Read the full stored bill text
25LSO-0784
2025
STATE OF WYOMING
25LSO-0784
Numbered
2.0
SENATE FILE NO. SF0189
Uniform commercial code-investment securities amendments.
Sponsored by: Senator(s) Biteman
A BILL
for
AN ACT relating to the uniform commercial code; clarifying rules for the applicability of the code for investment securities; amending priority rules for securities intermediaries; making conforming amendments; repealing priority rules and applicability rules related to securities intermediaries; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
W.S. 34.1
‑
8
‑
110(b)(intro), 34.1
‑
8
‑
503(a), 34.1
‑
8
‑
511(a) and 34.1
‑
9
‑
305(a)(iii) are amended to read:
34.1
‑
8
‑
110.
Applicability; choice of law.
(b)
The
local
law of
the securities intermediary's jurisdiction, as specified in subsection (e) of
this
section,
state
governs:
34.1
‑
8
‑
503.
Property interest of entitlement holder in financial asset held by securities intermediary.
(a)
To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset held by the securities intermediary are held by the securities intermediary for the entitlement holders, are not property of the securities intermediary, and are not subject to claims of creditors of the securities intermediary
.
, except as otherwise provided in W.S. 34.1
‑
8
‑
511.
34.1
‑
8
‑
511.
Priority among security interests and entitlement holders.
(a)
Except as otherwise provided in subsections (b) and (c) of this section,
I
f a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor.
34.1
‑
9
‑
305.
Law governing perfection and priority of security interests in investment property.
(a)
Except as otherwise provided in subsection (c), the following rules apply:
(iii)
The
local
law of
the securities intermediary's jurisdiction as specified in section 34.1
‑
8
‑
110(e)
this state
governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a security entitlement or securities account;
Section 2.
W.S. 34.1
‑
8
‑
110(e) and (f) and 34.1
‑
8
‑
511(b) and (c) are repealed.
Section 3
.
This act is effective July 1, 2025
.
(END)
1
SF0189