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Can you summarize MNST 336.8-110?
UNIFORM COMMERCIAL CODE > APPLICABILITY; CHOICE OF LAW.
Short Summary
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, specifically the Uniform Commercial Code, addresses the applicability and choice of law for different aspects related to securities and security entitlements. It establishes that the local law of the issuer’s jurisdiction governs the validity of a security, rights and duties of the issuer with respect to registration of transfer, effectiveness of registration of transfer, duties to an adverse claimant, and 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. The local law of the securities intermediary’s jurisdiction governs the acquisition of a security entitlement, rights and duties of the securities intermediary and entitlement holder, duties to an adverse claimant, and whether an adverse claim can be asserted against a person who acquires a security entitlement or interest therein. The jurisdiction in which a security certificate is located at the time of delivery determines whether an adverse claim can be asserted against the recipient. The document also provides rules to determine the securities intermediary’s jurisdiction based on agreements and office locations. Overall, this document sets the framework for the legal aspects surrounding securities and security entitlements in Minnesota.
Whom does it apply to?
Applies to issuers of securities, securities intermediaries, and persons involved in the transfer and acquisition of securities and security entitlements
What does it govern?
Governs the applicability and choice of law for various aspects related to securities and security entitlements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota