Validity of registration.
1. A security may be registered in beneficiary form if the Uniform TOD Security Registration Act or a similar statute is in force in:
(a) The state of organization of the issuer or registering entity or the location of the registering entity’s principal office, the office of its transfer agent or its office making the registration; or
(b) The state listed as the owner’s address at the time of registration.
2. A registration governed by the law of a jurisdiction in which the Uniform TOD Security Registration Act or similar legislation is not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract.
3. As used in this section, “state” includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands and any territory or possession subject to the jurisdiction of the United States.
Last modified: February 27, 2006