§25‑9‑305. Law governing perfection and priority of securityinterests in investment property.
(a) Governing law:general rules. Except as otherwise provided in subsection (c) of thissection, the following rules apply:
(1) While a securitycertificate is located in a jurisdiction, the local law of that jurisdictiongoverns perfection, the effect of perfection or nonperfection, and the priorityof a security interest in the certificated security represented thereby.
(2) The local law of theissuer's jurisdiction as specified in G.S. 25‑8‑110(d) governsperfection, the effect of perfection or nonperfection, and the priority of asecurity interest in an uncertificated security.
(3) The local law of thesecurities intermediary's jurisdiction as specified in G.S. 25‑8‑110(e)governs perfection, the effect of perfection or nonperfection, and the priorityof a security interest in a security entitlement or securities account.
(4) The local law of thecommodity intermediary's jurisdiction governs perfection, the effect ofperfection or nonperfection, and the priority of a security interest in acommodity contract or commodity account.
(b) Commodityintermediary's jurisdiction. The following rules determine a commodityintermediary's jurisdiction for purposes of this Part:
(1) If an agreementbetween the commodity intermediary and commodity customer governing thecommodity account expressly provides that a particular jurisdiction is thecommodity intermediary's jurisdiction for purposes of this Part, this Article,or this Chapter, that jurisdiction is the commodity intermediary'sjurisdiction.
(2) If subdivision (1)of this subsection does not apply and an agreement between the commodityintermediary and commodity customer governing the commodity account expresslyprovides that the agreement is governed by the law of a particularjurisdiction, that jurisdiction is the commodity intermediary's jurisdiction.
(3) If neithersubdivision (1) nor subdivision (2) of this subsection applies and an agreementbetween the commodity intermediary and commodity customer governing thecommodity account expressly provides that the commodity account is maintainedat an office in a particular jurisdiction, that jurisdiction is the commodityintermediary's jurisdiction.
(4) If none ofsubdivisions (1), (2), and (3) of this subsection applies, the commodityintermediary's jurisdiction is the jurisdiction in which the office identifiedin an account statement as the office serving the commodity customer's accountis located.
(5) If none ofsubdivisions (1), (2), (3), and (4) of this subsection applies, the commodityintermediary's jurisdiction is the jurisdiction in which the chief executiveoffice of the commodity intermediary is located.
(c) When perfectiongoverned by law of jurisdiction where debtor located. The local law of thejurisdiction in which the debtor is located governs:
(1) Perfection of asecurity interest in investment property by filing;
(2) Automatic perfectionof a security interest in investment property created by a broker or securitiesintermediary; and
(3) Automatic perfectionof a security interest in a commodity contract or commodity account created bya commodity intermediary. (1945, c. 196, s. 2; 1957, c. 564; 1965, c. 700, s. 1;1967, c. 562, s. 1; 1975, c. 862, s. 7; 1989 (Reg. Sess., 1990), c. 1024, s.8(e), (f); 1997‑181, s. 2; 1999‑73, s. 4(a), (b); 2000‑169,s. 1.)
§25‑9‑305. Law governing perfection and priority of securityinterests in investment property.
(a) Governing law:general rules. Except as otherwise provided in subsection (c) of thissection, the following rules apply:
(1) While a securitycertificate is located in a jurisdiction, the local law of that jurisdictiongoverns perfection, the effect of perfection or nonperfection, and the priorityof a security interest in the certificated security represented thereby.
(2) The local law of theissuer's jurisdiction as specified in G.S. 25‑8‑110(d) governsperfection, the effect of perfection or nonperfection, and the priority of asecurity interest in an uncertificated security.
(3) The local law of thesecurities intermediary's jurisdiction as specified in G.S. 25‑8‑110(e)governs perfection, the effect of perfection or nonperfection, and the priorityof a security interest in a security entitlement or securities account.
(4) The local law of thecommodity intermediary's jurisdiction governs perfection, the effect ofperfection or nonperfection, and the priority of a security interest in acommodity contract or commodity account.
(b) Commodityintermediary's jurisdiction. The following rules determine a commodityintermediary's jurisdiction for purposes of this Part:
(1) If an agreementbetween the commodity intermediary and commodity customer governing thecommodity account expressly provides that a particular jurisdiction is thecommodity intermediary's jurisdiction for purposes of this Part, this Article,or this Chapter, that jurisdiction is the commodity intermediary'sjurisdiction.
(2) If subdivision (1)of this subsection does not apply and an agreement between the commodityintermediary and commodity customer governing the commodity account expresslyprovides that the agreement is governed by the law of a particularjurisdiction, that jurisdiction is the commodity intermediary's jurisdiction.
(3) If neithersubdivision (1) nor subdivision (2) of this subsection applies and an agreementbetween the commodity intermediary and commodity customer governing thecommodity account expressly provides that the commodity account is maintainedat an office in a particular jurisdiction, that jurisdiction is the commodityintermediary's jurisdiction.
(4) If none ofsubdivisions (1), (2), and (3) of this subsection applies, the commodityintermediary's jurisdiction is the jurisdiction in which the office identifiedin an account statement as the office serving the commodity customer's accountis located.
(5) If none ofsubdivisions (1), (2), (3), and (4) of this subsection applies, the commodityintermediary's jurisdiction is the jurisdiction in which the chief executiveoffice of the commodity intermediary is located.
(c) When perfectiongoverned by law of jurisdiction where debtor located. The local law of thejurisdiction in which the debtor is located governs:
(1) Perfection of asecurity interest in investment property by filing;
(2) Automatic perfectionof a security interest in investment property created by a broker or securitiesintermediary; and
(3) Automatic perfectionof a security interest in a commodity contract or commodity account created bya commodity intermediary. (1945, c. 196, s. 2; 1957, c. 564; 1965, c. 700, s. 1;1967, c. 562, s. 1; 1975, c. 862, s. 7; 1989 (Reg. Sess., 1990), c. 1024, s.8(e), (f); 1997‑181, s. 2; 1999‑73, s. 4(a), (b); 2000‑169,s. 1.)
§25‑9‑305. Law governing perfection and priority of securityinterests in investment property.
(a) Governing law:general rules. Except as otherwise provided in subsection (c) of thissection, the following rules apply:
(1) While a securitycertificate is located in a jurisdiction, the local law of that jurisdictiongoverns perfection, the effect of perfection or nonperfection, and the priorityof a security interest in the certificated security represented thereby.
(2) The local law of theissuer's jurisdiction as specified in G.S. 25‑8‑110(d) governsperfection, the effect of perfection or nonperfection, and the priority of asecurity interest in an uncertificated security.
(3) The local law of thesecurities intermediary's jurisdiction as specified in G.S. 25‑8‑110(e)governs perfection, the effect of perfection or nonperfection, and the priorityof a security interest in a security entitlement or securities account.
(4) The local law of thecommodity intermediary's jurisdiction governs perfection, the effect ofperfection or nonperfection, and the priority of a security interest in acommodity contract or commodity account.
(b) Commodityintermediary's jurisdiction. The following rules determine a commodityintermediary's jurisdiction for purposes of this Part:
(1) If an agreementbetween the commodity intermediary and commodity customer governing thecommodity account expressly provides that a particular jurisdiction is thecommodity intermediary's jurisdiction for purposes of this Part, this Article,or this Chapter, that jurisdiction is the commodity intermediary'sjurisdiction.
(2) If subdivision (1)of this subsection does not apply and an agreement between the commodityintermediary and commodity customer governing the commodity account expresslyprovides that the agreement is governed by the law of a particularjurisdiction, that jurisdiction is the commodity intermediary's jurisdiction.
(3) If neithersubdivision (1) nor subdivision (2) of this subsection applies and an agreementbetween the commodity intermediary and commodity customer governing thecommodity account expressly provides that the commodity account is maintainedat an office in a particular jurisdiction, that jurisdiction is the commodityintermediary's jurisdiction.
(4) If none ofsubdivisions (1), (2), and (3) of this subsection applies, the commodityintermediary's jurisdiction is the jurisdiction in which the office identifiedin an account statement as the office serving the commodity customer's accountis located.
(5) If none ofsubdivisions (1), (2), (3), and (4) of this subsection applies, the commodityintermediary's jurisdiction is the jurisdiction in which the chief executiveoffice of the commodity intermediary is located.
(c) When perfectiongoverned by law of jurisdiction where debtor located. The local law of thejurisdiction in which the debtor is located governs:
(1) Perfection of asecurity interest in investment property by filing;
(2) Automatic perfectionof a security interest in investment property created by a broker or securitiesintermediary; and
(3) Automatic perfectionof a security interest in a commodity contract or commodity account created bya commodity intermediary. (1945, c. 196, s. 2; 1957, c. 564; 1965, c. 700, s. 1;1967, c. 562, s. 1; 1975, c. 862, s. 7; 1989 (Reg. Sess., 1990), c. 1024, s.8(e), (f); 1997‑181, s. 2; 1999‑73, s. 4(a), (b); 2000‑169,s. 1.)
