Primer on the Uniform Commercial Code (UCC) 2022 Amendments and New Article 12 (On-Demand)

Within the next 12 to 18 months, it is anticipated that all 50 states will enact the Uniform Commercial Code (UCC) 2022 Amendments, including the new UCC Article 12. The UCC 2022 Amendments introduce significant changes and additions to the existing framework. Specifically, they establish: (a) A new asset category called "Controllable Electronic Record" (CER), which includes digital assets with specific characteristics such as cryptocurrencies (e.g., Bitcoin and Ether), NFTs, stablecoins, and others. (b) Rules designed to protect good faith “purchasers" of CERs, enabling them to acquire these assets free from competing property claims. (c) An exhaustive regime to create and perfect security interest in CERs and asset-specific priority rules. In addition, the UCC 2022 Amendments introduce new rules aimed at simplifying the commercial use of electronic documents of title, electronic chattel paper, and electronic negotiable instruments. These reforms are of great importance as they impact the private law regime for the buying and selling of digital assets, as well as their use as collateral. This program will focus on highlighting some of the key changes that are particularly relevant to in-house counsel.

This program originally aired on October 3, 2023. Please note that the on-demand format of this program is not eligible for CLE/CPD credit.