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HB1276

In short title and general matters, further providing for applicability and choice of law; in security entitlements, further providing for property interest of entitlement holder in financial asset held by securities intermediary and for priority among security interests and entitlement holders; and, in perfection and priority, further providing for law governing perfection and priority of security interests in investment property.

Introduced·4/21/25
Introduced Text

Pennsylvania HB1276 amends the Commercial Code to clarify the priority of claims in financial assets held by securities intermediaries.

Pennsylvania HB1276 amends Title 13 of the Pennsylvania Consolidated Statutes to refine the rules governing the property interest of entitlement holders in financial assets held by securities intermediaries. It specifies that if a securities intermediary lacks sufficient interests in a financial asset to meet its obligations to both entitlement holders and creditors, the claims of entitlement holders take precedence over the creditor's claim.

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  • Core Provisions
  • Implementation
  • Impact
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  • Critical Issues

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Where it stands

Current
Commerce Committee
Next
Committee decision

Sponsors

0
2
RR
Democratic CaucusRepublican Caucus

History

Apr 21, 2025

House

Referred to Commerce