property. 1. Governing law — general rules. Except as otherwise provided in subsection 3, the following rules apply: a. While a security certificate islocated 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. b. The local law of the issuer’s jurisdiction as specified in section 554.8110, subsection 4, governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in an uncertificated security. c. The local law of the securities intermediary’s jurisdiction as specified in section 554.8110, subsection 5, governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a security entitlement or securities account. d. 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. e. Paragraphs “b”, “c”, and “d” apply even ifthe transaction does not bear any relation to the jurisdiction. 2. Commodity intermediary’s jurisdiction. The following rules determine a commodity intermediary’s jurisdiction for purposes of this part: a. 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. b. If paragraph “a” 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 isthe commodity intermediary’s jurisdiction. c. If neither paragraph “a” nor paragraph “b” 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 isthe commodity intermediary’s jurisdiction. d. Ifnone of the preceding paragraphs applies, the commodity intermediary’s jurisdiction isthe jurisdiction in which the office identified in an account statement as the office serving the commodity customer’s account is located. e. Ifnone of the preceding paragraphs applies, the commodity intermediary’s jurisdiction isthe jurisdictionin whichthe chief executiveofficeofthe commodity intermediary is located. 3. When perfection governed by law of jurisdiction where debtor located. The local law of the jurisdiction in which the debtor is located governs: a. perfection of a security interest in investment property by filing; b. automatic perfection of a security interest in investment property created by a broker or securities intermediary; and c. automatic perfection of a security interest in a commodity contract or commodity account created by a commodity intermediary.
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