with entitlement orders or directions originated by the secured party; and (5) a secured party having control of a letter-of-credit right under Section 369107 shall send to each person having an unfulfilled obligation to pay or deliver proceeds of the letter of credit to the secured party an authenticated release from any further obligation to pay or deliver proceeds of the letter of credit to the secured party; and (6) a secured party having control of an electronic document shall: (A) give control of the electronic document to the debtor or its designated custodian; (B) if the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic document is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and (C) take appropriate action to enable the debtor or its designated custodian to make copies of or revisions to the authoritative copy which add or change an identified assignee of the authoritative copy without the consent of the secured party.” SECTION 38. Section 36-9-301(3) of the 1976 Code is amended to read: Except as otherwise provided in item (4), while tangible “(3) negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs: (A) perfection of a security interest in the goods by filing a fixture filing; (B) perfection of a security interest in timber to be cut; and (C) the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.” SECTION 39. Section 36-9-310(b) of the 1976 Code is amended to read: The filing of a financing statement is not necessary to “(b) perfect a security interest: (1) that is perfected under Section 369308(d), (e), (f), or (g); (2) that is perfected under Section 369309 when it attaches; (3) in property subject to a statute, regulation, or treaty described in Section 369311(a);
with entitlement orders or directions originated by the secured party; and (5) a secured party having control of a letter-of-credit right under Section 369107 shall send to each person having an unfulfilled obligation to pay or deliver proceeds of the letter of credit to the secured party an authenticated release from any further obligation to pay or deliver proceeds of the letter of credit to the secured party; and (6) a secured party having control of an electronic document shall: (A) give control of the electronic document to the debtor or its designated custodian; (B) if the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic document is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and (C) take appropriate action to enable the debtor or its designated custodian to make copies of or revisions to the authoritative copy which add or change an identified assignee of the authoritative copy without the consent of the secured party.” SECTION 38. Section 36-9-301(3) of the 1976 Code is amended to read: “(3) Except as otherwise provided in item (4), while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs: (A) perfection of a security interest in the goods by filing a fixture filing; (B) perfection of a security interest in timber to be cut; and (C) the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.” SECTION 39. Section 36-9-310(b) of the 1976 Code is amended to read: “(b) The filing of a financing statement is not necessary to perfect a security interest: (1) that is perfected under Section 369308(d), (e), (f), or (g); (2) that is perfected under Section 369309 when it attaches; (3) in property subject to a statute, regulation, or treaty described in Section 369311(a);
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