§490:8-110 Applicability; choice of law. (a) The local law of the issuer's jurisdiction, as specified in subsection (d), shall govern:
(b) The local law of the securities intermediary's jurisdiction, as specified in subsection (e), shall govern:
(c) The local law of the jurisdiction in which a security certificate is located at the time of delivery shall govern whether an adverse claim can be asserted against a person to whom the security certificate is delivered.
(d) "Issuer's jurisdiction" means the jurisdiction under which the issuer of the security is organized or, if permitted by the law of that jurisdiction, the law of another jurisdiction specified by the issuer. An issuer organized under the law of this State may specify the law of another jurisdiction as the law governing the matters specified in subsection (a)(2) to (5).
(e) The following rules determine a "securities intermediary's jurisdiction" for purposes of this section:
(f) A securities intermediary's jurisdiction shall not be determined by the physical location of certificates representing financial assets, or by the jurisdiction in which the issuer of the financial asset is organized with respect to which an entitlement holder has a security entitlement, or by the location of facilities for data processing or other recordkeeping concerning the account.
(g) The local law of the issuer's jurisdiction or the securities intermediary's jurisdiction shall govern a matter or transaction specified in subsection (a) or (b) regardless of whether the matter or transaction bears any relation to the jurisdiction. [L 1997, c 33, pt of §2; am L 2000, c 241, §24; am L 2023, c 132, §33]