§ 6A-9-305 Law governing perfection andpriority of security interests in investment property. – (a) Governing law: general rules. Except as otherwise provided insubsection (c), the following rules apply:
(1) While a security certificate is located in ajurisdiction, the local law of that jurisdiction governs perfection, the effectof perfection or nonperfection, and the priority of a security interest in thecertificated security represented thereby.
(2) The local law of the issuer's jurisdiction as specifiedin § 6A-8-110(d) governs perfection, the effect of perfection ornonperfection, and the priority of a security interest in an uncertificatedsecurity.
(3) The local law of the securities intermediary'sjurisdiction as specified in § 6A-8-110(e) governs perfection, the effectof perfection or nonperfection, and the priority of a security interest in asecurity entitlement or securities account.
(4) The local law of the commodity intermediary'sjurisdiction governs perfection, the effect of perfection or nonperfection, andthe priority of a security interest in a commodity contract or commodityaccount.
(b) Commodity intermediary's jurisdiction. Thefollowing rules determine a commodity intermediary's jurisdiction for purposesof this part:
(1) If an agreement between the commodity intermediary andcommodity customer governing the commodity account expressly provides that aparticular jurisdiction is the commodity intermediary's jurisdiction forpurposes of this part, this chapter, or the Uniform Commercial Code, thatjurisdiction is the commodity intermediary's jurisdiction.
(2) If paragraph (1) does not apply and an agreement betweenthe commodity intermediary and commodity customer governing the commodityaccount expressly provides that the agreement is governed by the law of aparticular jurisdiction, that jurisdiction is the commodity intermediary'sjurisdiction.
(3) If neither paragraph (1) nor paragraph (2) applies and anagreement between the commodity intermediary and commodity customer governingthe commodity account expressly provides that the commodity account ismaintained at an office in a particular jurisdiction, that jurisdiction is thecommodity intermediary's jurisdiction.
(4) If none of the preceding paragraphs applies, thecommodity intermediary's jurisdiction is the jurisdiction in which the officeidentified in an account statement as the office serving the commoditycustomer's account is located.
(5) If none of the preceding paragraphs applies, thecommodity intermediary's jurisdiction is the jurisdiction in which the chiefexecutive office of the commodity intermediary is located.
(c) When perfection governed by law of jurisdiction wheredebtor located. The local law of the jurisdiction in which the debtor islocated governs:
(1) Perfection of a security interest in investment propertyby filing;
(2) Automatic perfection of a security interest in investmentproperty created by a broker or securities intermediary; and
(3) Automatic perfection of a security interest in acommodity contract or commodity account created by a commodity intermediary.
§ 6A-9-305 Law governing perfection andpriority of security interests in investment property. – (a) Governing law: general rules. Except as otherwise provided insubsection (c), the following rules apply:
(1) While a security certificate is located in ajurisdiction, the local law of that jurisdiction governs perfection, the effectof perfection or nonperfection, and the priority of a security interest in thecertificated security represented thereby.
(2) The local law of the issuer's jurisdiction as specifiedin § 6A-8-110(d) governs perfection, the effect of perfection ornonperfection, and the priority of a security interest in an uncertificatedsecurity.
(3) The local law of the securities intermediary'sjurisdiction as specified in § 6A-8-110(e) governs perfection, the effectof perfection or nonperfection, and the priority of a security interest in asecurity entitlement or securities account.
(4) The local law of the commodity intermediary'sjurisdiction governs perfection, the effect of perfection or nonperfection, andthe priority of a security interest in a commodity contract or commodityaccount.
(b) Commodity intermediary's jurisdiction. Thefollowing rules determine a commodity intermediary's jurisdiction for purposesof this part:
(1) If an agreement between the commodity intermediary andcommodity customer governing the commodity account expressly provides that aparticular jurisdiction is the commodity intermediary's jurisdiction forpurposes of this part, this chapter, or the Uniform Commercial Code, thatjurisdiction is the commodity intermediary's jurisdiction.
(2) If paragraph (1) does not apply and an agreement betweenthe commodity intermediary and commodity customer governing the commodityaccount expressly provides that the agreement is governed by the law of aparticular jurisdiction, that jurisdiction is the commodity intermediary'sjurisdiction.
(3) If neither paragraph (1) nor paragraph (2) applies and anagreement between the commodity intermediary and commodity customer governingthe commodity account expressly provides that the commodity account ismaintained at an office in a particular jurisdiction, that jurisdiction is thecommodity intermediary's jurisdiction.
(4) If none of the preceding paragraphs applies, thecommodity intermediary's jurisdiction is the jurisdiction in which the officeidentified in an account statement as the office serving the commoditycustomer's account is located.
(5) If none of the preceding paragraphs applies, thecommodity intermediary's jurisdiction is the jurisdiction in which the chiefexecutive office of the commodity intermediary is located.
(c) When perfection governed by law of jurisdiction wheredebtor located. The local law of the jurisdiction in which the debtor islocated governs:
(1) Perfection of a security interest in investment propertyby filing;
(2) Automatic perfection of a security interest in investmentproperty created by a broker or securities intermediary; and
(3) Automatic perfection of a security interest in acommodity contract or commodity account created by a commodity intermediary.
§ 6A-9-305 Law governing perfection andpriority of security interests in investment property. – (a) Governing law: general rules. Except as otherwise provided insubsection (c), the following rules apply:
(1) While a security certificate is located in ajurisdiction, the local law of that jurisdiction governs perfection, the effectof perfection or nonperfection, and the priority of a security interest in thecertificated security represented thereby.
(2) The local law of the issuer's jurisdiction as specifiedin § 6A-8-110(d) governs perfection, the effect of perfection ornonperfection, and the priority of a security interest in an uncertificatedsecurity.
(3) The local law of the securities intermediary'sjurisdiction as specified in § 6A-8-110(e) governs perfection, the effectof perfection or nonperfection, and the priority of a security interest in asecurity entitlement or securities account.
(4) The local law of the commodity intermediary'sjurisdiction governs perfection, the effect of perfection or nonperfection, andthe priority of a security interest in a commodity contract or commodityaccount.
(b) Commodity intermediary's jurisdiction. Thefollowing rules determine a commodity intermediary's jurisdiction for purposesof this part:
(1) If an agreement between the commodity intermediary andcommodity customer governing the commodity account expressly provides that aparticular jurisdiction is the commodity intermediary's jurisdiction forpurposes of this part, this chapter, or the Uniform Commercial Code, thatjurisdiction is the commodity intermediary's jurisdiction.
(2) If paragraph (1) does not apply and an agreement betweenthe commodity intermediary and commodity customer governing the commodityaccount expressly provides that the agreement is governed by the law of aparticular jurisdiction, that jurisdiction is the commodity intermediary'sjurisdiction.
(3) If neither paragraph (1) nor paragraph (2) applies and anagreement between the commodity intermediary and commodity customer governingthe commodity account expressly provides that the commodity account ismaintained at an office in a particular jurisdiction, that jurisdiction is thecommodity intermediary's jurisdiction.
(4) If none of the preceding paragraphs applies, thecommodity intermediary's jurisdiction is the jurisdiction in which the officeidentified in an account statement as the office serving the commoditycustomer's account is located.
(5) If none of the preceding paragraphs applies, thecommodity intermediary's jurisdiction is the jurisdiction in which the chiefexecutive office of the commodity intermediary is located.
(c) When perfection governed by law of jurisdiction wheredebtor located. The local law of the jurisdiction in which the debtor islocated governs:
(1) Perfection of a security interest in investment propertyby filing;
(2) Automatic perfection of a security interest in investmentproperty created by a broker or securities intermediary; and
(3) Automatic perfection of a security interest in acommodity contract or commodity account created by a commodity intermediary.
