N.Y. Est. Powers & Trusts Law § 13-4.3

§ 13-4.3 Applicable law\n A security may be registered in beneficiary form if the form is\nauthorized by this or a similar law of the state of organization of the\nissue or registering entity, the location of the registering entity's\nprincipal office, the office of its transfer agent or its office making\nthe registration, or by this or a similar statute of the law of the\nstate listed as the owner's address at the time of registration. A\nregistration governed by the law of a jurisdiction in which this or a\nsimilar law is not in force or was not in force when a registration in\nbeneficiary form was made is nevertheless presumed to be valid and\nauthorized as a matter of contract law.\n