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House rejects bill that would alter state UCC treatment of investor securities
Summary
House Bill 11-22, a proposal to change how securities entitlements are treated in South Dakota's Uniform Commercial Code (UCC Article 8), failed after extensive debate over investor property rights and uniformity of commercial law.
House Bill 11-22, which would have removed exceptions in South Dakota's adoption of UCC Article 8 to strengthen the claimed property priority of investors in the event a securities intermediary becomes insolvent, failed on final passage in the House on Feb. 7 after extended debate. The final tally was 26 ayes, 41 nays, and 2 excused.
The prime sponsor argued the 1994 Article 8 revisions and current South Dakota statute (cited in debate as sections…
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