HB 1800

The Uniform Law Commission , also known as the National Conference of Commissioners on Uniform State Laws , provides states with non-partisan legislation that brings clarity and stability to critical areas of state statutory law. One such act adopted by the Uniform Law Commission is the Uniform Commercial Code, which is a comprehensive set of laws governing all commercial transactions in the United States. Although i t is not a federal law, it is uniformly adopted by the state s so that businesses can enter into contracts with confidence that the terms will be enforced in the same way by the courts of every jurisdiction in the United States . Article 9 of the Uniform Commercial Code governs secured transactions. The 2018 Amendments adopted by the Uniform Law Commission modify anti-assignment override provisions, thereby excluding security interests in ownership interests of general partnerships, limited partnerships, and limited liability companies from the override provisions. T he 2022 Amendments adopted by the Uniform Law Commission address emerging technologies, providing updated rules for commercial transactions involving virtual currencies, distributed ledger technologies (including blockchain), artificial intelligence, and other technological developments. The amendments span almost every article of the Uniform Commercial Code, and also add a new Article 12 to address certain types of digital assets defined as c ontrollable e lectronic r ecords or CERs. The 2022 amendments p rovide new default rules to govern transactions involving these new technologies and clarify the Uniform Commercial Code' s applicability to mixed transactions involving both goods and services. The 2022 amendments also contain some miscellaneous revisions unrelated to technological developments to provide needed clarification. However, this bill clarifies that none of its provisions support, endorse, create, or implement a national digital currency.