(1) Without prejudice to subsections (2) to (4) and section 116, the law applicable to the creation, effectiveness against third parties and priority of a security interest in tangible property is the law of the State in which the tangible property is located.
(2) The law applicable to the priority of a security interest in tangible property covered by a document of title made effective against third parties by possession of the document of title as against the right of a competing claimant is the law of the State in which the document of title is located.
(3) The law applicable to the creation, third-party effectiveness and priority of a security interest in tangible property of a type ordinarily used in more than one State is the law of the State in which the grantor is located.
(4) A security interest in tangible property that is in transit at the time of its putative creation or intended to be relocated to a State other than the State in which it is located at that time may be created and made effective against third parties under the law of the State of the ultimate destination of the property, if the property reaches that State within 30 business days after the time of the putative creation of the security interest.