The UCC redefined property ownership in all 50 states in 1994 and removed ownership of property from individuals. He said that local UCC laws must be re-established and the exceptions to private property ownershi[ must be stricken down.

He described his meetings with Tennessee lawmakers and the banking lobby and how the lobby bared its fangs and threatened to stop doing business with the state.

David Webb said that banking lobbyists, Tim Guggenheim and Tim Amos, attempted to refute the Tennessee's bill proposing to restore private property rights by saying that there has been no change to property rights, which is demonstrably false. Webb said that the bankers also claimed that the change in the UCC code is about being able to provide margin loans and will create a conflict in law so all of the existing agreements will be invalid. Webb said that the banking lobby lied because they could not refute that the current UCC has destroyed private property ownership. 

The Treasurer for the State of Tennessee insisted that restoring property rights through the UCC was such a significant change that it needed to be studied and referred to "summer study" where some people say bills go to die. Webb said that he was told that the Treasurer went to the Tennessee Speaker of the House who intervened with the Chairman of the Committee on this bill and told the Speaker that the bill would be stopped.

Webb recounted that during the second hearing, another banking lobbyist, who was a securities law professor, said that if the bill to restore property rights was passed, financial services would be withdrawn from the state! The banker said that not only would businesses refuse to do business with the state, they will refuse to do business with any other firms doing business with the state. He went on to say that this would be bad for the Depository Trust & Clearing Corporation (DTCC). The bankers bared their fangs and threatened the state.