Section 400.9-303

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 01 Mar 2011, 3 histories, see footnote   

  400.9-303.  Law governing perfection and priority of security interests in goods covered by certificate of title. — (a)  This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor.

  (b)  Goods become covered by a certificate of title when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority.  Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceases to be effective under the law of the issuing jurisdiction or the time the goods become covered subsequently by a certificate of title issued by another jurisdiction.

  (c)  The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title.

  (d)  When a notice of lien is filed in accordance with chapter 301 or 306, then the lien is perfected and this chapter shall not govern perfection or nonperfection or the priority of the lien even though a valid application for a certificate of title and the applicable fee was not delivered to the appropriate authority or the certificate of title was not issued by such authority.

  (e)  Except as otherwise provided in this subsection and in section 400.9-334(e)(4), article 9 of this chapter does not apply to the perfection or nonperfection, the priority, or the termination of a security interest in a manufactured home perfected in accordance with sections 700.350 to 700.390^*, and the perfection or nonperfection, the priority and the termination of any such security interest are governed exclusively by those sections.  The perfection or nonperfection, the priority, and the termination of a security interest in manufactured homes perfected by filing under article 9 of this chapter, after June 30, 2001, and before August 28, 2002, are and shall remain governed by article 9 of this chapter, provided such security interest is not perfected in accordance with sections 700.350 to 700.390^*, and provided further that a security interest in a manufactured home perfected under sections 700.350 to 700.390^* has priority over security interests in the same manufactured home perfected by filing under article 9 of this chapter during the time period after June 30, 2001, and before August 28, 2002.

  (f)  Article 9 of this chapter does not apply to a security interest in a manufactured home which is real estate as defined in subsection 7 of section 442.015.  Article 9 of this chapter does apply to a security interest in a manufactured home which has been permanently affixed to real estate in accordance with subsection 1 of section 442.015, and which thereafter was detached or severed from such real estate, provided that:

  (1)  Article 9 of this chapter applies to such security interest only on and after all requirements of subsection 4 of section 700.111 have been satisfied with respect to such manufactured home; and

  (2)  On and after the satisfaction of such requirements, the perfection or nonperfection, the priority, and the termination of such security interest are governed exclusively by sections 700.350 to 700.390^*.

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(L. 1963 p. 503 § 9-303, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288, A.L. 2002 S.B. 895, A.L. 2010 S.B. 630)

Effective 3-01-11

*Section 700.390 was repealed by H.B. 2008, 2002.