| Subsection (e) determines what is a "securities intermediary's |
jurisdiction." The policy of subsection (b) is to ensure that a |
securities intermediary and all of its entitlement holders can |
look to a single, readily-identifiable body of law to determine |
their rights and duties. Accordingly, subsection (e) sets out a |
sequential series of tests to facilitate identification of that |
body of law. Paragraph (1) of subsection (e) permits |
specification of the governing law securities intermediary's |
jurisdiction by agreement. In the absence of such a |
specification, the law chosen by the parties to govern the |
securities account determines the securities intermediary's |
jurisdiction.__See paragraph (2). Because the policy of this |
section is to enable parties to determine, in advance and with |
certainty, what law will apply to transactions governed by this |
Article, the validation of the parties' selection of governing |
law by agreement is not conditioned upon a determination that the |
jurisdiction whose law is chosen bear a "reasonable relation" to |
the transaction. See Section 4A-507; compare Section 1-105(1). |
That is also true with respect to the similar provisions in |
subsection (d) of this section and in Section 9103(6) 9-305 |
[Maine cite section 9-1305]. The remaining paragraphs in |
subsection (e) contain additional default rules for determining |
the securities intermediary's jurisdiction. |