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: (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.Former 1972 Code § 75-9-301 [Codes, 1942, § 41A:9-301; Laws, 1966, ch. 316, § 9-301; Laws, 1977, ch. 452, § 14; Laws, 1986, ch. 343, § 1; Laws, 1996, ch. 468, § 62; is now found in comparable provisions enacted at §§ 75-9-102, 75-9-317, and 75-9-323 by Laws, 2001, ch. 495, § 1. Present § 75-9-301 was derived from former 1972 Code § 75-9-103 [Codes, 1942, § 41A:9-103; Laws, 1966, ch. 316, § 9-103; Laws, 1977, ch. 452 § 6; Laws, 1990, ch. 384, § 47; Laws, 1996, ch. 460, § 21; Laws, 1996, ch. 468, § 56 and was enacted by Laws, 2001, ch. 495, § 1; Laws, 2006, ch. 527, § 63, eff. 7/1/2006.