This bill amends the Uniform Commercial Code in Oklahoma, specifically targeting the property interests of entitlement holders and the priority of security interests. It modifies Section 8-503 by removing a reference that previously allowed creditors of a securities intermediary to claim interests in financial assets held for entitlement holders. The bill clarifies that all interests in a financial asset held by a securities intermediary are for the benefit of entitlement holders and are not subject to claims from the intermediary's creditors. Additionally, it outlines the conditions under which entitlement holders can enforce their property interests against purchasers of financial assets.

In Section 8-511, the bill changes the priority of claims among entitlement holders and creditors of securities intermediaries. It establishes that if a securities intermediary lacks sufficient interests in a financial asset to satisfy both entitlement holders and a creditor, the claims of entitlement holders will take precedence over those of the creditor. The previous provisions that granted priority to creditors with control over financial assets and to creditors of clearing corporations have been removed. The bill is set to take effect on November 1, 2026.