House Bill 443 amends various sections of the Tennessee Code Annotated related to the Uniform Commercial Code. Notably, it modifies Section 47-8-110(b) by replacing the reference to "local law of the securities intermediary's jurisdiction" with "law of this state." Additionally, subsections (e) and (f) of Section 47-8-110 are deleted entirely. The bill also revises Section 47-8-503(a) by removing a specific exception regarding obligations, and it replaces Section 47-8-511 with new language that establishes the priority of entitlement holders' claims over those of creditors when a securities intermediary lacks sufficient interests in a financial asset.

Furthermore, the bill amends Section 47-9-305(a) by deleting subdivisions (3) and (4) and substituting a new provision that states the local law of the commodity intermediary's jurisdiction governs the perfection and priority of security interests in commodity contracts or accounts. The act is set to take effect on July 1, 2025, emphasizing the public welfare.

Statutes affected:
Introduced: 47-8-110(b), 47-8-110, 47-8-503(a), 47-8-503, 47-8-511, 47-9-305(a), 47-9-305