(1) Subject to subsection (2), the law applicable to the creation, effectiveness against third parties and priority of a security interest in intellectual property rights is the law of the State in which the intellectual property is protected.
(2) A security interest in intellectual property rights may be created under the law of the State in which the grantor is located and may be made effective under that law against third parties other than another secured creditor, a transferee or a licensee.
(3) The law applicable to the enforcement of a security interest in intellectual property rights is the law of the State in which the grantor is located.