{"data":{"id":"us/31-cfr-354.2","jurisdiction":"us","citation":"31 CFR 354.2","heading":"Law governing rights and obligations of Federal Reserve Banks, and Sallie Mae; rights of any Person against Federal Reserve Banks and Sallie Mae.","body":"(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:\n(1) The rights and obligations of Sallie Mae and the Federal Reserve Banks with respect to:\n(i) A Book-entry Sallie Mae Security or Security Entitlement; and\n(ii) The operation of the Book-entry System as it applies to Sallie Mae Securities; and\n(2) The rights of any Person, including a Participant, against Sallie Mae and the Federal Reserve Banks with respect to:\n(i) A Book-entry Sallie Mae Security or Security Entitlement; and\n(ii) The operation of the Book-entry System as it applies to Sallie Mae Securities.\n(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 § 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 § 354.14(c)(1), is governed by the law determined in the manner specified in § 354.3.\n(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 § 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.","path":["Title 31—Money and Finance: Treasury","Subtitle B—Regulations Relating to Money and Finance","CHAPTER II—FISCAL SERVICE, DEPARTMENT OF THE TREASURY","SUBCHAPTER A—BUREAU OF THE FISCAL SERVICE","PART 354—REGULATIONS GOVERNING BOOK-ENTRY SECURITIES OF THE STUDENT LOAN MARKETING ASSOCIATION (SALLIE MAE)"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-31.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:25:25Z","sha256":"b7b92b4a3620a032159c5a8006576e537375da0eeef0757118b381c55342e16b","source_id":"us-cfr","stale":true,"prev":"us/31-cfr-354.1","next":"us/31-cfr-354.3"},"notice":"GroundRules: Original legal text. Not legal advice."}