# 11 M.R.S. § 8-1110: 11 §8-1110. Applicability; choice of law > Maine · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1110 ## Section - **Citation:** 11 M.R.S. § 8-1110 - **Heading:** 11 §8-1110. Applicability; choice of law - **Jurisdiction:** Maine - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** ME Code / Title 11 / Chapter 8-A / Section 8-1110 ## Text (1). The local law of the issuer's jurisdiction, as specified in subsection (4) , governs: (a). The validity of a security; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The rights and duties of the issuer with respect to registration of transfer; [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). The effectiveness of registration of transfer by the issuer; [PL 1997, c. 429, Pt. B, §2 (NEW).] (d). Whether the issuer owes any duties to an adverse claimant to a security; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (e). 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. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).] (2). The local law of the securities intermediary's jurisdiction, as specified in subsection (5) , governs: (a). Acquisition of a security entitlement from the securities intermediary; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The rights and duties of the securities intermediary and entitlement holder arising out of a security entitlement; [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). Whether the securities intermediary owes any duties to an adverse claimant to a security entitlement; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (d). 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 in a security entitlement from an entitlement holder. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).] (3). 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. [PL 1997, c. 429, Pt. B, §2 (NEW).] (4). "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 (1), paragraphs (b) to (e) . [PL 1997, c. 429, Pt. B, §2 (NEW).] (5). The following rules determine a "securities intermediary's jurisdiction" for purposes of this section. (a). 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 Article or this Title, that jurisdiction is the securities intermediary's jurisdiction. [PL 1999, c. 699, Pt. B, §22 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] (a-1). If paragraph (a) 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. [PL 1999, c. 699, Pt. B, §22 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] (b). If neither paragraph (a) nor (a‑1) 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. [PL 1999, c. 699, Pt. B, §22 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] (c). If none of the preceding paragraphs apply, 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. [PL 1999, c. 699, Pt. B, §22 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] (d) ary's jurisdiction. [PL 1999, c. 699, Pt. B, §22 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] (c). If none of the preceding paragraphs apply, 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. [PL 1999, c. 699, Pt. B, §22 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] (d). If none of the preceding paragraphs apply, the securities intermediary's jurisdiction is the jurisdiction in which the chief executive office of the securities intermediary is located. [PL 1999, c. 699, Pt. B, §22 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] [PL 1999, c. 699, Pt. B, §22 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] (6). 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. [PL 1997, c. 429, Pt. B, §2 (NEW).] (7). The local law of the issuer's jurisdiction or the securities intermediary's jurisdiction governs a matter or transaction specified in subsection (1) or (2) even if the matter or transaction does not bear any relation to the jurisdiction. [PL 2023, c. 669, Pt. A, §63 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] ## Nearby sections - [11 M.R.S. § 8-1101 11 §8-1101. Short title](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1101.md) - [11 M.R.S. § 8-1102 11 §8-1102. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1102.md) - [11 M.R.S. § 8-1103 11 §8-1103. Rules for determining whether certain obligations and interests are securities or financial assets](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1103.md) - [11 M.R.S. § 8-1104 11 §8-1104. Acquisition of security or financial asset or interest in a security or financial asset](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1104.md) - [11 M.R.S. § 8-1105 11 §8-1105. Notice of adverse claim](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1105.md) - [11 M.R.S. § 8-1106 11 §8-1106. Control](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1106.md) - [11 M.R.S. § 8-1107 11 §8-1107. Whether indorsement, instruction or entitlement order is effective](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1107.md) - [11 M.R.S. § 8-1108 11 §8-1108. Warranties in direct holding](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1108.md) - [11 M.R.S. § 8-1109 11 §8-1109. Warranties in indirect holding](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1109.md) - [11 M.R.S. § 8-1110 11 §8-1110. Applicability; choice of law](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1110.md) - [11 M.R.S. § 8-1111 11 §8-1111. Clearing corporation rules](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1111.md) - [11 M.R.S. § 8-1112 11 §8-1112. Creditor's legal process](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1112.md) - [11 M.R.S. § 8-1113 11 §8-1113. Statute of frauds inapplicable](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1113.md) - [11 M.R.S. § 8-1114 11 §8-1114. Evidentiary rules concerning certificated securities](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1114.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1110. Check the current official text before relying on it. Not legal advice.