[§490:12-107] Governing law. (a) Except as provided in subsection (b), the local law of a controllable electronic record's jurisdiction shall govern a matter covered by this article.
(b) For a controllable electronic record that evidences a controllable account or controllable payment intangible, the local law of the controllable electronic record's jurisdiction shall govern a matter covered by section 490:12-106 unless an effective agreement determines that the local law of another jurisdiction shall govern.
(c) The following rules shall determine a controllable electronic record's jurisdiction under this section:
(d) If subsection (c)(5) applies and article 12 of the Uniform Commercial Code Amendments (2022) is not in effect in the District of Columbia without material modification, the governing law for a matter covered by this article shall be the law of the District of Columbia as though article 12 of the Uniform Commercial Code Amendments (2022) were in effect in the District of Columbia without material modification.
(e) To the extent subsections (a) and (b) provide that the local law of the controllable electronic record's jurisdiction governs a matter covered by this article, that law shall govern regardless of whether the matter or a transaction to which the matter relates does not bear any relation to the controllable electronic record's jurisdiction.
(f) The rights acquired under section 490:12-104 by a purchaser or qualifying purchaser shall be governed by the law applicable under this section at the time of purchase. [L 2023, c 132, pt of §1]