---
kind: "section"
citation: "31 C.F.R. § 357.11"
title: "31"
number: "357.11"
heading: "Laws governing other interests in Treasury securities."
url: "https://uscodex.org/cfr/31/357.11"
---

# §357.11. Laws governing other interests in Treasury securities.

- (a) **What does the law (not including the conflict-of-law rules) of a Securities Intermediary's jurisdiction govern?** To the extent not inconsistent with these regulations, the law (not including the conflict-of-law rules) of a Security Intermediary's jurisdiction governs the following:
  - (1) When a Person acquires a Security Entitlement from the Securities Intermediary;
  - (2) The rights and duties of the Securities Intermediary and Entitlement Holder that arise out of a Security Entitlement;
  - (3) Whether the Securities Intermediary owes any duties to an adverse claimant to a Security Entitlement;
  - (4) Whether a Person may assert an Adverse Claim against a Person who acquires a Security Entitlement from the Securities Intermediary or against a Person who purchases a Security Entitlement or interest therein from an Entitlement Holder; and
  - (5) The perfection, effect of perfection or non-perfection and priority of a security interest in a Security Entitlement (except as otherwise provided in [paragraph (c)](#c) of this section).
- (b) **What is the “Securities Intermediary's jurisdiction” for purposes of this section?** See the following table:
- (c) **What law governs the perfection of a security interest automatically or by filing?** The law (but not the conflict-of-law rules) of the jurisdiction in which the Person creating a security interest is located governs whether and how the security interest may be perfected automatically or by filing a financing statement. (This is despite the general rule in (a)(5) of this section).
- (d) **Where is a Person located, for purposes of paragraph (c) of this section?** A Person's location is determined under state law, including Revised Article 9 (incorporated by reference, see [§ 357.2](/cfr/31/357.2.md)), as it may be amended from time to time.
- (e) **What law governs if the jurisdiction in table (b) of this section did not adopt Revised Article 8 or Revised Article 8 as amended by Revised Article 9 (both incorporated by reference, see § 357.2)?** The law for the matters specified in [paragraph (a)](#a) of this section shall be the law of that State as though the State adopted Revised Article 8.
- (f) **What other rules apply?** For purposes of the matters specified in [paragraph (a)](#a) of this section, the Federal Reserve Bank maintaining the Securities Account is a clearing corporation and the Participant's interest in a Book-entry Security is a Security Entitlement.

## 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.