Idaho State Statutes - Idaho Attorney Directory

LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN
INVESTMENT PROPERTY. (a) Except as otherwise provided in subsection (c) of
this section, 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
28-8-110(4) 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 28-8-110(5) 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) 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 chapter, or the uniform commercial code, that
jurisdiction is the commodity intermediary's jurisdiction.
(2) If paragraph (1) of this subsection 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 (2) of this subsection 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 apply, 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 apply, the commodity
intermediary's jurisdiction is the jurisdiction in which the chief
executive office of the commodity intermediary is located.
(c) 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.

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