HARRY HUGHES, Governor

2887

OR TO BECOME DUE, THE SECURITY INTEREST MAY BE PERFECTED BY
NOTIFICATION TO THE ACCOUNT DEBTOR. AS USED IN THIS
PARAGRAPH, "UNITED STATES" INCLUDES ITS TERRITORIES AND
POSSESSIONS AND THE COMMONWEALTH OF PUERTO RICO.

(D)   A DEBTOR SHALL BE DEEMED LOCATED AT HIS
PLACE OF BUSINESS IF HE HAS ONE, AT HIS CHIEF EXECUTIVE
OFFICE IF HE HAS MORE THAN ONE PLACE OF BUSINESS, OTHERWISE
AT HIS RESIDENCE. IF, HOWEVER, THE DEBTOR IS A FOREIGN AIR
CARRIER UNDER THE FEDERAL AVIATION ACT OF 1958, AS AMENDED,
IT SHALL BE DEEMED LOCATED AT THE DESIGNATED OFFICE OF THE
AGENT UPON WHOM SERVICE OF PROCESS MAY BE MADE ON BEHALF OF
THE FOREIGN AIR CARRIER.

(E)   A SECURITY INTEREST PERFECTED UNDER THE LAW
OF THE JURISDICTION OF THE LOCATION OF THE DEBTOR IS
PERFECTED UNTIL THE EXPIRATION OF 4 MONTHS AFTER A CHANGE OF
THE DEBTOR'S LOCATION TO ANOTHER JURISDICTION, OR UNTIL
PERFECTION WOULD HAVE CEASED BY THE LAW OF THE FIRST
JURISDICTION, WHICHEVER PERIOD FIRST EXPIRES. UNLESS
PERFECTED IN THE NEW JURISDICTION BEFORE THE END OF THAT
PERIOD, IT BECOMES UNPERFECTED THEREAFTER AND IS DEEMED TO
HAVE BEEN UNPERFECTED AS AGAINST A PERSON WHO BECAME A
PURCHASER AFTER THE CHANGE.

(4)   CHATTEL PAPER.

THE RULES STATED FOR GOODS IN SUBSECTION (1) APPLY TO A
POSSESSORY SECURITY INTEREST IN CHATTEL PAPER. THE RULES
STATED FOR ACCOUNTS IN SUBSECTION (3) APPLY TO A
NONPOSSESSORY SECURITY INTEREST IN CHATTEL PAPER, BUT THE
SECURITY INTEREST MAY NOT BE PERFECTED BY NOTIFICATION TO
THE ACCOUNT DEBTOR.

(5)   MINERALS.

PERFECTION AND THE EFFECT OF PERFECTION OR
NONPERFECTION OF A SECURITY INTEREST WHICH IS CREATED BY A
DEBTOR WHO HAS AN INTEREST IN MINERALS OR THE LIKE
(INCLUDING OIL AND GAS) BEFORE EXTRACTION AND WHICH ATTACHES
THERETO AS EXTRACTED, OR WHICH ATTACHES TO AN ACCOUNT
RESULTING FROM THE SALE THEREOF AT THE WELLHEAD OR MINEHEAD
ARE GOVERNED BY THE LAW (INCLUDING THE CONFLICT OF LAWS
RULES) OF THE JURISDICTION WHEREIN THE WELLHEAD OR MINEHEAD
IS LOCATED.

9-104.

This title does not apply

(a)  To a security interest subject to any statute of
the United States [such as the Ship Mortgage Act, 1920], to
the extent that such statute governs the rights of parties
to and third parties affected by transactions in particular
types of property; or

(b)  To a landlord's lien; or