Act Governing the Choice of Law in Civil Matters Involving Foreign Elements Article 22
Where a juridical act results in an obligation on a security made payable to order or to bearer, and is not governed by Article 21, the formation and effect of the act are governed by the law of the place where the act was performed; where the place of the act is unclear, by the law of the place of payment.
中文原文 涉外民事法律適用法第22條
法律行為發生指示證券或無記名證券之債者，其成立及效力，依行為地法；行為地不明者，依付款地法。