SB2214 amends Tennessee's Uniform Commercial Code to change priority rules for financial assets and commodity contracts.

SB2214 modifies Tennessee's Uniform Commercial Code by altering the priority of claims for financial assets and commodity contracts. It changes the jurisdiction law governing securities intermediaries to the state law. It removes subsections that previously allowed for local law exceptions and modifies the priority of claims when a securities intermediary lacks sufficient assets. It also updates the governing law for commodity intermediaries to the local jurisdiction law. The act will take effect on July 1, 2026.

SB2214 amends Tennessee's Uniform Commercial Code to change priority rules for financial assets and commodity contracts.

SB2214 modifies Tennessee's Uniform Commercial Code by altering the priority of claims for financial assets and commodity contracts. It changes the jurisdiction law governing securities intermediaries to the state law. It removes subsections that previously allowed for local law exceptions and modifies the priority of claims when a securities intermediary lacks sufficient assets. It also updates the governing law for commodity intermediaries to the local jurisdiction law. The act will take effect on July 1, 2026.