| | | choose the law of one jurisdiction to govern perfection and | | priority of security interests and a different governing law for | | other purposes. The parties' choice is effective, even if the | | jurisdiction whose law is chosen bears no relationship to the | | parties or the transaction. Section 8-110(e)(1) has been | | conformed to subsection (b)(1) [Maine cite subsection (2), | | paragraph (a)] of this section, and Section 9-305(b)(1) [Maine | | cite section 9-1305, subsection (2), paragraph (a)], concerning a | | commodity intermediary's jurisdiction, makes a similar departure | | from former Section 9-103(6)(e)(i). |
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| | | 3. Change in Law Governing Perfection. When the bank's | | jurisdiction changes, the jurisdiction whose law governs | | perfection under subsection (a) [Maine cite subsection (1)] | | changes, as well. Nevertheless, the change will not result in an | | immediate loss of perfection. See Section 9-316(f), (g) [Maine | | cite section 9-1316, subsection (6), subsection (7)]. |
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| | | §9-1305.__Law governing perfection and priority of security |
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| | | interests in investment property |
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| | | (1)__Except as otherwise provided in subsection (3), the | | following rules apply. |
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| | | (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. |
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| | | (b)__The local law of the issuer's jurisdiction as specified | | in section 8-1110, subsection 1, paragraph (d) governs | | perfection, the effect of perfection or nonperfection and | | the priority of a security interest in an uncertificated | | security. |
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| | | (c)__The local law of the securities intermediary's | | jurisdiction as specified in section 8-1110, subsection 1, | | paragraph (e) governs perfection, the effect of perfection | | or nonperfection and the priority of a security interest in | | a security entitlement or securities account. |
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| | | (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. |
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| | | (2)__The following rules determine a commodity intermediary's | | jurisdiction for purposes of this Part. |
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