7.1 (1) The validity of a security interest in investment property shall be governed by the law, at the time the security interest attaches, (a)  of the jurisdiction where the certificate is located if the collateral is a certificated security; (b)  of the issuer’s jurisdiction if the collateral is an uncertificated security; (c)  of the securities intermediary’s jurisdiction if the collateral is a security entitlement or a securities account; (d)  of the futures intermediary’s jurisdiction if the collateral is a futures contract or a futures account.  2006, c. 8, s. 126. Same (2) Except as otherwise provided in subsection (5), perfection, the effect of perfection or of nonperfection and the priority of a security interest in investment property shall be governed by the law, (a)  of the jurisdiction in which the certificate is located if the collateral is a certificated security; (b)  of the issuer’s jurisdiction if the collateral is an uncertificated security; (c)  of the securities intermediary’s jurisdiction if the collateral is a security entitlement or a securities account; (d)  of the futures intermediary’s jurisdiction if the collateral is a futures contract or a futures account.  2006, c. 8, s. 126; 2006, c. 34, Sched. E, s. 4. Determination of jurisdiction (3) For the purposes of this section, (a)  the location of the debtor is determined by subsection 7 (3); (b)  the issuer’s jurisdiction is determined under section 44 of the Securities Transfer Act, 2006; (c)  the securities intermediary’s jurisdiction is determined under section 45 of the Securities Transfer Act, 2006.  2006, c. 8, s. 126. Same (4) For the purposes of this section, the following rules determine a futures intermediary’s jurisdiction: 1.  If an agreement between the futures intermediary and futures customer governing the futures account expressly provides that a particular jurisdiction is the futures intermediary’s jurisdiction for purposes of the law of that jurisdiction, this Act or any provision of this Act, the jurisdiction expressly provided for in the agreement is the futures intermediary’s jurisdiction. 2.  If paragraph 1 does not apply and an agreement between the futures intermediary and futures customer governing the futures account expressly provides that the agreement shall be governed by the law of a particular jurisdiction, that jurisdiction is the futures intermediary’s jurisdiction. 3.  If neither paragraph 1 nor 2 applies and an agreement between the futures intermediary and futures customer governing the futures account expressly provides that the futures account is maintained at an office in a particular jurisdiction, that jurisdiction is the futures intermediary’s jurisdiction. 4.  If none of the preceding paragraphs applies, the futures intermediary’s jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the futures customer’s account is located. 5.  If none of the preceding paragraphs applies, the futures intermediary’s jurisdiction is the jurisdiction in which the chief executive office of the futures intermediary is located.  2006, c. 8, s. 126. Matters governed by law of debtor’s jurisdiction (5) The law of the jurisdiction in which the debtor is located governs, (a)  perfection of a security interest in investment property by registration; (b)  perfection of a security interest in investment property granted by a broker or securities intermediary where the secured party relies on attachment of the security interest as perfection; and (c)  perfection of a security interest in a futures contract or futures account granted by a futures intermediary where the secured party relies on attachment of the security interest as perfection.  2006, c. 8, s. 126. Change of jurisdiction (6) If a security interest to which subsection (5) applies is a perfected security interest under the law of the jurisdiction in which the debtor is located, and if the jurisdiction in which the debtor is located changes as a result of a change in a factor by which the location of the debtor is determined under subsection 7 (3), the security interest continues perfected only until the earliest of, (a)  60 days after the day the jurisdiction in which the debtor is located changed; (b)  15 days after the day the secured party learns that the jurisdiction in which the debtor is located has changed; and (c)  the day perfection ceases under the previously applicable law. 2017, c. 20, Sched. 9, s. 9. Application of subs. (6) (6.1) For greater certainty, if a change in the jurisdiction where the debtor is located occurs on December 31, 2015 and the change is solely a result of the operation of subsections 7 (3), (4) and (5) of this Act, as they read on that day, and not a result of a change in a factor by which the location of the debtor is determined, subsection 7.3 (6) applies to the change instead of subsection (6) of this section. 2017, c. 20, Sched. 9, s. 9. Same (7) If a security interest to which clause (2) (b), (c) or (d) applies is a perfected security interest under the law of the jurisdiction of the issuer, securities intermediary or futures intermediary, as applicable, and if there is a change in the jurisdiction of the issuer, securities intermediary or futures intermediary, as determined under clause (3) (b) or (c) or subsection (4), the security interest continues perfected only until the earliest of, (a)  60 days after the day the jurisdiction of the issuer, securities intermediary or futures intermediary, as applicable, changed; (b)  15 days after the day the secured party learns that the jurisdiction of the issuer, securities intermediary or futures intermediary, as applicable, has changed; and (c)  the day perfection ceases under the previously applicable law. 2017, c. 20, Sched. 9, s. 9. Section Amendments with date in force (d/m/y) 2006, c. 8, s. 126
- 01/01/2007; 2006, c. 34, Sched. E, s. 4 - 01/01/2007 2017, c. 20, Sched. 9, s. 9 - 14/11/2017 Transition re s. 7