Section 13-4.3. Applicable law

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