Uniform Commercial Code; Article 8; priority among security interests and entitlement holders; effective date.

Summary

The bill changes Oklahoma’s Uniform Commercial Code so that owners of securities held by a broker or clearing firm (entitlement holders) are paid before the firm’s own creditors when the firm lacks enough assets. It also spells out when those owners can sue a buyer of the securities and protects buyers who act in good faith.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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