Uniform Commercial Code - As introduced, changes, from the local law of the securities intermediary's jurisdiction to the law of this state, the law governing certain aspects of an investment security transaction; makes other related changes. - Amends TCA Title 47.

SB 508 amends Tennessee's Uniform Commercial Code to change the governing law for certain investment security transactions. It replaces the previous rule requiring the "local law of the securities intermediary's jurisdiction" with "the law of this state" (Tennessee law) for key aspects of these transactions. The bill also removes existing subsections about jurisdictional law and adds a new priority rule ensuring entitlement holders (not creditors) have first claim to financial assets when a securities intermediary lacks sufficient funds. These changes directly affect securities intermediaries (like banks or brokers) operating in Tennessee handling investment accounts.