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Bill Number: 222 Ratification Number: 39 Act Number 25 Introducing Body: Senate Subject: Governing law of perfection or nonperfection revised
(A25, R39, S222)
AN ACT TO AMEND SECTION 36-9-103, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PERFECTION OF SECURITY INTEREST IN MULTIPLE-STATE TRANSACTIONS, SO AS TO PROVIDE THAT WITH CERTAIN EXCEPTIONS PERFECTION AND THE EFFECT OF PERFECTION OR NONPERFECTION OF A SECURITY INTEREST IN COLLATERAL ARE GOVERNED BY THE LAW OF THE JURISDICTION WHERE THE COLLATERAL IS WHEN THE LAST EVENT OCCURS ON WHICH IS BASED THE ASSERTION THAT THE SECURITY INTEREST IS PERFECTED OR NONPERFECTED.
Be it enacted by the General Assembly of the State of South Carolina:
Governing law of perfection or nonperfection revised
SECTION 1. Section 36-9-103(1)(b) of the 1976 Code, as last amended by Act 494 of 1988, is further amended to read:
"(b) Except as otherwise provided in this subsection, perfection and the effect of perfection or nonperfection of a security interest in collateral are governed by the law of the jurisdiction where the collateral is when the last event occurs on which is based the assertion that the security interest is perfected or nonperfected."
SECTION 2. This act takes effect upon approval by the Governor.