Uniform Commercial Code choice of law provisions modifications
This bill modifies Minnesota's Uniform Commercial Code to clarify which state's laws govern securities transactions. It specifies that the "issuer's jurisdiction" (where a company is organized) or "securities intermediary's jurisdiction" (determined by agreement or physical location) applies to disputes over security ownership, transfer rights, and duties. The changes prevent physical locations (like certificate storage) from determining jurisdiction and ensure consistency for businesses using securities systems in Minnesota. These provisions directly affect financial institutions, investors, and companies handling securities transactions within Minnesota's legal framework.
Bill status
in committee
1 of 4 stages cleared
Introduction
Mar 2025
Committee Review
Floor Vote
Governor
Introduced Mar 6, 2025
Last action Mar 6, 2025
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Mar 6, 2025
Committee
Referred to Judiciary and Public Safety
upper
Mar 6, 2025
Introduced
Introduction and first reading
upper
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Eric Lucero
RRepublican
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