This section says Louisiana law controls certain matters for sales, assignments, transfers, and security interests in energy transition property, subject to stated exceptions.
§1277. Choice of law; conflicts A. The law governing the validity, enforceability, attachment, creation, perfection, the effect of perfection or nonperfection, priority, exercise of remedies, and venue with respect to the sale, assignment, or transfer of an interest or right or the creation of a security interest in any energy transition property shall be exclusively the laws of this state, without applying this state's laws of conflicts of laws and notwithstanding any contrary contractual provision, except as provided in R.S. 45:1276(F). The validity, enforceability, attachment, creation, perfection, the effect of perfection or nonperfection, priority, exercise of remedies, and venue with respect to the sale, assignment, or transfer of an interest or right or the creation of a security interest in any energy transition property shall be governed by this Part, and solely to the extent not addressed by this Part, by the Uniform Commercial Code-Secured Transactions and other laws of this state. The contents and sufficiency of financing statements referenced in this Part shall be governed by this Part and, to the extent not addressed by this Part, by the Uniform Commercial Code-Secured Transactions. Notwithstanding any other law to the contrary, this Part provides that the Uniform Commercial Code-Secured Transactions applies to the filings of financing statements referenced in this Part, to perfection, the effect of perfection or nonperfection, and the priority of security interests held by a secured party having control of deposit accounts or securities accounts as original collateral securing energy transition bonds, notwithstanding that proceeds of energy transition charges are deposited therein, and to the enforcement of security interests in energy transition property, in each case subject to Subsection B of this Section. B. In the event of conflict between this Part and any other law regarding the validity, enforceability, attachment, creation, perfection, the effect of perfection or nonperfection, or priority of, a sale, assignment, or transfer of, or security interest in, energy transition property, or the exercise of remedies or venue with respect thereto, this Part shall govern to the extent of the conflict. C. This Section shall not be interpreted to conflict with or modify R.S. 45:1276(B). Acts 2022, No. 255, §2, eff. June 3, 2022.