---
kind: "section"
citation: "31 C.F.R. § 357.10"
title: "31"
number: "357.10"
heading: "Laws governing a Treasury book-entry security, TRADES, and security interests or entitlements."
url: "https://uscodex.org/cfr/31/357.10"
---

# §357.10. Laws governing a Treasury book-entry security, TRADES, and security interests or entitlements.

- (a) **What law governs the rights and obligations of the United States and the Federal Reserve Banks; and the rights of any Person against the United States and the Federal Reserve Banks?** Except as we provide in [paragraph (b)](#b) of this section, the following are governed solely by Treasury regulations, including the regulations of this part, the applicable offering circular (which is [31 CFR part 356](/cfr/31/part356.md), in the case of securities issued on and after March 1, 1993), the announcement of the offering, and Federal Reserve Bank Operating Circulars:
  - (1) The rights and obligations of the United States and the Federal Reserve Banks with respect to a Book-entry Security or Security Entitlement and the operation of TRADES, and
  - (2) The rights of any Person, including a Participant, against the United States and the Federal Reserve Banks with respect to a Book-entry Security or Security Entitlement and the operation of TRADES.
- (b) **What law governs security interests in Security Entitlements that are not recorded on a Federal Reserve Bank's books?** See the following table:
- (c) **What law governs if the jurisdiction in paragraph (b)(1) of this section did not adopt Revised Article 8, or Revised Article 8 as amended by Revised Article 9 (both incorporated by reference, see Sec. 357.2)?** The law specified in paragraph (b)(1) of this section shall be the law of that State as though that State adopted Revised Article 8.

## Notes

### Source

Source: 67 FR 7080, Feb. 15, 2002, unless otherwise noted.

### Authority

Authority: 31 U.S.C. chapter 31; 5 U.S.C. 301; 12 U.S.C. 391.

### Source

Source: 51 FR 18265, May 16, 1986, unless otherwise noted.