# 31 C.F.R. § 354.2 (2026): Law governing rights and obligations of Federal Reserve Banks, and Sallie Mae; rights of any Person against Federal Reserve Banks and Sallie Mae

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/CFR_T31_P354_S354_2

## Section

- **Citation:** 31 C.F.R. § 354.2 (2026)
- **Heading:** Law governing rights and obligations of Federal Reserve Banks, and Sallie Mae; rights of any Person against Federal Reserve Banks and Sallie Mae
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Title 31 CFR: Money and Finance: Treasury / Chapter II: FISCAL SERVICE, DEPARTMENT OF THE TREASURY / Part 354: REGULATIONS GOVERNING BOOK-ENTRY SECURITIES OF THE STUDENT LOAN MARKETING ASSOCIATION (SALLIE MAE) / § 354.2: § 354.2   Law governing rights and obligations of Federal Reserve Banks, and Sallie Mae › rights of any Person against Federal Reserve Banks and Sallie Mae.

## Text

(a) Except as provided in paragraph (b) of this section, the following are governed solely by the book-entry regulations contained in this part 354, the Securities Documentation (to the extent not inconsistent with these regulations) and Federal Reserve Bank Operating Circulars:
(1) The rights and obligations of Sallie Mae and the Federal Reserve Banks with respect to:
(i) A Book-entry Sallie Mae Security or Security Entitlement; and
(ii) The operation of the Book-entry System as it applies to Sallie Mae Securities; and
(2) The rights of any Person, including a Participant, against Sallie Mae and the Federal Reserve Banks with respect to:
(i) A Book-entry Sallie Mae Security or Security Entitlement; and
(ii) The operation of the Book-entry System as it applies to Sallie Mae Securities.
(b) A security interest in a Security Entitlement that is in favor of a Federal Reserve Bank from a Participant and that is not recorded on the books of a Federal Reserve Bank pursuant to § 354.4(c)(1), is governed by the law (not including the conflict-of-law rules) of the jurisdiction where the head office of the Federal Reserve Bank maintaining the Participant's Securities Account is located. A security interest in a Security Entitlement that is in favor of a Federal Reserve Bank from a Person that is not a Participant, and that is not recorded on the books of a Federal Reserve Bank pursuant to § 354.14(c)(1), is governed by the law determined in the manner specified in § 354.3.
(c) If the jurisdiction specified in the first sentence of paragraph (b) of this section is a State that has not adopted Revised Article 8 (incorporated by reference, see § 354.1), then the law specified in paragraph (b) shall be the law of that State as though Revised Article 8 had been adopted by that State.

## Nearby sections

- [31 C.F.R. § 354.0 (2026) § 354.0   Applicability; maintenance of Sallie Mae Securities.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P354_S354_0.md)
- [31 C.F.R. § 354.1 (2026) § 354.1   Definitions of terms.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P354_S354_1.md)
- [31 C.F.R. § 354.2 (2026) § 354.2   Law governing rights and obligations of Federal Reserve Banks, and Sallie Mae; rights of any Person against Federal Reserve Banks and Sallie Mae.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P354_S354_2.md)
- [31 C.F.R. § 354.3 (2026) § 354.3   Law governing other interests.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P354_S354_3.md)
- [31 C.F.R. § 354.4 (2026) § 354.4   Creation of Participant's Security Entitlement; security interests.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P354_S354_4.md)
- [31 C.F.R. § 354.5 (2026) § 354.5   Obligations of Sallie Mae; no adverse claims.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P354_S354_5.md)
- [31 C.F.R. § 354.6 (2026) § 354.6   Authority of Federal Reserve Banks.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P354_S354_6.md)
- [31 C.F.R. § 354.7 (2026) § 354.7   Withdrawal of eligible Book-entry Sallie Mae Securities for conversion to definitive form.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P354_S354_7.md)
- [31 C.F.R. § 354.8 (2026) § 354.8   Waiver of regulations.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P354_S354_8.md)
- [31 C.F.R. § 354.9 (2026) § 354.9   Liability of Sallie Mae and Federal Reserve Banks.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P354_S354_9.md)
- [31 C.F.R. § 354.10 (2026) § 354.10   Additional provisions.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P354_S354_10.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/CFR_T31_P354_S354_2. Check the current official text before relying on it. Not legal advice.