This bill amends several sections of the Minnesota Statutes related to the Uniform Commercial Code, specifically focusing on the provisions concerning securities intermediaries. Key changes include the replacement of the term "securities intermediary" with "entitlement holder" in section 336.8-110, which alters the governing law for various rights and duties associated with security entitlements. Additionally, the bill removes specific provisions that previously defined the jurisdiction of securities intermediaries, streamlining the legal framework governing the rights of entitlement holders and the obligations of securities intermediaries.

Furthermore, the bill modifies sections 336.8-503 and 336.8-511 to clarify the property interests of entitlement holders in financial assets held by securities intermediaries, emphasizing that these interests are not considered property of the intermediary and are protected from claims by the intermediary's creditors. The amendments also address the priority of claims among entitlement holders and creditors, ensuring that entitlement holders' claims take precedence in certain circumstances. Overall, the bill aims to simplify and clarify the legal landscape surrounding securities and entitlement holders in Minnesota.

Statutes affected:
Introduction: 336.8, 336.9