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Ark. Code Ann. § 4-9-301

Law governing perfection and priority of security interests

Known as the Uniform Commercial Code

The act spans §§ 4–4 (597 sections).

Applied in 2 court decisions — leading case Meeks v. First Bank of South Arkansas (In Re Tracy's Flowers & Gifts, Inc.) (2001)

Most recently applied in River Valley Bank of Russellville v. Ace Sports Management, LLC (In Re Ace Sports Management, LLC) (November 2001)

Acts 2001, No. 1439, § 1; 2003, No. 204, § 2; 2007, No. 342, § 31.

Except as otherwise provided in §§ 4-9-303 — 4-9-306, 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) of this section, while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs: perfection of a security interest in the goods by filing a fixture filing;

(4) perfection of a security interest in timber to be cut; and

(5) the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.

(6) 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.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.