Bill > HB1741

This bill amends several sections of Oklahoma's Uniform Commercial Code related to securities and financial transactions, primarily focusing on clarifying rules about jurisdiction and property interests in financial assets. The bill modifies provisions about how the location or jurisdiction of an issuer, securities intermediary, or financial asset determines legal rights and priorities. Specifically, it removes detailed provisions about determining a securities intermediary's jurisdiction, simplifies rules about property interests in financial assets, and streamlines how security interests are prioritized. The most significant changes include shifting the jurisdictional determination from the securities intermediary to the entitlement holder, removing complex multi-part tests for determining jurisdictional rules, and simplifying how security interests are prioritized when a securities intermediary lacks sufficient financial assets to meet all obligations. For example, the bill modifies how claims are resolved when a securities intermediary cannot satisfy both entitlement holders' claims and creditor security interests, generally giving priority to entitlement holders. The bill will become effective on November 1, 2025, providing time for financial institutions and legal practitioners to understand and implement the new provisions.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1741&Session=2600