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Whether or not there is a completed gift of an ordinary tangible chattel is to be determined by the law of the situs of the chattel. Am. Law Inst. Restatement: Conflict of Laws, §§ 256, 257, 258. Shares of stock, however, are not ordinary tangible chattels. A distinction has been taken between the shares and the certificate, regarded as a piece of paper which can be seen and felt, the former being said to be subject to the jurisdiction of the State of incorporation and the latter subject to the jurisdiction of the State in which it is located. Am. Law Inst. Restatement: Conflict of Laws,  § 53. Beale, Conflict of Laws, §§ 53.1, 262.1. See Kennedy v. Hodges, 215 Mass. 112, 114, 115, 116, 102 N.E. 432; Edgerly v. First National Bank of Boston, 292 Mass. 181, 183, 197 N.E. 518. 

The shares are part of the structure of the corporation, all of which was erected and stands by virtue of the law of the State of incorporation. The law of that State determines the nature and attributes of the shares. If by the law of that State the shares devolve upon one who ...

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