2010 New York Code
UCC - Uniform Commercial Code
Article 9 - SECURED TRANSACTIONS
Part 3 - PERFECTION AND PRIORITY
Sub Part 1 - (9-301 - 9-307) LAW GOVERNING PERFECTION AND PRIORITY
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.