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 issuer's jurisdiction and the rights of entitlement holders, clarifying that the local law of the issuer's jurisdiction governs specific matters, even if they are unrelated to that jurisdiction. Furthermore, the bill modifies the definition of "deposit account" to exclude investment property and introduces new terms such as "programmable medium of exchange." 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 over those of creditors. The bill will take effect 60 days after its passage.

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