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Hawaii Revised Statutes Division 2. Business § 490:12-107

Current as of January 01, 2025 | Updated by Findlaw Staff

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

(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 shall govern a matter covered by section 490:12-106 unless an effective agreement determines that the local law of another jurisdiction shall govern.

(c) The following rules shall 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 chapter or article, that jurisdiction shall be the controllable electronic record's jurisdiction;

(2) If paragraph (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 article, that jurisdiction shall be the controllable electronic record's jurisdiction;

(3) If paragraphs (1) and (2) 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 shall be the controllable electronic record's jurisdiction;

(4) If paragraphs (1), (2), and (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 shall be the controllable electronic record's jurisdiction; and

(5) If paragraphs (1) through (4) do not apply, the controllable electronic record's jurisdiction shall be the District of Columbia.

(d) If subsection (c)(5) applies and article 12 of the Uniform Commercial Code Amendments (2022) is not in effect in the District of Columbia without material modification, the governing law for a matter covered by this article shall be the law of the District of Columbia as though article 12 of the Uniform Commercial Code Amendments (2022) were in effect in the District of Columbia without material modification.

(e) To the extent subsections (a) and (b) provide that the local law of the controllable electronic record's jurisdiction governs a matter covered by this article, that law shall govern regardless of whether 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 490:12-104 by a purchaser or qualifying purchaser shall be governed by the law applicable under this section at the time of purchase.

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Cite this article: FindLaw.com - Hawaii Revised Statutes Division 2. Business § 490:12-107 - last updated January 01, 2025 | https://codes.findlaw.com/hi/division-2-business/hi-rev-st-sect-490-12-107/

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