Amends Tennessee Code to change the governing law for securities intermediaries and modify the priority of claims in certain financial transactions.

This bill amends Tennessee Code Annotated, Title 47, relative to the Uniform Commercial Code. It changes the local law of the securities intermediary's jurisdiction to the law of the state. It deletes subsections (e) and (f) from Tennessee Code Annotated, Section 47-8-110. It removes an exception from Tennessee Code Annotated, Section 47-8-503(a). It deletes Tennessee Code Annotated, Section 47-8-511 and replaces it with a new provision that the local law of the commodity intermediary's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security.

Amends Tennessee Code to change the governing law for securities intermediaries and modify the priority of claims in certain financial transactions.

This bill amends Tennessee Code Annotated, Title 47, relative to the Uniform Commercial Code. It changes the local law of the securities intermediary's jurisdiction to the law of the state. It deletes subsections (e) and (f) from Tennessee Code Annotated, Section 47-8-110. It removes an exception from Tennessee Code Annotated, Section 47-8-503(a). It deletes Tennessee Code Annotated, Section 47-8-511 and replaces it with a new provision that the local law of the commodity intermediary's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security.