Legislation

* Section 9-306B. Law Governing Perfection and Priority of Security

Interests in Controllable Accounts, Controllable

Electronic Records, and Controllable Payment

Intangibles.

(a) Governing law: general rules. Except as provided in subsection
(b), the local law of the controllable electronic record's jurisdiction
specified in Section 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.

* NB Effective June 3, 2026