Idaho State Statutes - Idaho Attorney Directory

CONTINUED PERFECTION OF SECURITY INTEREST FOLLOWING CHANGE IN
GOVERNING LAW. (a) A security interest perfected pursuant to the law of the
jurisdiction designated in section 28-9-301(1) or 28-9-305(c) remains
perfected until the earliest of:
(1) The time perfection would have ceased under the law of that
jurisdiction;
(2) The expiration of four (4) months after a change of the debtor's
location to another jurisdiction; or
(3) The expiration of one (1) year after a transfer of collateral to a
person that thereby becomes a debtor and is located in another
jurisdiction.
(b) If a security interest described in subsection (a) of this section
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.
(c) A 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:
(1) The collateral is located in one (1) jurisdiction and subject to a
security interest perfected under the law of that jurisdiction;
(2) Thereafter the collateral is brought into another jurisdiction; and
(3) Upon entry into the other jurisdiction, the security interest is
perfected under the law of the other jurisdiction.
(d) Except as otherwise provided in subsection (e) of this section, 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.
(e) A security interest described in subsection (d) of this section
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 section 28-9-311(b)
or 28-9-313 are not satisfied before the earlier of:
(1) The 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
(2) The expiration of four (4) months after the goods had become so
covered.
(f) A 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:
(1) The time the security interest would have become unperfected under
the law of that jurisdiction; or
(2) The expiration of four (4) months after a change of the applicable
jurisdiction to another jurisdiction.
(g) If a security interest described in subsection (f) of this section
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.

Click here to visit the Official Idaho State Statutes