Section 9--304. Law Governing Perfection and Priority of Security

Interests in Deposit Accounts.

(a) Law of bank's jurisdiction governs. The local law of a bank's
jurisdiction governs perfection, the effect of perfection or
nonperfection, and the priority of a security interest in a deposit
account maintained with that bank.

(b) Bank's jurisdiction. The following rules determine a bank's
jurisdiction for purposes of this part:

(1) If an agreement between the bank and its customer governing

the deposit account expressly provides that a particular

jurisdiction is the bank's jurisdiction for purposes of this

part, this article, or this chapter, that jurisdiction is the

bank's jurisdiction.

(2) If paragraph (1) does not apply and an agreement between the

bank and its customer governing the deposit account expressly

provides that the agreement is governed by the law of a

particular jurisdiction, that jurisdiction is the bank's

jurisdiction.

(3) If neither paragraph (1) nor paragraph (2) applies and an

agreement between the bank and its customer governing the

deposit account expressly provides that the deposit account

is maintained at an office in a particular jurisdiction, that

jurisdiction is the bank's jurisdiction.

(4) If none of the preceding paragraphs apply, the bank's

jurisdiction is the jurisdiction in which the office

identified in an account statement as the office serving the

customer's account is located.

(5) If none of the preceding paragraphs apply, the bank's

jurisdiction is the jurisdiction in which the chief executive

office of the bank is located.