HB1662113th GA (Historical)Introduced

Amends TCA Section 47-9-102.

The secured transactions chapter of the Uniform Commercial Code (UCC) places certain requirements on deposit accounts, such as control and perfection requirements and duties of a secured party having control of a deposit account after receiving a demand from a debtor. As used in that chapter, "deposit account" means a demand, time, savings, passbook, or similar account maintained with a bank. However, it does not include investment property or accounts evidenced by an instrument.<br /> <br /> This bill adds U.S. central bank digital currency and accounts evidenced by a certificate of deposit to items not included in the meaning of a deposit account in that chapter. Thereby, those items are not subject to the requirements of control, perfection, and duties of a secured party in that chapter that are placed on deposit accounts.<br />

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Overview

The secured transactions chapter of the Uniform Commercial Code (UCC) places certain requirements on deposit accounts, such as control and perfection requirements and duties of a secured party having control of a deposit account after receiving a demand from a debtor. As used in that chapter, "deposit account" means a demand, time, savings, passbook, or similar account maintained with a bank. However, it does not include investment property or accounts evidenced by an instrument.<br /> <br /> This bill adds U.S. central bank digital currency and accounts evidenced by a certificate of deposit to items not included in the meaning of a deposit account in that chapter. Thereby, those items are not subject to the requirements of control, perfection, and duties of a secured party in that chapter that are placed on deposit accounts.<br />

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Sponsor

Unknown

Details
Session

113th General Assembly

Introduced

January 8, 2024

Subjects
498343000330

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