Commercial and Consumer Law, Co-Sponsored by Financial Institutions and Consumer Financial Services

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Emerging tech developments have created the potential for commercial transactions that may not be adequately addressed by existing commercial laws. Admittedly, some areas of law might already have sufficient flexibility and only need to be modified in order to accommodate these new transactions, while others may need significant changes or a complete overhaul. Smart contracts involving the sale and lease of goods may require changes to Articles 2 and 2A of the Uniform Commercial Code. New ways of processing payments and transferring value may require changes to fill gaps in Articles 4 and 4A. The use of digital assets, including cryptoassets, in secured lending entail changes to Article 9. Additionally, the increasing prevalence of electronic promissory notes likely requires a reimagining of the largely paper-based Article 3 system. The program seeks to promote a careful and creative exploration of these and related issues.

 

Business meeting at program conclusion.