Uniform Commercial Code; Article 8; priority among security interests and entitlement holders; effective date.

HB 3549 clarifies the priority of claims when a securities intermediary (like a brokerage or bank holding client assets) cannot pay all debts. It states that customers (entitlement holders) who hold securities through the intermediary generally have priority over the intermediary's creditors, unless the creditor has direct control over the asset. The bill also specifies that customers can only recover assets from a third-party purchaser under strict conditions, such as when the intermediary is insolvent and violated its obligations. The changes will take effect on November 1, 2026.