The law (including the conflict of laws rules) of the jurisdiction of organization of the issuer governs the validity of a security, the effectiveness of registration by the issuer, and the rights and duties of the issuer with respect to:

1. (a) registration of transfer of a certificated security;
2. (b) registration of transfer, pledge, or release of an uncertificated security; and
3. (c) sending of statements of uncertificated securities.