In 2019, The American Law Institute and the Uniform Law Commission formed a joint committee to review the Uniform Commercial Code with a view to recommending amendments or revisions to accommodate emerged and emerging technological developments. These amendments were approved by both organizations this year.
To address these amendments, the Uniform Law Commission will present a free one-hour webinar, entitled 2022 UCC Amendments Part I: Digital Assets, on August 31, at 1:00 p.m. ET. Presenters will include Charles W. Mooney Jr. of University of Pennsylvania Carey Law School, Juliet M. Moringiello of Widener University Commonwealth Law School, Edwin E. Smith of Morgan, Lewis & Bockius, and Steven O. Weise of Proskauer Rose.
A second webinar, 2022 UCC Amendments Part II: Beyond Digital Assets, will be held on October 6.
From the event description:
New UCC Article 12 provides rules to govern commercial transactions involving new types of digital assets, including virtual currencies, non-fungible tokens (“NFTs”), and what are functionally electronic promissory notes and electronic bills of exchange. Amendments to UCC Article 9 will 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. The amendments address fiat electronic money, such as anticipated central bank digital currencies, and new choice-of-law law rules will clarify which state’s law applies to a given transaction.