The American Law Institute and the Uniform Law Commission formed a joint committee in 2019 to review the Uniform Commercial Code with a view to recommending amendments or revisions to accommodate emerged and emerging technological developments.
At the 2022 ALI Annual Meeting on May 18, ALI membership voted to approve a new UCC Article 12 that would govern the transfer of property rights in certain intangible digital assets (“controllable electronic records”) that have been or may be created using new technologies. Amendments to Articles 1, 2, 2A, 3, 4, 4A, 5, 7, 8, and 9; and transition provisions were also approved.
At its annual meeting, the Uniform Law Commission voted to approve the amendments and Article 12. With both groups approving the UCC and Emerging Technologies, the amendments will now be promulgated for consideration by the states, and legislatures are urged to adopt them.