Relating to choice of law and assignment or acquisition of claims and demands in connection with certificated and uncertificated securities.

Added new subsection (g) to Section 8.110 establishing that if a security is invalid under issuer jurisdiction law, the law agreed by the issuer governs the consequences of that invalidity.

Added new subsection (d) to Section 8.302 specifying rights acquired by purchasers of securities issued by foreign states, including claims against issuers, trustees, and other parties.

Added new subsection (e) to Section 8.302 preventing issuers from asserting defenses based on purchaser intent when dealing with securities from foreign states.

Added new subsection (a-1) to Section 271.005 making choice of governing law retroactive to all issues relating to securities in qualified transactions.

Added new subsection (c) to Section 271.005 allowing securities from foreign states to be amended with less than unanimous consent and permitting choice of different governing law.

Established effective date of September 1, 2025 for all amendments to the Business & Commerce Code.