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CCQ-1991 - Civil Code of Québec
Section 3108.8
Disposition versions
3108.8. The validity of a security encumbering a security or security entitlement to a financial asset, the publication of the encumbering security and the effects of publication are governed by the following laws, determined, with respect to the validity of the encumbering security, at the time of its creation:
(1) in the case of a certificated security, the law of the State in which the security certificate is located;
(2) in the case of an uncertificated security, the law governing the matters listed in article 3108.2 relating, among other things, to certain rights and duties of the issuer; and
(3) in the case of a security entitlement to a financial asset, the law governing acquisition of a security entitlement from a securities intermediary.
However, whether an encumbering security is published by registration and whether an encumbering security without delivery granted by a securities intermediary is considered to be published by the sole fact of its being granted are governed by the law of the State in which the grantor is domiciled.
3108.8. The validity of a security encumbering a security or security entitlement to a financial asset, the publication of the encumbering security and the effects of publication are governed by the following laws, determined, with respect to the validity of the encumbering security, at the time of its creation:
(1) in the case of a certificated security, the law of the country in which the security certificate is located;
(2) in the case of an uncertificated security, the law governing the matters listed in article 3108.2 relating, among other things, to certain rights and duties of the issuer; and
(3) in the case of a security entitlement to a financial asset, the law governing acquisition of a security entitlement from a securities intermediary.
However, whether an encumbering security is published by registration and whether an encumbering security without delivery granted by a securities intermediary is considered to be published by the sole fact of its being granted are governed by the law of the country in which the grantor is domiciled.
