Section 9--316. Continued Perfection of Security Interest Following Change in Governing Law

(a) General rule: effect on perfection of change in governing  law.  A
  security  interest  perfected  pursuant  to  the law of the jurisdiction
  designated in Section 9--301(a) or 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 months after a change of the debtor's
             location to another jurisdiction; or
         (3) the expiration of one year after a transfer of collateral  to
             a  person  that  thereby  becomes  a debtor and is located in
             another jurisdiction.
    (b) Security interest  perfected  or  unperfected  under  law  of  new
  jurisdiction. If a security interest described in subsection (a) 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) Possessory   security   interest   in   collateral  moved  to  new
  jurisdiction. 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 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) Goods  covered  by certificate of title from this state. Except as
  otherwise provided in subsection  (e),  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) When subsection (d) security interest becomes unperfected  against
  purchasers.  A  security  interest  described  in subsection (d) 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   9--311(b) or 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 months after the goods had become so
             covered.
    (f) Change  in  jurisdiction  of  bank,  issuer,   nominated   person,
  securities  intermediary, or commodity intermediary. 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  months  after  a  change  of  the
             applicable jurisdiction to another jurisdiction.
    (g) Subsection (f) security interest perfected  or  unperfected  under
  law  of new jurisdiction. If a security interest described in subsection
  (f) 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.