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336.9-305 MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-305 LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY
INTERESTS IN INVESTMENT PROPERTY.
(a) Governing law: general rules. Except as otherwise provided in subsection (c), the
following rules apply:
(1) While a security certificate is located in a jurisdiction, the local law of that jurisdiction
governs perfection, the effect of perfection or nonperfection, and the priority of a security interest
in the certificated security represented thereby.
(2) The local law of the issuer's jurisdiction as specified in section 336.8-110(d), governs
perfection, the effect of perfection or nonperfection, and the priority of a security interest in
an uncertificated security.
(3) The local law of the securities intermediary's jurisdiction as specified in section
336.8-110(e), governs perfection, the effect of perfection or nonperfection, and the priority of a
security interest in a security entitlement or securities account.
(4) The local law of the commodity intermediary's jurisdiction governs perfection, the effect
of perfection or nonperfection, and the priority of a security interest in a commodity contract or
commodity account.
(b) Commodity intermediary's jurisdiction. The following rules determine a commodity
intermediary's jurisdiction for purposes of this part:
(1) If an agreement between the commodity intermediary and commodity customer
governing the commodity account expressly provides that a particular jurisdiction is the
commodity intermediary's jurisdiction for purposes of this part, this article, or this chapter, that
jurisdiction is the commodity intermediary's jurisdiction.
(2) If paragraph (1) does not apply and an agreement between the commodity intermediary
and commodity customer governing the commodity account expressly provides that the
agreement is governed by the law of a particular jurisdiction, that jurisdiction is the commodity
intermediary's jurisdiction.
(3) If neither paragraph (1) nor paragraph (2) applies and an agreement between the
commodity intermediary and commodity customer governing the commodity account expressly
provides that the commodity account is maintained at an office in a particular jurisdiction, that
jurisdiction is the commodity intermediary's jurisdiction.
(4) If none of the preceding paragraphs applies, the commodity intermediary's jurisdiction
is the jurisdiction in which the office identified in an account statement as the office serving
the commodity customer's account is located.
(5) If none of the preceding paragraphs applies, the commodity intermediary's jurisdiction is
the jurisdiction in which the chief executive office of the commodity intermediary is located.
(c) When perfection governed by law of jurisdiction where debtor located. The local
law of the jurisdiction in which the debtor is located governs:
(1) perfection of a security interest in investment property by filing;
(2) automatic perfection of a security interest in investment property created by a broker or
securities intermediary; and
(3) automatic perfection of a security interest in a commodity contract or commodity account
created by a commodity intermediary.
History: 2000 c 399 art 1 s 25

Official Publication of the State of Minnesota
Revisor of Statutes