This bill amends the Uniform Commercial Code (UCC) in New Hampshire, specifically addressing the applicability of state law to certain UCC transactions and altering the priority of claims among security interests and entitlement holders. Notably, it specifies that the local law of the state of New Hampshire will govern these transactions. Additionally, it repeals and reenacts sections related to the local law of the issuer's jurisdiction and the treatment of financial assets held by securities intermediaries, clarifying that interests in these assets are held for entitlement holders and are not subject to the claims of the securities intermediary's creditors, except as otherwise provided in Section 8-511. Furthermore, the bill modifies the priority of claims in situations where a securities intermediary lacks sufficient interests in a financial asset to satisfy both entitlement holders and creditors. It establishes that the claims of entitlement holders will take precedence over those of creditors in such cases. The bill also updates the definition of "deposit account" to exclude investment property and introduces new terms such as "programmable medium of exchange." The changes are set to take effect 60 days after the bill's passage.

Statutes affected:
Introduced: 382-A:8-110, 382-A:8-503, 382-A:9-102