Example 2: A customer residing in New Jersey maintains a securities account with Able & Co. The agreement between the customer and Able specifies that it is governed by Pennsylvania law. Through the account the customer holds securities of a Massachusetts corporation, which Able holds through a clearing corporation located in New York. The customer obtains a loan from a lender located in Illinois. The lender takes a security interest and perfects by obtaining an agreement among the debtor, itself, and Able, which satisfies the requirement of Section 8- 106(d)(2) to give the lender control. Subsection (a)(3) [Maine cite subsection (1), paragraph (c)] provides that Pennsylvania law--the law of the securities intermediary's jurisdiction-- governs perfection and priority of the security interest, even if Pennsylvania has no other relationship to the parties or the transaction.

Example 3: A customer residing in New Jersey maintains a securities account with Able & Co. The agreement between the customer and Able specifies that it is governed by Pennsylvania law. Through the account, the customer holds securities of a Massachusetts corporation, which Able holds through a clearing corporation located in New York. The customer borrows from SP-1, and SP-1 files a financing statement in New Jersey. Later, the customer obtains a loan from SP-2. SP-2 takes a security interest and perfects by obtaining an agreement among the debtor, itself, and Able, which satisfies the requirement of Section 8- 106(d)(2) to give the SP-2 control. Subsection (c) [Maine cite subsection (3)] provides that perfection of SP-1's security interest by filing is governed by the location of the debtor, so the filing in New Jersey was appropriate. Subsection (a)(3) [Maine cite subsection (1), paragraph (c)], however, provides that Pennsylvania law--the law of the securities intermediary's jurisdiction--governs all other questions of perfection and priority. Thus, Pennsylvania law governs perfection of SP-2's