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2022 Amendments to the Uniform Commercial Code (UCC)
Practical Law Glossary Item w-039-7279 (Approx. 3 pages)
Glossary
2022 Amendments to the Uniform Commercial Code (UCC)
Amendments to the text of the model Uniform Commercial Code (UCC) that were approved by the American Law Institute and the Uniform Law Commission (ULC) in July 2022. The ULC recommends that states adopt these amendments to facilitate commercial transactions involving emerging technologies and digital assets. These amendments include:
- A new article, titled UCC Article 12: Controllable Electronic Records, that governs the transfer of property rights in certain digital assets, such as cryptocurrency.
- Amendments to UCC Article 9, including revisions that address certain perfection and priority issues relating to digital assets.
- Revisions to UCC Articles 2 and 2A, including new definitions and rules addressing hybrid contracts for goods and services.
- Amendments to UCC Article 1, including revised definitions of conspicuous, money, person, and sign.
For more information on the 2022 Amendments to the UCC, including which states have adopted them, see Practice Notes, Proposed 2022 Amendments to the UCC and Proposed 2022 Amendments to the UCC: State-by-State Adoption and Quick Compare Chart, UCC - Adoption of 2022 Proposed Amendments - Article 1 through Article 7.