Senate Bill 2214, also known as House Bill 2611, amends various sections of the Tennessee Code Annotated related to the Uniform Commercial Code. Key changes include the replacement of the phrase "local law of the securities intermediary's jurisdiction" with "law of this state" in Section 47-8-110(b). Additionally, subsections (e) and (f) of Section 47-8-110 are deleted, and Section 47-8-511 is revised to clarify that if a securities intermediary lacks sufficient interests in a financial asset, the claims of entitlement holders take priority over those of the creditor.

Further amendments include the deletion of specific provisions in Section 47-8-503(a) and the removal of subdivisions (3) and (4) in Section 47-9-305(a), which are replaced with a new provision stating that 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, 2026.

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