Alert: Upcoming Changes To UCC Payments Law

LexisNexis (March 16, 2023, 3:20 PM EDT) -- This past summer, the American Law Institute and Uniform Law Commission approved some rather extensive amendments to the UCC to address emerging technologies. The most significant amendments are the addition of a new Article 12 governing “controllable electronic records” – a term that includes cryptocurrencies and non-fungible tokens – and a variety of changes to Article 9 to coordinate with new Article 12. Collectively, the amendments reach every Article except Article 6 and include several relating to payments. Here is a catalogue of the changes to Articles 3, 4 and 4A....