This bill amends the Uniform Commercial Code (UCC) in New Hampshire, specifically addressing the applicability of state law to certain transactions and altering the priority of claims among security interests and entitlement holders. Notably, it specifies that the state of New Hampshire law will govern relevant UCC transactions, replacing the previous reference to local law of the securities intermediary's jurisdiction. Additionally, the bill repeals and reenacts sections related to the local law governing matters or transactions, ensuring that the issuer's jurisdiction law applies even if there is no relation to that jurisdiction. Furthermore, the bill clarifies the property interests of entitlement holders in financial assets held by securities intermediaries, stating that these interests are not subject to the claims of the securities intermediary's creditors, except as previously provided. It also establishes that if a securities intermediary lacks sufficient interests in a financial asset to satisfy both entitlement holders and creditors, the claims of entitlement holders will take priority. Other amendments include a revised definition of "deposit account" to exclude investment property and programmable mediums of exchange, and it outlines the governing law for perfection and priority of security interests in investment property. The act will take effect 60 days after its passage.

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