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TN HB0443
Bill
Status
3/5/2025
Primary Sponsor
Bud Hulsey
Click for details
AI Summary
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Amends Tennessee's Uniform Commercial Code (Title 47) to apply Tennessee state law to securities intermediary matters, replacing references to the intermediary's local jurisdiction
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Establishes that entitlement holders have priority over creditors when a securities intermediary lacks sufficient financial assets to satisfy both obligations
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Specifies that the local law of a commodity intermediary's jurisdiction governs perfection and priority of security interests in commodity contracts and accounts
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Effective date: July 1, 2025
Legislative Description
AN ACT to amend Tennessee Code Annotated, Title 47, relative to the Uniform Commercial Code.
Uniform Commercial Code
Last Action
Failed in s/c Banking and Consumer Affairs Subcommittee of Commerce Committee
3/5/2025