New York Uniform Commercial Code Law Section 9-305 - Law Governing Perfection and Priority of Security Interests in Investment Property.

Section 9--305. Law   Governing  Perfection  and  Priority  of  Security
                Interests in Investment Property.
(a) Governing law: general rules.  Except  as  otherwise  provided  in
  subsections (c) and (d), 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  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  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) Commodity   intermediary's   jurisdiction.   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 apply, 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  apply,  the  commodity
         intermediary's  jurisdiction is the jurisdiction in which the
         chief executive  office  of  the  commodity  intermediary  is
         located.
(c) When  perfection  governed  by  law  of  jurisdiction where debtor
  located. 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.
(d) Cooperative interests. Subsections (a) through (c) do not apply to
  cooperative interests.

Last modified: February 3, 2019