HB 1122 clarifies which state's laws apply to different types of securities transactions under South Dakota's commercial code. The bill specifies that an issuer's home state governs the validity and transfer of securities, a securities intermediary's customer's home state governs their account rights, and the location of a physical security certificate determines whether someone can challenge ownership claims against the certificate holder.
AI-generated summary
This bill does not directly amend codified state law.
House of Representatives Do Pass Amended Failed, YEAS 26, NAYS 41. H.J. 227
Commerce and Energy Do Pass Amended Passed, YEAS 7, NAYS 6.
Commerce and Energy Motion to amend
Commerce and Energy Scheduled for hearing
First read in House and referred to House Commerce and Energy H.J. 144
Prime sponsor · Rep
R
Dist. HD-018
Do Pass Amended
Commerce and Energy — Do Pass Amended