§ 4-12-107 — Governing law

Colorado § 4-12-107

• Jurisdiction: Colorado
• Title 04: Uniform
• Art.: Controllable Electronic Records

Text

(a) Except as provided in subsection (b) of this
section, the local law of a controllable electronic record's jurisdiction governs a
matter covered by this article 12.

(b) For a controllable electronic record that evidences a controllable account
or controllable payment intangible, the local law of the controllable electronic
record's jurisdiction governs a matter covered by section 4-12-106 unless an
effective agreement determines that the local law of another jurisdiction governs.

(c) The following rules determine a controllable electronic record's
jurisdiction under this section:

(1) If the controllable electronic record, or a record attached to or logically
associated with the controllable electronic record and readily available for review,
expressly provides that a particular jurisdiction is the controllable electronic
record's jurisdiction for purposes of this article 12 or this title 4, that jurisdiction is
the controllable electronic record's jurisdiction.

(2) If subsection (c)(1) of this section does not apply and the rules of the
system in which the controllable electronic record is recorded are readily available
for review and expressly provide that a particular jurisdiction is the controllable
electronic record's jurisdiction for purposes of this article 12 or this title 4, that
jurisdiction is the controllable electronic record's jurisdiction.

(3) If subsections (c)(1) and (c)(2) of this section do not apply and the
controllable electronic record, or a record attached to or logically associated with
the controllable electronic record and readily available for review, expressly
provides that the controllable electronic record is governed by the law of a
particular jurisdiction, that jurisdiction is the controllable electronic record's
jurisdiction.

(4) If subsections (c)(1), (c)(2), and (c)(3) of this section do not apply and the
rules of the system in which the controllable electronic record is recorded are
readily available for review and expressly provide that the controllable electronic
record or the system is governed by the law of a particular jurisdiction, that
jurisdiction is the controllable electronic record's jurisdiction.

(5) If subsections (c)(1) to (c)(4) of this section do not apply, the controllable
electronic record's jurisdiction is the District of Columbia.

(d) If subsection (c)(5) of this section applies and this article 12 is not in
effect in the District of Columbia without material modification, the governing law
for a matter covered by this article 12 is the law of the District of Columbia as
though this article 12 were in effect in the District of Columbia without material
modification. In this subsection (d), article 12 means article 12 of the Uniform
Commercial Code.

(e) To the extent subsections (a) and (b) of this section provide that the local
law of the controllable electronic record's jurisdiction governs a matter covered by
this article 12, that law governs even if the matter or a transaction to which the
matter relates does not bear any relation to the controllable electronic record's
jurisdiction.

(f) The rights acquired under section 4-12-104 by a purchaser or qualifying
purchaser are governed by the law applicable under this section at the time of
purchase.

Legislative History

Source: L. 2023: Entire section added, (SB 23-090), ch. 136, p. 569, � 89, effective August 7.