§490:9-304  Law governing perfection and
priority of security interests in deposit accounts.  (a)  The local law of
a bank's jurisdiction governs perfection, the effect of perfection or
nonperfection, and the priority of a security interest in a deposit account
maintained with that bank.



(b)  The following rules determine a bank's
jurisdiction for purposes of this part:



(1)  If an agreement between the bank and its customer
governing the deposit account expressly provides that a particular jurisdiction
is the bank's jurisdiction for purposes of this part, this article, or this
chapter, that jurisdiction is the bank's jurisdiction.



(2)  If paragraph (1) does not apply and an agreement
between the bank and its customer governing the deposit account expressly
provides that the agreement is governed by the law of a particular
jurisdiction, that jurisdiction is the bank's jurisdiction.



(3)  If neither paragraph (1) nor paragraph (2)
applies and an agreement between the bank and its customer governing the
deposit account expressly provides that the deposit account is maintained at an
office in a particular jurisdiction, that jurisdiction is the bank's
jurisdiction.



(4)  If none of the preceding paragraphs applies, the
bank's jurisdiction is the jurisdiction in which the office identified in an
account statement as the office serving the customer's account is located.



(5)  If none of the preceding paragraphs applies, the
bank's jurisdiction is the jurisdiction in which the chief executive office of
the bank is located. [L 2000, c 241, pt of §1; am L 2002, c 27, §2]