Section 9--311. Perfection of Security Interests in Property Subject to

Certain Statutes, Regulations, and Treaties.

(a) Security interest subject to other law. Except as otherwise
provided in subsection (d), the filing of a financing statement is not
necessary or effective to perfect a security interest in property
subject to:

(1) a statute, regulation, or treaty of the United States

whose requirements for a security interest's obtaining

priority over the rights of a lien creditor with respect

to the property preempt Section 9--310(a);

(2) a certificate-of-title statute of this state or

regulations promulgated thereunder, to the extent such

statute or regulations provide for a security interest to

be indicated on the certificate as a condition or result

of perfection; or

(3) a statute of another jurisdiction which provides for a

security interest to be indicated on a certificate of

title as a condition or result of the security interest's

obtaining priority over the rights of a lien creditor

with respect to the property.

(b) Compliance with other law. Compliance with the requirements of a
statute, regulation, or treaty described in subsection (a) for obtaining
priority over the rights of a lien creditor is equivalent to the filing
of a financing statement under this article. Except as otherwise
provided in subsection (d) and Sections 9--313 and 9--316(d) and (e) for
goods covered by a certificate of title, a security interest in property
subject to a statute, regulation, or treaty described in subsection (a)
may be perfected only by compliance with those requirements, and a
security interest so perfected remains perfected notwithstanding a
change in the use or transfer of possession of the collateral.

(c) Duration and renewal of perfection. Except as otherwise provided
in subsection (d) and Section 9--316(d) and (e), duration and renewal of
perfection of a security interest perfected by compliance with the
requirements prescribed by a statute, regulation, or treaty described in
subsection (a) are governed by the statute, regulation, or treaty. In
other respects, the security interest is subject to this article.

(d) Inapplicability to certain inventory. During any period in which
collateral subject to a statute specified in subsection (a)(2) is
inventory held for sale or lease by a person or leased by that person as
lessor and that person is in the business of selling goods of that kind,
this section does not apply to a security interest in that collateral
created by that person.