409.305 Law governing perfection and priority of security interests in investment property.
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409.305 Law governing perfection and priority of security interests in investment property.
(1)Governing law: general rules. Except as otherwise provided in sub.
(3), the following rules apply:
(a)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.
(b)The local law of the issuer’s jurisdiction as specified in s. 408.110
(4)governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in an uncertificated security.
(c)The local law of the securities intermediary’s jurisdiction as specified in s. 408.110
(5)governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a security entitlement or securities account.
(d)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.
(2)Commodity intermediary’s jurisdiction. The following rules determine a commodity intermediary’s jurisdiction for purposes of this subchapter:
(a)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 subchapter, this chapter, or chs. 401 to 411 , that jurisdiction is the commodity intermediary’s jurisdiction.