This Excel document (in progress) will ultimately track the UCC Article 8 language in each of the 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin islands. The revised UCC Article 8 language has been passed in each of the aforementioned jurisdictions, and is identical in the seven states that we have already sampled.
The only U.S. jurisdictions that do not contain the revised Article 8 language surrounding security entitlements are the U.S. territories of Guam, American Samoa, and the Northern Mariana Islands. The status of the revised UCC Article 8 language in Native American jurisdictions is unclear as of this moment, though being investigated.
The Excel document currently samples Florida, Louisiana, Oklahoma, Ohio, Tennessee, South Dakota, and Utah, though will eventually include the language for all 50 states and other jurisdictions.
The first tab of this spreadsheet provides an overview of the rest of the workbook and gives a brief explanation of the sources from which this information was acquired.
The second tab of the spreadsheet lists each state, the year in which the revised UCC Article 8 language was adopted, the specific bill number in which the revised UCC Article 8 language was ensconced, the statue title, the statue chapter, and the source of the information (statute titles and chapters are hyperlinked so that interested parties can go directly to the source).
The third and fourth tabs of the spreadsheet, which have yet to be filled out, include bill trackers for jurisdiction. The third tab tracks bills related to this issue in 2024, while the fourth tab will track bills introduced in 2025.
The remaining tabs are state-specific, and include the exact language for the relevant subsections of UCC Article 8 (which relate to the jurisdiction in which any insolvency proceedings will be litigated, and the priority among security interests and entitlement holders).
Our goal, from a legislative standpoint, is to give entitlement holders (you) priority over secured creditors in the event of the insolvency of a securities intermediary, and to ensure that such insolvency proceedings occur in the jurisdiction of the entitlement holder (again, you) rather than the jurisdiction of the broker-dealer of secured creditor (the too-big-to-fail financial institutions). To view model legislation, please click here.
To view the full Excel spreadsheet, please click here.
