Amends TCA Title 47.
Tennessee SB0508 aimed to amend Title 47 of the Tennessee Code Annotated, specifically addressing the governance of investment securities and secured transactions under the Uniform Commercial Code. The bill proposed that the law of Tennessee would govern the validity, rights, and duties related to securities, rather than the local law of the securities intermediary's jurisdiction. Key provisions included changes to the priority of claims regarding financial assets held by securities intermediaries and the removal of certain exception provisions related to creditor claims. The bill ultimately failed to pass.
Tennessee SB0508 aimed to amend Title 47 of the Tennessee Code Annotated, specifically addressing the governance of investment securities and secured transactions under the Uniform Commercial Code. The bill proposed that the law of Tennessee would govern the validity, rights, and duties related to securities, rather than the local law of the securities intermediary's jurisdiction. Key provisions included changes to the priority of claims regarding financial assets held by securities intermediaries and the removal of certain exception provisions related to creditor claims. The bill ultimately failed to pass.
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