HB2611

Amends Tennessee's Uniform Commercial Code to change rules on perfection and priority of security interests in commodity contracts and accounts.

This bill amends Tennessee's Uniform Commercial Code to change the rules governing perfection, effect of perfection or nonperfection, and priority of a security interest in a commodity contract or commodity account. It specifies that the local law of the commodity intermediary's jurisdiction governs these matters. The bill also modifies the priority of claims when a securities intermediary lacks sufficient interests in a financial asset to satisfy both its obligations to entitlement holders and its obligation to a creditor.