Security Agreement Choice Of Law

It is best to leave a detailed discussion of these exceptions to later chapters. Former paragraph 9-103 contained the choice of law rules of former article 9. These rules have been revised several times, but difficulties have remained. Former section 9-103 (1) (b) provided for a “rule of situations” that regulated the law of the jurisdiction in which ordinary goods were located. Former section 9-103 (2) (b) provided that the law of the State that issued a deed of ownership of the goods applied. Under former section 9-103 (3) (b), the law of the jurisdiction in which the debtor was located regulated security rights in accounts, general intangible assets and mobile property. As can be seen in Chapter 13 (Overview of Perfection by Submission), in most cases the parties cannot choose the law that governs perfection. .

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