Arkansas HB1659: TO AMEND THE UNIFORM COMMERCIAL CODE; AND TO CLARIFY THE PRIORITY AMONG SECURITY INTERESTS AND ENTITLEMENT HOLDERS UNDER THE UNIFORM COMMERCIAL CODE

What the bill says

An act to be entitled an act to amend the uniform commercial code; to clarify the priority among security interests and entitlement holders under the uniform commercial code; and for other purposes. subtitle to amend the uniform commercial code; and to clarify the priority among security interests and entitlement holders under the uniform commercial code.

From the introduced text:

An Act To Be Entitled AN ACT TO AMEND THE UNIFORM COMMERCIAL CODE; TO CLARIFY THE PRIORITY AMONG SECURITY INTERESTS AND ENTITLEMENT HOLDERS UNDER THE UNIFORM COMMERCIAL CODE; AND FOR OTHER PURPOSES. Subtitle TO AMEND THE UNIFORM COMMERCIAL CODE; AND TO CLARIFY THE PRIORITY AMONG SECURITY INTERESTS AND ENTITLEMENT HOLDERS UNDER THE UNIFORM COMMERCIAL CODE. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. Arkansas Code § 4-8-503(a), concerning property interest of entitlement holder in financial asset held by securities intermediary, is amended to read as follows: (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 § 4-8-511. SECTION 2. Arkansas Code § 4-8-511 is amended to read as follows: 4-8-511. Priority among security interests and entitlement holders. *ANS180* 03/04/2025 10:11:45 AM ANS180 HB1659 (a)(1) Except as otherwise provided in subsections (b) and (c), if If a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who …

Read the full official text

Sponsors

• Stephen Meeks (R, 42) · primary sponsor

Latest actions

1. May 5, 2025: Died in House Committee at Sine Die adjournment.
2. March 4, 2025: Read the first time, rules suspended, read the second time and referred to the Committee on INSURANCE & COMMERCE- HOUSE
3. March 4, 2025: Filed

Common questions

What is HB1659?

HB1659 is a bill in the Arkansas Legislature (95th General Assembly (2025 Regular)): TO AMEND THE UNIFORM COMMERCIAL CODE; AND TO CLARIFY THE PRIORITY AMONG SECURITY INTERESTS AND ENTITLEMENT HOLDERS UNDER THE UNIFORM COMMERCIAL CODE.

What does HB1659 do?

In its own words: An act to be entitled an act to amend the uniform commercial code; to clarify the priority among security interests and entitlement holders under the uniform commercial code; and for other purposes. subtitle to amend the uniform commercial code; and to clarify the priority among security interests and entitlement holders under the uniform commercial code.

What is the status of HB1659?

Failed as of May 5, 2025. Latest action: Died in House Committee at Sine Die adjournment. (May 5, 2025).

Who sponsored HB1659?

Stephen Meeks (R, 42).

Where is the official record for HB1659?

On the Arkansas Legislature website: https://www.arkleg.state.ar.us/Bills/Detail?ddBienniumSession=2025%2F2025R&measureno=HB1659