In July 2022, the Uniform Law Commission
approved amendments to the Uniform Commercial Code. These amendments create a new Article 12 and
revise other, related provisions of Article 9.
UCC Article 12 provides new rules that govern commercial transactions
involving virtual currencies, distributed ledger technologies (including
blockchain), artificial intelligence, and other technological
developments. Amendments to UCC Article
9 clarify how digital assets can be used as collateral security in loan
transactions and how security interests in digital assets can be perfected and
achieve priority. Join us for a
discussion of the amendments led by key contributors to the reform efforts.
The Section held a virtual business meeting prior to the Annual Meeting.