Status of the UCC: A Look Back at 2006

Document Type

Article

Publication Date

7-2007

Journal Title

UCC Bulletin

ISSN

1062-7693

Abstract

The amendments or revisions to the Uniform Commercial Code (“Code” or “UCC”) developed by the National Conference of Commissioners on Uniform State Laws (“NCCUSL”) and the American Law Institute (“ALI”) since 1987 have, for the most part, been enacted in all jurisdictions. Original Article 1 was universally enacted, and the 2001 revision has been adopted as of this writing in 23 jurisdictions with several more expected to follow in 2007. Original Article 2 remains the law in all jurisdictions where it was enacted, as the amended version has not been enacted in any jurisdiction. The same report is applicable as to original Article 2A and the 2003 amendments to it. The 1990 versions of Articles 3 and 4 have been enacted in all jurisdictions except New York and South Carolina, and the modest amendments to these articles promulgated in 2002 are progressing slowly and not entirely in uniform form, having been enacted to date only in five jurisdictions. Article 4A has been universally enacted, as has the 1995 revision of Article 5 except for Puerto Rico. Article 6 (on bulk sales, lest we forget) has been repealed in 46 states and revised so as to be more workable in four jurisdictions; incredibly, three states still retain the original version, thus imposing on contracting parties significant and largely useless transaction costs. Revised Article 7, the principal purpose of the revision being to resolve ambiguities and update the law for electronic documents, is proceeding well and is enacted in 24 jurisdictions with several more expected in 2007. Revised Article 8 is enacted everywhere, as is revised Article 9 (except for Puerto Rico).

First Page

1

Last Page

4

Num Pages

4

Volume Number

62

Issue Number

2

Publisher

Thomson Reuters

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