§490:9-305  Law governing perfection and

priority of security interests in investment property.  (a)  Except as

otherwise provided in subsection (c), the following rules apply:

     (1)  While a security certificate is located in a

jurisdiction, the local law of that jurisdiction governs perfection, the effect

of perfection or nonperfection, and the priority of a security interest in the

certificated security represented thereby.

     (2)  The local law of the issuer's jurisdiction as

specified in section 490:8-110(d) governs perfection, the effect of perfection

or nonperfection, and the priority of a security interest in an uncertificated

security.

     (3)  The local law of the securities intermediary's

jurisdiction as specified in section 490:8-110(e) governs perfection, the

effect of perfection or nonperfection, and the priority of a security interest

in a security entitlement or securities account.

     (4)  The local law of the commodity intermediary's

jurisdiction governs perfection, the effect of perfection or nonperfection, and

the priority of a security interest in a commodity contract or commodity

account.

     (b)  The following rules determine a commodity

intermediary's jurisdiction for purposes of this part:

     (1)  If an agreement between the commodity

intermediary and commodity customer governing the commodity account expressly

provides that a particular jurisdiction is the commodity intermediary's

jurisdiction for purposes of this part, this article, or this chapter, that

jurisdiction is the commodity intermediary's jurisdiction.

     (2)  If paragraph (1) does not apply and an agreement

between the commodity intermediary and commodity customer governing the

commodity account expressly provides that the agreement is governed by the law

of a particular jurisdiction, that jurisdiction is the commodity intermediary's

jurisdiction.

     (3)  If neither paragraph (1) nor paragraph (2)

applies and an agreement between the commodity intermediary and commodity

customer governing the commodity account expressly provides that the commodity

account is maintained at an office in a particular jurisdiction, that

jurisdiction is the commodity intermediary's jurisdiction.

     (4)  If none of the preceding paragraphs applies, the

commodity intermediary's jurisdiction is the jurisdiction in which the office

identified in an account statement as the office serving the commodity

customer's account is located.

     (5)  If none of the preceding paragraphs applies, the

commodity intermediary's jurisdiction is the jurisdiction in which the chief

executive office of the commodity intermediary is located.

     (c)  The local law of the jurisdiction in which

the debtor is located governs:

     (1)  Perfection of a security interest in investment

property by filing;

     (2)  Automatic perfection of a security interest in

investment property created by a broker or securities intermediary; and

     (3)  Automatic perfection of a security interest in a

commodity contract or commodity account created by a commodity intermediary. [L

2000, c 241, pt of §1]