7.02.040 Laws Applicable to Security Interests

(a) With respect to any security interest to which this chapter applies, except as provided elsewhere in this chapter, the rights and obligations of any person shall be governed by the New York UCC, including those rights and obligations related to enforcement of a security interest or arising after a default, including all filing requirements.

(b) Except as provided elsewhere in this chapter, the perfection, effect of perfection or non-perfection, and priority of any security interest to which this chapter applies shall be determined in accordance with the New York UCC as if each debtor were (for purposes of Sections 9-301 through 9-307 of the New York UCC) located in the State of New York and as if the Tribal Lands were subject to the laws of the State of New York.

(c) Notwithstanding any provision of the New York UCC to the contrary, a security interest granted by a Tribal Party in Pledged Revenues shall be created and attach upon the giving of value and the granting of such security interest in a writing executed by that Tribal Party. Such security interest may be perfected only by the filing of an initial financing statement in the same manner and in the same location as if all of such Pledged Revenues were accounts.

(d) No UCC financing statement shall be required to be filed with the Tribe, nor shall any such filing be effective to perfect any security interest governed by this chapter.

(e) Notwithstanding the incorporation by reference of the New York UCC as a law of the Tribe as provided in this chapter, nothing herein shall be construed to subject the Tribal Lands, Tribal Parties, or the Tribe to the general laws and jurisdiction of the State of New York.