§ 13-4.3 Applicable law

A security may be registered in beneficiary form if the form is
authorized by this or a similar law of the state of organization of the
issue or registering entity, the location of the registering entity's
principal office, the office of its transfer agent or its office making
the registration, or by this or a similar statute of the law of the
state listed as the owner's address at the time of registration. A
registration governed by the law of a jurisdiction in which this or a
similar law is not in force or was not in force when a registration in
beneficiary form was made is nevertheless presumed to be valid and
authorized as a matter of contract law.