§ 2-16-104 — Registration in beneficiary form; applicable law

A security may be registered in beneficiary form if the form is
authorized by this or a similar statute of the state of
organization of the issuer 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 similar
legislation 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.