Texas SB1239 amends the Business & Commerce Code to clarify choice of law and assignment of claims in securities transactions.

Texas SB1239 amends the Business & Commerce Code to specify that the choice of governing law in securities transactions applies retroactively to all issues. It allows securities issued in qualified transactions to be modified or amended to change the governing law, with retroactive effect unless parties agree otherwise. The bill also ensures that purchasers of securities acquire all claims and demands of the transferor, regardless of whether these claims are known.

Texas SB1239 amends the Business & Commerce Code to clarify choice of law and assignment of claims in securities transactions.

Texas SB1239 amends the Business & Commerce Code to specify that the choice of governing law in securities transactions applies retroactively to all issues. It allows securities issued in qualified transactions to be modified or amended to change the governing law, with retroactive effect unless parties agree otherwise. The bill also ensures that purchasers of securities acquire all claims and demands of the transferor, regardless of whether these claims are known.