Betty Gay | Support HB427

Only relatively recently was the Universal Commercial Code re-written to remove personal ownership of investments that are combined by the entity who investors give their money to to invest according to their wishes. This bill re-establishes personal ownership of the investments so that if the investments fail, the investors get their portion instead of the entity who received the original investment money. The need for this protection became apparent when the American banks who were "too big to fail" did indeed fail. All the investors had their accounts frozen and did not get reimbursed until months later by the Federal government. This bill restores ethical fairness.