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 and updates Section 47-8-511 to clarify the priority of claims when a securities intermediary lacks sufficient interests in a financial asset, establishing that entitlement holders' claims take precedence over those of a creditor.

Furthermore, Section 47-9-305(a) is amended 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 bill is set to take effect on July 1, 2025, emphasizing the need for 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