Bearings of the law and its revisions impact real property, commodities and livestock, securities, bank transactions, leases, transactions governing goods, services and sales.
Remove requirement for signed to include writing; must include tangible symbol or attach or logically associate with the record an electronic symbol, sound or process.
Local laws of a securities issuer or intermediary's jurisdiction govern matters of a transaction even if matters of the transaction bear no impact to the jurisdiction.
Controllable accounts, controllable electronic records, controllable payments intangible are not financial assets unless 12A-8-102-9-iii (property in securities account) applies.
Local law of a bank's jurisdiction governs perfection of security interest and the effect of perfection/nonperfection even where transaction bears no impact to the jurisdiction.
Provides new guidelines on hybrid transactions involving both goods and services.
Revises definition of money as governmentally-authorized medium not in electric form.
Legislative History
On Feb. 6, 2024, bill introduced in House; on Mar. 11, 2024, bill passed in the House.
On Mar. 18, 2024, bill introduced in Senate; on Apr. 15, 2024, bill passed the Senate.
On Apr. 16, 2024, bill enrolled in House and Senate, sent to governor to approve/veto.
Effectiveness
HB 2776 amendments to OKL uniform commercial code become effective Nov. 1, 2024.
Apr. 18, 2024 OKL LEG Governor Approval
On Apr. 18, 2024, OKL LEG reported that the governor signed bill HB 2776 into law.
Regulators
OKL LEG
Entity Types
Bank; Corp; HF; Inv Co; SIFI
Reference
Bill, 4/18/2024; Bill, HB2776, 4/16/2024; Citation: OKL LEG 12A;
