2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 3 - Perfection and Priority › Sub Part 1 - 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.