Ch. 95

2004 LAWS OF MARYLAND

(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), while TANGIBLE
negotiable documents, goods, instruments, money, or tangible chattel paper is located
in a jurisdiction, the local law of that jurisdiction governs:

(A)    Perfection of a security interest in the goods by filing a fixture
filing;

(B)    Perfection of a security interest in timber to be cut; and

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

(4)     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.

9-310.

(b) The filing of a financing statement is not necessary to perfect a security
interest:

(1)     That is perfected under § 9-308(d), (e), (f), or (g);

(2)     That is perfected under § 9-309 when it attaches;

(3)     In property subject to a statute, regulation, or treaty described in §
9-311(a);

(4)     In goods in possession of a bailee which is perfected under §
9-312(d)(1) or (2);

(5)     In certificated securities, documents, goods, or instruments which is
perfected without filing, CONTROL, or possession under § 9-312(e), (f), or (g);

(6)     In collateral in the secured party's possession under § 9-313;

(7)     In a certificated security which is perfected by delivery of the security
certificate to the secured party under § 9-313;

(8)     In deposit accounts, electronic chattel paper, ELECTRONIC
DOCUMENTS, investment property, or letter-of-credit rights which is perfected by
control under § 9-314;

(9)     In proceeds which is perfected under § 9-315; or

(10)   That is perfected under § 9-316.
9-312.

(e) A security interest in certificated securities, negotiable documents, or
instruments is perfected without filing or the taking of possession OR CONTROL for a

- 488 -