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.

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.