South Carolina General Assembly
108th Session, 1989-1990

Bill 222

                    Current Status

Bill Number:               222
Ratification Number:       39
Act Number                 25
Introducing Body:          Senate
Subject:                   Governing law of perfection or
                           nonperfection revised
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(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."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.