HB3549

Oklahoma HB3549 amends the Uniform Commercial Code to adjust the priority of claims among entitlement holders and creditors of securities.

Oklahoma HB3549 amends the Uniform Commercial Code to modify the priority among security interests and entitlement holders in financial assets held by securities intermediaries. The bill removes the priority for creditors of a securities intermediary in control over the financial asset over entitlement holders. It also removes the priority for a creditor for claims over a clearing corporation's financial assets over the securities intermediary's obligations. The claims of entitlement holders, other than the creditor, have priority over the claim of the creditor.