2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 93 - Perfection and Priority
Section 9305 - Law governing perfection and priority of security interests in investment property

     § 9305.  Law governing perfection and priority of security
                interests in investment property.
        (a)  Governing law; general rules.--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 8110(d) (relating to applicability;
        choice of law) 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 8110(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
        chapter, this division or this title, 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)  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.

        Cross References.  Section 9305 is referred to in sections
     9301, 9316 of this title.