[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR354.2]

[Page 345]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 354--REGULATIONS GOVERNING BOOK-ENTRY SECURITIES OF THE STUDENT LOAN MARKETING ASSOCIATION (SALLIE MAE)--Table of Contents
 
Sec. 354.2  Law governing rights and obligations of Federal Reserve Banks, and Sallie Mae; rights of any Person against Federal Reserve Banks and Sallie Mae.

    (a) Except as provided in paragraph (b) of this section, the 
following are governed solely by the book-entry regulations contained in 
this part 354, the Securities Documentation (to the extent not 
inconsistent with these regulations) and Federal Reserve Bank Operating 
Circulars:
    (1) The rights and obligations of Sallie Mae and the Federal Reserve 
Banks with respect to:
    (i) A Book-entry Sallie Mae Security or Security Entitlement; and
    (ii) The operation of the Book-entry System as it applies to Sallie 
Mae Securities; and
    (2) The rights of any Person, including a Participant, against 
Sallie Mae and the Federal Reserve Banks with respect to:
    (i) A Book-entry Sallie Mae Security or Security Entitlement; and
    (ii) The operation of the Book-entry System as it applies to Sallie 
Mae Securities.
    (b) A security interest in a Security Entitlement that is in favor 
of a Federal Reserve Bank from a Participant and that is not recorded on 
the books of a Federal Reserve Bank pursuant to Sec. 354.4(c)(1), is 
governed by the law (not including the conflict-of-law rules) of the 
jurisdiction where the head office of the Federal Reserve Bank 
maintaining the Participant's Securities Account is located. A security 
interest in a Security Entitlement that is in favor of a Federal Reserve 
Bank from a Person that is not a Participant, and that is not recorded 
on the books of a Federal Reserve Bank pursuant to Sec. 354.14(c)(1), is 
governed by the law determined in the manner specified in Sec. 354.3.
    (c) If the jurisdiction specified in the first sentence of paragraph 
(b) of this section is a State that has not adopted Revised Article 8 
(incorporated by reference, see Sec. 354.1), then the law specified in 
paragraph (b) shall be the law of that State as though Revised Article 8 
had been adopted by that State.

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