| 4 | 3 | | |
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| 5 | 4 | | HOUSE BILL 443 |
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| 6 | 5 | | By Hulsey |
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| 7 | 6 | | |
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| 8 | 7 | | |
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| 9 | 8 | | HB0443 |
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| 10 | 9 | | 000789 |
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| 11 | 10 | | - 1 - |
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| 12 | 11 | | |
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| 13 | 12 | | AN ACT to amend Tennessee Code Annotated, Title 47, |
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| 14 | 13 | | relative to the Uniform Commercial Code. |
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| 15 | 14 | | |
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| 16 | 15 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE: |
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| 17 | 16 | | SECTION 1. Tennessee Code Annotated, Section 47-8-110(b), is amended by deleting |
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| 18 | 17 | | "local law of the securities intermediary's jurisdiction, as specified in subsection (e)," and |
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| 19 | 18 | | substituting "law of this state". |
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| 20 | 19 | | SECTION 2. Tennessee Code Annotated, Section 47-8-110, is amended by deleting |
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| 21 | 20 | | subsections (e) and (f). |
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| 22 | 21 | | SECTION 3. Tennessee Code Annotated, Section 47-8-503(a), is amended by deleting |
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| 23 | 22 | | ", except as otherwise provided in ยง 47-8-511". |
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| 24 | 23 | | SECTION 4. Tennessee Code Annotated, Section 47-8-511, is amended by deleting the |
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| 25 | 24 | | section and substituting: |
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| 26 | 25 | | If a securities intermediary does not have sufficient interests in a particular |
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| 27 | 26 | | financial asset to satisfy both its obligations to entitlement holders who have security |
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| 28 | 27 | | entitlements to that financial asset and its obligation to a creditor of the securities |
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| 29 | 28 | | intermediary who has a security interest in that financial asset, then the claims of |
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| 30 | 29 | | entitlement holders, other than the creditor, have priority over the claim of the creditor. |
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| 31 | 30 | | SECTION 5. Tennessee Code Annotated, Section 47-9-305(a), is amended by deleting |
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| 32 | 31 | | subdivisions (3) and (4) and substituting: |
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| 33 | 32 | | (3) The local law of the commodity intermediary's jurisdiction governs perfection, |
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| 34 | 33 | | the effect of perfection or nonperfection, and the priority of a security interest in a |
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| 35 | 34 | | commodity contract or commodity account. |
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