Section 26-1-12-107 - Governing local law; determination of controllable electronic record's jurisdiction; law governing rights acquired by purchaser or qualifying purchaser(a) Except as provided in subsection (b), the local law of an electronic record's jurisdiction governs a matter covered by this chapter.(b) For a controllable electronic record that evidences a controllable account or a controllable payment intangible, the local law of the controllable electronic record's jurisdiction governs a matter covered by section 106 of this chapter 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 that is attached to or logically associated with the controllable electronic record and that is readily available for review, expressly provides that a particular jurisdiction is the controllable electronic record's jurisdiction for purposes of this chapter or IC 26-1, that jurisdiction is the controllable electronic record's jurisdiction.(2) If subdivision (1) 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 chapter or IC 26-1, that jurisdiction is the controllable electronic record's jurisdiction.(3) If subdivisions (1) and (2) do not apply, and the controllable electronic record, or a record that is attached to or logically associated with the controllable electronic record and that is 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 subdivisions (1) through (3) 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 subdivisions (1) through (4) do not apply, the controllable electronic record's jurisdiction is the District of Columbia.(d) If subsection (c)(5) applies and this chapter is not in effect in the District of Columbia without material modification, the governing law for a matter covered by this chapter is the law of the District of Columbia as though this chapter were in effect in the District of Columbia without material modification.(e) To the extent that subsections (a) and (b) provide that the local law of the controllable electronic record's jurisdiction governs a matter covered by this chapter, that law governs even if the matter or a transaction to which the matter relates does not bear any relation to the controllable record's jurisdiction.(f) The rights acquired under section 104 of this chapter by a purchaser or a qualifying purchaser are governed by the law applicable under this section at the time of purchase.Added by P.L. 199-2023,SEC. 90, eff. 7/1/2023.