Amends existing law to revise a provision regarding applicability and choice of law, to remove provisions regarding applicability and choice of law, to remove provisions regarding priority among security interests and entitlement holders, and to remove a provision regarding security interests.

By the late 1990’s physical stock certificates were being phased out and were replaced with electronic book-entry records. The Uniform Commercial Code (UCC) codified how these entries were to be treated as far as ownership and security interests were concerned. In 1994, the UCC subrogated the ownership of these security interests to other entities in certain circumstances, defining the original owner as an “entitlement holder” and substituting “control” as the definitive power to liquidate the assets during time of financial distress. It is the intent of this legislation to return the control of these types of assets to the owner thereof.