the extent that he gives
   value and receives delivery of the goods after issuance of the
   certificate and without knowledge of the security interest.
   
   (3) Accounts, General Intangibles and Mobile Goods.
   
   (a) This subsection applies to accounts, other than an account
   described in subsection (5) of this section on minerals, and general
   intangibles, other than uncertificated securities, and to goods which
   are mobile and which are of a type normally used in more than one
   jurisdiction, such as motor vehicles, trailers, rolling stock,
   airplanes, shipping containers, road building and construction
   machinery and commercial harvesting machinery and the like, if the
   goods are equipment or are inventory leased or held for lease by the
   debtor to others and are not covered by a certificate of title
   described in subsection (2) of this section.
   
   (b) The law, including the conflict of laws rules, of the jurisdiction
   in which the debtor is located governs the perfection and the effect
   of perfection or nonperfection of the security interest.
   
   (c) If, however, the debtor is located in a jurisdiction which is not
   a part of the United States and which does not provide for perfection
   of the security interest by filing or recording in that jurisdiction,
   the law of the jurisdiction in the United States in which the debtor
   has its major executive office in the United States governs the
   perfection and the effect of perfection or nonperfection of the
   security interest through filing. In the alternative, if the debtor is
   located in a jurisdiction which is not a part of the United States or
   Canada and the collateral is accounts or general intangibles for money
   due or to become due, the security interest may be perfected by
   notification to the account debtor. As used in this paragraph, "United
   States" includes its territories and possessions and the Commonwealth
   of Puerto Rico.
   
   (d) A debtor shall be deemed located at his place of business if he
   has one, at his chief executive office if he has more than one place
   of business; otherwise, at his residence. If, however, the debtor is a
   foreign air carrier under the Federal Aviation Act of 1958, as
   amended, it shall be deemed located at the designated office of the
   agent upon whom service of process may be made on behalf of the
   foreign air carrier.
   
   (e) A security interest perfected under the law of the jurisdiction of
   the location of the debtor is perfected until the expiration of four
   (4) months after a change of the debtor's location to another
   jurisdiction or until perfection would have ceased by the law of the
   first jurisdiction whichever period first expires. Unless perfected in
   the new jurisdiction before the end of that period, it becomes
   unperfected thereafter and is deemed to have been unperfected as
   against a person who became a purchaser after the change.
   
   (4) Chattel Paper.
   
   The rules stated for goods in subsection (1) of this section apply to
   a possessory security interest in chattel paper. The rules stated for
   accounts in subsection (3) of this section apply to a nonpossessory
   security interest in chattel paper, but the security interest may not
   be perfected by notification to the account debtor.
   
   (5) Minerals.
   
   Perfection and the effect of perfection or nonperfection of a security
   interest which is created by a debtor who has an interest in minerals
   or the like, including oil and gas, before extraction and which
   attaches thereto as extracted, or which attaches to an account
   resulting from the sale thereof at the wellhead or minehead are
   governed by the law, including the conflict of laws rules, of the
   jurisdiction wherein the wellhead or minehead is located.
   
   (6) Investment Property.
   
   (a) This subsection applies to investment property.
   
   (b) Except as otherwise provided in paragraph (f) of this subsection,
   during the time that a security certificate is located in a
   jurisdiction, perfection of a security interest, the effect of
   perfection or nonperfection, and the priority of a security interest
   in the certificated security represented thereby are governed by the
   local law of that jurisdiction.
   
   (c) Except as otherwise provided in paragraph (f) of this subsection,
   perfection of a security interest, the effect of perfection or
   nonperfection, and the priority of a security interest in an
   uncertificated security are governed by the local law of the issuer's
   jurisdiction as specified in subsection (d) of Section 8-110 of this
   title.
   
   (d) Except as otherwise provided in paragraph (f) of this subsection,
   perfection of a security interest, the effect of perfection or
   nonperfection, and the priority of a security interest in a security
   entitlement or securities account are governed by the local law of the
   securities intermediary's jurisdiction as specified in subsection (e)
   of Section 8-110 of this title.
   
   (e) Except as otherwise provided in paragraph (f) of this subsection,
   perfection of a security interest, the effect of perfection or
   nonperfection, and the priority of a security interest in a commodity
   contract or commodity account are governed by the local law of the
   commodity intermediary's jurisdiction. The following rules determine a
   "commodity intermediary's jurisdiction" for purposes of this
   paragraph:
   
   (i) If an agreement between the commodity intermediary and commodity
   customer specifies that it is governed by the law of a particular
   jurisdiction, that jurisdiction is the commodity intermediary's
   jurisdiction.
   
   (ii) If an agreement between the commodity intermediary and commodity
   customer does not specify the governing law as provided in
   subparagraph (i) of this paragraph, but expressly specifies that the
   commodity account is maintained at an office in a particular
   jurisdiction, that jurisdiction is the commodity intermediary's
   jurisdiction.
   
   (iii) If an agreement between the commodity intermediary and commodity
   customer does not specify a jurisdiction as provided in subparagraph
   (i) or (ii) of this paragraph, the commodity intermediary's
   jurisdiction is the jurisdiction in which is located the office
   identified in an account statement as the office serving the commodity
   customer's account.
   
   (iv) If an agreement between the commodity intermediary and commodity
   customer does not specify a jurisdiction as provided in subparagraph
   (i) or (ii) of this paragraph and an account statement does not
   identify an office serving the commodity customer's account as
   provided in subparagraph (iii) of this paragraph, the commodity
   intermediary's jurisdiction is the jurisdiction in which is located
   the chief executive office of the commodity intermediary.
   
   (f) Perfection of a security interest by filing, automatic perfection
   of a security interest in investment property granted by a broker or
   securities intermediary, and automatic perfection of a security
   interest in a commodity contract or commodity account granted by a
   commodity intermediary are governed by the local law of the
   jurisdiction in which the debtor is located. Paragraphs (c), (d) and
   (e) of subsection (3) of this section apply to security interests to
   which this paragraph applies.