Registration In Beneficiary Form -- Applicable Law

(1) A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state: (a) of organization of the issuer or registering entity; (b) of the location of the registering entity's principal office; (c) of the office of its transfer agent or its office making the registration; or (d) listed as the owner's address at the time of registration. (2) A registration governed by the law of a jurisdiction in which this or similar legislation is not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law.