Act Governing the Choice of Law in Civil Matters Involving Foreign Elements Article 21

(1) Where a juridical act results in the creation of rights on a negotiable instrument, the formation and effect of the act are governed by the law determined by the intention of the parties.(2) However, where there is no express intention of the parties or their express intention is void under the applicable law determined by them, the law of the place where the juridical act was undertaken governs; where the place of the juridical act is unclear, the law of the place of payment governs.(3) Formal requisites of a juridical act undertaken for the purpose of exercising or preserving a right on a negotiable instrument are governed by the law of the place of the act.