{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.8A-110.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.8A-110.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.8A-110.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.8A-110.html"}],"law_id":85684,"edition_id":1,"section_id":85684,"structure_id":13565,"section_number":"8.8A-110","catch_line":"Applicability; choice of law","history":"1996, c. 216; 2000, c. 1007; 2024, c. 652.","full_text":"a\n\nThe local law of the issuer’s jurisdiction, as specified in subsection (d), governs:1\n\nthe validity of a security;2\n\nthe rights and duties of the issuer with respect to registration of transfer;3\n\nthe effectiveness of registration of transfer by the issuer;4\n\nwhether the issuer owes any duties to an adverse claimant to a security; and5\n\nwhether an adverse claim can be asserted against a person to whom transfer of a certificated or uncertificated security is registered or a person who obtains control of an uncertificated security.b\n\nThe local law of the securities intermediary’s jurisdiction, as specified in subsection (e), governs:1\n\nacquisition of a security entitlement from the securities intermediary;2\n\nthe rights and duties of the securities intermediary and entitlement holder arising out of a security entitlement;3\n\nwhether the securities intermediary owes any duties to an adverse claimant to a security entitlement; and4\n\nwhether an adverse claim can be asserted against a person who acquires a security entitlement from the securities intermediary or a person who purchases a security entitlement or interest therein from an entitlement holder.c\n\nThe local law of the jurisdiction in which a security certificate is located at the time of delivery governs whether an adverse claim can be asserted against a person to whom the security certificate is delivered.d\n\n“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) through (5).e\n\nThe following rules determine a “securities intermediary’s jurisdiction” for purposes of this section:1\n\nIf an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that a particular jurisdiction is the securities intermediary’s jurisdiction for purposes of this part, this title or the Uniform Commercial Code, that jurisdiction is the securities intermediary’s jurisdiction.2\n\nIf paragraph (1) does not apply and an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the securities intermediary’s jurisdiction.3\n\nIf neither paragraph (1) nor paragraph (2) applies and an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that the securities account is maintained at an office in a particular jurisdiction, that jurisdiction is the securities intermediary’s jurisdiction.4\n\nIf none of the preceding paragraphs applies, the securities intermediary’s jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the entitlement holder’s account is located.5\n\nIf none of the preceding paragraphs applies the securities intermediary’s jurisdiction is the jurisdiction in which the chief executive office of the securities intermediary is located.f\n\nA securities intermediary’s jurisdiction is not determined by the physical location of certificates representing financial assets, or by the jurisdiction in which is organized the issuer of the financial asset with respect to which an entitlement holder has a security entitlement, or by the location of facilities for data processing or other record keeping concerning the account.g\n\nThe local law of the issuer’s jurisdiction or the securities intermediary’s jurisdiction governs a matter or transaction specified in subsection (a) or (b) even if the matter or transaction does not bear any relation to the jurisdiction.","order_by":null,"text":{"0":{"id":306881,"text":"The local law of the issuer’s jurisdiction, as specified in subsection (d), governs:","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"a1"},"1":{"id":306882,"text":"the validity of a security;","type":"section","prefixes":["a","1"],"prefix":"1","entire_prefix":"a1","prefix_anchor":"a1","level":2,"prior_prefix":"a","next_prefix":"a2"},"2":{"id":306883,"text":"the rights and duties of the issuer with respect to registration of transfer;","type":"section","prefixes":["a","2"],"prefix":"2","entire_prefix":"a2","prefix_anchor":"a2","level":2,"prior_prefix":"a1","next_prefix":"a3"},"3":{"id":306884,"text":"the effectiveness of registration of transfer by the issuer;","type":"section","prefixes":["a","3"],"prefix":"3","entire_prefix":"a3","prefix_anchor":"a3","level":2,"prior_prefix":"a2","next_prefix":"a4"},"4":{"id":306885,"text":"whether the issuer owes any duties to an adverse claimant to a security; and","type":"section","prefixes":["a","4"],"prefix":"4","entire_prefix":"a4","prefix_anchor":"a4","level":2,"prior_prefix":"a3","next_prefix":"a5"},"5":{"id":306886,"text":"whether an adverse claim can be asserted against a person to whom transfer of a certificated or uncertificated security is registered or a person who obtains control of an uncertificated security.","type":"section","prefixes":["a","5"],"prefix":"5","entire_prefix":"a5","prefix_anchor":"a5","level":2,"prior_prefix":"a4","next_prefix":"b"},"6":{"id":306887,"text":"The local law of the securities intermediary’s jurisdiction, as specified in subsection (e), governs:","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a5","next_prefix":"b1"},"7":{"id":306888,"text":"acquisition of a security entitlement from the securities intermediary;","type":"section","prefixes":["b","1"],"prefix":"1","entire_prefix":"b1","prefix_anchor":"b1","level":2,"prior_prefix":"b","next_prefix":"b2"},"8":{"id":306889,"text":"the rights and duties of the securities intermediary and entitlement holder arising out of a security entitlement;","type":"section","prefixes":["b","2"],"prefix":"2","entire_prefix":"b2","prefix_anchor":"b2","level":2,"prior_prefix":"b1","next_prefix":"b3"},"9":{"id":306890,"text":"whether the securities intermediary owes any duties to an adverse claimant to a security entitlement; and","type":"section","prefixes":["b","3"],"prefix":"3","entire_prefix":"b3","prefix_anchor":"b3","level":2,"prior_prefix":"b2","next_prefix":"b4"},"10":{"id":306891,"text":"whether an adverse claim can be asserted against a person who acquires a security entitlement from the securities intermediary or a person who purchases a security entitlement or interest therein from an entitlement holder.","type":"section","prefixes":["b","4"],"prefix":"4","entire_prefix":"b4","prefix_anchor":"b4","level":2,"prior_prefix":"b3","next_prefix":"c"},"11":{"id":306892,"text":"The local law of the jurisdiction in which a security certificate is located at the time of delivery governs whether an adverse claim can be asserted against a person to whom the security certificate is delivered.","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b4","next_prefix":"d"},"12":{"id":306893,"text":"“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) through (5).","type":"section","prefixes":["d"],"prefix":"d","entire_prefix":"d","prefix_anchor":"d","level":1,"prior_prefix":"c","next_prefix":"e"},"13":{"id":306894,"text":"The following rules determine a “securities intermediary’s jurisdiction” for purposes of this section:","type":"section","prefixes":["e"],"prefix":"e","entire_prefix":"e","prefix_anchor":"e","level":1,"prior_prefix":"d","next_prefix":"e1"},"14":{"id":306895,"text":"If an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that a particular jurisdiction is the securities intermediary’s jurisdiction for purposes of this part, this title or the Uniform Commercial Code, that jurisdiction is the securities intermediary’s jurisdiction.","type":"section","prefixes":["e","1"],"prefix":"1","entire_prefix":"e1","prefix_anchor":"e1","level":2,"prior_prefix":"e","next_prefix":"e2"},"15":{"id":306896,"text":"If paragraph (1) does not apply and an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the securities intermediary’s jurisdiction.","type":"section","prefixes":["e","2"],"prefix":"2","entire_prefix":"e2","prefix_anchor":"e2","level":2,"prior_prefix":"e1","next_prefix":"e3"},"16":{"id":306897,"text":"If neither paragraph (1) nor paragraph (2) applies and an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that the securities account is maintained at an office in a particular jurisdiction, that jurisdiction is the securities intermediary’s jurisdiction.","type":"section","prefixes":["e","3"],"prefix":"3","entire_prefix":"e3","prefix_anchor":"e3","level":2,"prior_prefix":"e2","next_prefix":"e4"},"17":{"id":306898,"text":"If none of the preceding paragraphs applies, the securities intermediary’s jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the entitlement holder’s account is located.","type":"section","prefixes":["e","4"],"prefix":"4","entire_prefix":"e4","prefix_anchor":"e4","level":2,"prior_prefix":"e3","next_prefix":"e5"},"18":{"id":306899,"text":"If none of the preceding paragraphs applies the securities intermediary’s jurisdiction is the jurisdiction in which the chief executive office of the securities intermediary is located.","type":"section","prefixes":["e","5"],"prefix":"5","entire_prefix":"e5","prefix_anchor":"e5","level":2,"prior_prefix":"e4","next_prefix":"f"},"19":{"id":306900,"text":"A securities intermediary’s jurisdiction is not determined by the physical location of certificates representing financial assets, or by the jurisdiction in which is organized the issuer of the financial asset with respect to which an entitlement holder has a security entitlement, or by the location of facilities for data processing or other record keeping concerning the account.","type":"section","prefixes":["f"],"prefix":"f","entire_prefix":"f","prefix_anchor":"f","level":1,"prior_prefix":"e5","next_prefix":"g"},"20":{"id":306901,"text":"The local law of the issuer’s jurisdiction or the securities intermediary’s jurisdiction governs a matter or transaction specified in subsection (a) or (b) even if the matter or transaction does not bear any relation to the jurisdiction.","type":"section","prefixes":["g"],"prefix":"g","entire_prefix":"g","prefix_anchor":"g","level":1,"prior_prefix":"f"}},"ancestry":[{"id":13565,"edition_id":1,"name":"Short Title and General Matters","identifier":"1","label":"part","depth":2,"order_by":1,"parent_id":13421,"metadata":{},"date_created":"2026-06-26 03:45:16","date_modified":"2026-06-26 03:45:16","permalink":{"id":283613,"object_type":"structure","relational_id":13565,"identifier":"1","token":"8.8A\/1","url":"\/8.8A\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13421,"edition_id":1,"name":"Commercial Code \u2014 Investment Securities","identifier":"8.8A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:52","date_modified":"2026-06-26 03:44:52","permalink":{"id":283611,"object_type":"structure","relational_id":13421,"identifier":"8.8A","token":"8.8A","url":"\/8.8A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":75292,"structure_id":13565,"section_number":"8.8A-101","catch_line":"Short title","url":"\/8.8A-101\/","token":"8.8A\/1\/8.8A-101","metadata":false},{"id":69812,"structure_id":13565,"section_number":"8.8A-102","catch_line":"Definitions","url":"\/8.8A-102\/","token":"8.8A\/1\/8.8A-102","metadata":false},{"id":67422,"structure_id":13565,"section_number":"8.8A-103","catch_line":"Rules for determining whether certain obligations and interests are securities or financial assets","url":"\/8.8A-103\/","token":"8.8A\/1\/8.8A-103","metadata":false},{"id":62182,"structure_id":13565,"section_number":"8.8A-104","catch_line":"Acquisition of security or financial asset or interest therein","url":"\/8.8A-104\/","token":"8.8A\/1\/8.8A-104","metadata":false},{"id":86946,"structure_id":13565,"section_number":"8.8A-105","catch_line":"Notice of adverse claim","url":"\/8.8A-105\/","token":"8.8A\/1\/8.8A-105","metadata":false},{"id":84402,"structure_id":13565,"section_number":"8.8A-106","catch_line":"Control","url":"\/8.8A-106\/","token":"8.8A\/1\/8.8A-106","metadata":false},{"id":82156,"structure_id":13565,"section_number":"8.8A-107","catch_line":"Whether endorsement, instruction or entitlement order is effective","url":"\/8.8A-107\/","token":"8.8A\/1\/8.8A-107","metadata":false},{"id":80523,"structure_id":13565,"section_number":"8.8A-108","catch_line":"Warranties in direct holding","url":"\/8.8A-108\/","token":"8.8A\/1\/8.8A-108","metadata":false},{"id":78166,"structure_id":13565,"section_number":"8.8A-109","catch_line":"Warranties in indirect holding","url":"\/8.8A-109\/","token":"8.8A\/1\/8.8A-109","metadata":false},{"id":85684,"structure_id":13565,"section_number":"8.8A-110","catch_line":"Applicability; choice of law","url":"\/8.8A-110\/","token":"8.8A\/1\/8.8A-110","metadata":false},{"id":61236,"structure_id":13565,"section_number":"8.8A-111","catch_line":"Clearing corporation rules","url":"\/8.8A-111\/","token":"8.8A\/1\/8.8A-111","metadata":false},{"id":60657,"structure_id":13565,"section_number":"8.8A-112","catch_line":"Creditor's legal process","url":"\/8.8A-112\/","token":"8.8A\/1\/8.8A-112","metadata":false},{"id":54527,"structure_id":13565,"section_number":"8.8A-113","catch_line":"Statute of frauds inapplicable","url":"\/8.8A-113\/","token":"8.8A\/1\/8.8A-113","metadata":false},{"id":59666,"structure_id":13565,"section_number":"8.8A-114","catch_line":"Evidentiary rules concerning certificated securities","url":"\/8.8A-114\/","token":"8.8A\/1\/8.8A-114","metadata":false},{"id":86183,"structure_id":13565,"section_number":"8.8A-115","catch_line":"Securities intermediary and others not liable to adverse claimant","url":"\/8.8A-115\/","token":"8.8A\/1\/8.8A-115","metadata":false},{"id":60165,"structure_id":13565,"section_number":"8.8A-116","catch_line":"Securities intermediary as purchaser for value","url":"\/8.8A-116\/","token":"8.8A\/1\/8.8A-116","metadata":false}],"previous_section":{"id":78166,"structure_id":13565,"section_number":"8.8A-109","catch_line":"Warranties in indirect holding","url":"\/8.8A-109\/","token":"8.8A\/1\/8.8A-109","metadata":false},"next_section":{"id":61236,"structure_id":13565,"section_number":"8.8A-111","catch_line":"Clearing corporation rules","url":"\/8.8A-111\/","token":"8.8A\/1\/8.8A-111","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.8A-110\/","history_text":"

This law was first created in 1996. The record of its establishment is cataloged in chapter 216<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2000, chapter 1007<\/a>; in 2024, chapter 652<\/a>.<\/p>","references":[{"id":58892,"section_number":"8.1A-301","catch_line":"Territorial applicability; parties' power to choose applicable law","order_by":null,"url":"\/8.1A-301\/"},{"id":79061,"section_number":"8.9A-305","catch_line":"Law governing perfection and priority of security interests in investment property","order_by":null,"url":"\/8.9A-305\/"}],"refers_to":false,"permalink":{"id":283651,"object_type":"law","relational_id":85684,"identifier":"8.8A-110","token":"8.8A\/1\/8.8A-110","url":"\/8.8A-110\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.8A-110\/","token":"8.8A\/1\/8.8A-110","dublin_core":{"Title":"Applicability; choice of law","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.8A-110","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> The local law<\/span> of the issuer’s jurisdiction<\/span>, as specified in subsection (d), governs: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> the validity of a security; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> the rights and duties of the issuer with respect to registration of transfer; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> the effectiveness of registration of transfer by the issuer; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> whether the issuer owes any duties to an adverse claimant to a security; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> whether an adverse claim can be asserted against a person to whom transfer of a certificated or uncertificated security is registered or a person who obtains control of an uncertificated security. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> The local law<\/span> of the securities intermediary’s jurisdiction<\/span>, as specified in subsection (e), governs: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> acquisition of a security entitlement from the securities intermediary; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> the rights and duties of the securities intermediary and entitlement holder arising out of a security entitlement; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> whether the securities intermediary owes any duties to an adverse claimant to a security entitlement; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> whether an adverse claim can be asserted against a person who acquires a security entitlement from the securities intermediary or a person who purchases a security entitlement or interest therein from an entitlement holder. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> The local law<\/span> of the jurisdiction<\/span> in which a security certificate is located at the time of delivery governs whether an adverse claim can be asserted against a person to whom the security certificate is delivered. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

d.<\/span> “Issuer’s jurisdiction<\/span>” means the jurisdiction<\/span> under which the issuer of the security is organized or, if permitted by the law<\/span> of that jurisdiction<\/span>, the law<\/span> of another jurisdiction<\/span> specified by the issuer. An issuer organized under the law<\/span> of this state may specify the law<\/span> of another jurisdiction<\/span> as the law<\/span> governing the matters specified in subsection (a) (2) through (5). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

e.<\/span> The following rules determine a “securities intermediary’s jurisdiction<\/span>” for purposes of this section: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> If an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that a particular jurisdiction<\/span> is the securities intermediary’s jurisdiction<\/span> for purposes of this part, this title or the Uniform Commercial Code, that jurisdiction<\/span> is the securities intermediary’s jurisdiction<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> If paragraph (1) does not apply and an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that the agreement is governed by the law<\/span> of a particular jurisdiction<\/span>, that jurisdiction<\/span> is the securities intermediary’s jurisdiction<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> If neither paragraph (1) nor paragraph (2) applies and an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that the securities account is maintained at an office in a particular jurisdiction<\/span>, that jurisdiction<\/span> is the securities intermediary’s jurisdiction<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> If none of the preceding paragraphs applies, the securities intermediary’s jurisdiction<\/span> is the jurisdiction<\/span> in which the office identified in an account statement as the office serving the entitlement holder’s account is located. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> If none of the preceding paragraphs applies the securities intermediary’s jurisdiction<\/span> is the jurisdiction<\/span> in which the chief executive office of the securities intermediary is located. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

f.<\/span> A securities intermediary’s jurisdiction<\/span> is not determined by the physical location of certificates representing financial assets<\/span>, or by the jurisdiction<\/span> in which is organized the issuer of the financial asset with respect to which an entitlement holder has a security entitlement, or by the location of facilities for data processing or other record keeping concerning the account. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

g.<\/span> The local law<\/span> of the issuer’s jurisdiction<\/span> or the securities intermediary’s jurisdiction<\/span> governs a matter or transaction specified in subsection (a) or (b) even if the matter or transaction does not bear any relation to the jurisdiction<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAPPLICABILITY; CHOICE OF LAW (\u00a7 8.8A-110)\n\na. The local law of the issuer’s jurisdiction, as specified in subsection\n(d), governs:\n\n 1. the validity of a security;\n\n 2. the rights and duties of the issuer with respect to registration of\n transfer;\n\n 3. the effectiveness of registration of transfer by the issuer;\n\n 4. whether the issuer owes any duties to an adverse claimant to a security;\n and\n\n 5. whether an adverse claim can be asserted against a person to whom transfer\n of a certificated or uncertificated security is registered or a person who\n obtains control of an uncertificated security.\n\nb. The local law of the securities intermediary’s jurisdiction, as\nspecified in subsection (e), governs:\n\n 1. acquisition of a security entitlement from the securities intermediary;\n\n 2. the rights and duties of the securities intermediary and entitlement holder\n arising out of a security entitlement;\n\n 3. whether the securities intermediary owes any duties to an adverse claimant\n to a security entitlement; and\n\n 4. whether an adverse claim can be asserted against a person who acquires a\n security entitlement from the securities intermediary or a person who\n purchases a security entitlement or interest therein from an entitlement\n holder.\n\nc. The local law of the jurisdiction in which a security certificate is located\nat the time of delivery governs whether an adverse claim can be asserted against\na person to whom the security certificate is delivered.\n\nd. “Issuer’s jurisdiction” means the jurisdiction under which\nthe issuer of the security is organized or, if permitted by the law of that\njurisdiction, the law of another jurisdiction specified by the issuer. An issuer\norganized under the law of this state may specify the law of another\njurisdiction as the law governing the matters specified in subsection (a) (2)\nthrough (5).\n\ne. The following rules determine a “securities intermediary’s\njurisdiction” for purposes of this section:\n\n 1. If an agreement between the securities intermediary and its entitlement\n holder governing the securities account expressly provides that a particular\n jurisdiction is the securities intermediary’s jurisdiction for purposes\n of this part, this title or the Uniform Commercial Code, that jurisdiction is\n the securities intermediary’s jurisdiction.\n\n 2. If paragraph (1) does not apply and an agreement between the securities\n intermediary and its entitlement holder governing the securities account\n expressly provides that the agreement is governed by the law of a particular\n jurisdiction, that jurisdiction is the securities intermediary’s\n jurisdiction.\n\n 3. If neither paragraph (1) nor paragraph (2) applies and an agreement between\n the securities intermediary and its entitlement holder governing the\n securities account expressly provides that the securities account is\n maintained at an office in a particular jurisdiction, that jurisdiction is the\n securities intermediary’s jurisdiction.\n\n 4. If none of the preceding paragraphs applies, the securities\n intermediary’s jurisdiction is the jurisdiction in which the office\n identified in an account statement as the office serving the entitlement\n holder’s account is located.\n\n 5. If none of the preceding paragraphs applies the securities\n intermediary’s jurisdiction is the jurisdiction in which the chief\n executive office of the securities intermediary is located.\n\nf. A securities intermediary’s jurisdiction is not determined by the\nphysical location of certificates representing financial assets, or by the\njurisdiction in which is organized the issuer of the financial asset with\nrespect to which an entitlement holder has a security entitlement, or by the\nlocation of facilities for data processing or other record keeping concerning\nthe account.\n\ng. The local law of the issuer’s jurisdiction or the securities\nintermediary’s jurisdiction governs a matter or transaction specified in\nsubsection (a) or (b) even if the matter or transaction does not bear any\nrelation to the jurisdiction.\n\nHISTORY: 1996, c. 216; 2000, c. 1007; 2024, c. 652.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}