| (1) |
Except as otherwise provided in Subsection (4), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to:
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Terms Used In Utah Code 70A-9a-311- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means :Utah Code 68-3-12.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Statute: A law passed by a legislature.
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
| (a) |
a statute, regulation, or treaty of the United States whose requirements for a security interest’s obtaining priority over the rights of a lien creditor with respect to the property preempt Subsection 70A-9a-310(1); |
| (c) |
a statute of another jurisdiction which provides for a security interest to be indicated on a certificate of title as a condition or result of the security interest’s obtaining priority over the rights of a lien creditor with respect to the property. |
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| (2) |
Compliance with the requirements of a statute, regulation, or treaty described in Subsection (1) for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this chapter. Except as otherwise provided in Subsection (4), Section 70A-9a-313, and Subsections 70A-9a-316(4) and (5) for goods covered by a certificate of title, a security interest in property subject to a statute, regulation, or treaty described in Subsection (1) may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral. |
| (3) |
Except as otherwise provided in Subsection (4) and Subsections 70A-9a-316(4) and (5), duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation, or treaty described in Subsection (1) are governed by the statute, regulation, or treaty. In other respects, the security interest is subject to this chapter. |
| (4) |
During any period in which collateral subject to a statute specified in Subsection (1)(b) is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person. |
Amended by Chapter 225, 2013 General Session
