eLaws of Florida

  SECTION 679.3161. Continued perfection of security interest following change in governing law.  


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  • 1(1) 2A security interest perfected pursuant to the law of the jurisdiction designated in s. 16679.3011(1) 17or s. 19679.3051(3) 20remains perfected until the earliest of:
    26(a) 27The time perfection would have ceased under the law of that jurisdiction;
    39(b) 40The expiration of 4 months after a change of the debtor’s location to another jurisdiction; or
    56(c) 57The expiration of 1 year after a transfer of collateral to a person who thereby becomes a debtor and is located in another jurisdiction.
    81(2) 82If a security interest described in subsection (1) becomes perfected under the law of the other jurisdiction before the earliest time or event described in that subsection, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earliest time or event, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
    154(3) 155A possessory security interest in collateral, other than goods covered by a certificate of title and as-extracted collateral consisting of goods, remains continuously perfected if:
    180(a) 181The collateral is located in one jurisdiction and subject to a security interest perfected under the law of that jurisdiction;
    201(b) 202Thereafter the collateral is brought into another jurisdiction; and
    211(c) 212Upon entry into the other jurisdiction, the security interest is perfected under the law of the other jurisdiction.
    230(4) 231Except as otherwise provided in subsection (5), a security interest in goods covered by a certificate of title which is perfected by any method under the law of another jurisdiction when the goods become covered by a certificate of title from this state remains perfected until the security interest would have become unperfected under the law of the other jurisdiction had the goods not become so covered.
    298(5) 299A security interest described in subsection (4) becomes unperfected as against a purchaser of the goods for value and is deemed never to have been perfected as against a purchaser of the goods for value if the applicable requirements for perfection under s. 342679.3111(2) 343or s. 345679.3131 346are not satisfied before the earlier of:
    353(a) 354The time the security interest would have become unperfected under the law of the other jurisdiction had the goods not become covered by a certificate of title from this state; or
    385(b) 386The expiration of 4 months after the goods had become so covered.
    398(6) 399A security interest in deposit accounts, letter-of-credit rights, or investment property which is perfected under the law of the bank’s jurisdiction, the issuer’s jurisdiction, a nominated person’s jurisdiction, the securities intermediary’s jurisdiction, or the commodity intermediary’s jurisdiction, as applicable, remains perfected until the earlier of:
    444(a) 445The time the security interest would have become unperfected under the law of that jurisdiction; or
    461(b) 462The expiration of 4 months after a change of the applicable jurisdiction to another jurisdiction.
    477(7) 478If a security interest described in subsection (6) becomes perfected under the law of the other jurisdiction before the earlier of the time or the end of the period described in that subsection, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earlier of that time or the end of that period, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
    562(8) 563The following rules apply to collateral to which a security interest attaches within 4 months after the debtor changes its location to another jurisdiction:
    587(a) 588A financing statement filed before the change of the debtor’s location pursuant to the law of the jurisdiction designated in s. 609679.3011(1) 610or s. 612679.3051(3) 613is effective to perfect a security interest in the collateral if the financing statement would have been effective to perfect a security interest in the collateral if the debtor had not changed its location.
    647(b) 648If a security interest that is perfected by a financing statement that is effective under paragraph (a) becomes perfected under the law of the other jurisdiction before the earlier of the time the financing statement would have become ineffective under the law of the jurisdiction designated in s. 696679.3011(1) 697or s. 699679.3051(3) 700or the expiration of the 4-month period, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earlier time or event, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
    752(9) 753If a financing statement naming an original debtor is filed pursuant to the law of the jurisdiction designated in s. 773679.3011(1) 774or s. 776679.3051(3) 777and the new debtor is located in another jurisdiction, the following rules apply:
    790(a) 791The financing statement is effective to perfect a security interest in collateral in which the new debtor has or acquires rights before or within 4 months after the new debtor becomes bound under s. 825679.2031(4), 826if the financing statement would have been effective to perfect a security interest in the collateral if the collateral had been acquired by the original debtor.
    852(b) 853A security interest that is perfected by the financing statement and that becomes perfected under the law of the other jurisdiction before the earlier of the expiration of the 4-month period or the time the financing statement would have become ineffective under the law of the jurisdiction designated in s. 903679.3011(1) 904or s. 906679.3051(3) 907remains perfected thereafter. A security interest that is perfected by the financing statement but that does not become perfected under the law of the other jurisdiction before the earlier time or event becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
History.-s. 3, ch. 2001-198; s. 5, ch. 2012-59.

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