Article 9 Revisions
In 2010, the Uniform law Commission and the American Law Institute approved the following amendments to Article 9 of the UCC and its official comments. The amendments, if enacted at the state level, will have a uniform effective date of July 1, 2013.
Permanent Editorial Board for the UCC Commentaries
On October 5, 2020, the Permanent Editorial Board for the UCC (“PEB”) issued for public comment a draft commentary on Protected Series under the Uniform Protected Series Act.
On August 24, 2020, the PEB issued Commentary No. 22 on the effect of an Article 9 disposition of collateral if the transferee does not act in good faith.
On March 11, 2020, the PEB issued Commentary No. 21 on the meaning of the term “assignment” in Article 9.
On January 24, 2019, the PEB issued Commentary No. 20 on how consignments are treated under Article 9.
On April 11, 2017, the PEB issued Commentary No. 19 (pdf) on the Hague Securities Convention’s Effect on Determining the Applicable Law for Indirectly Held Securities.
In July 2013, the PEB issued Commentary No. 18 (pdf), which expands upon the new anti-Highland Capital comment added to section 8-102 comment 13.
On April 29, 2013, the PEB issued a Draft Commentary on the Hague Securities Convention’s Effect on Determining the Applicable Law for Indirectly Held Securities (pdf).
On June 29, 2012, the PEB issued Commentary No. 17(pdf), which deals with whether a limited liability partnership qualifies as “registered organization” under Article 9.
On February 6, 2012, the PEB issued a draft commentary for public comment on how sections 9-406 and 9-408 apply to restrictions on the transfer of an ownership interest in an unincorporated business entity: Application of UCC Sections 9-406 and 9-408 to Transfers of Interests in Unincorporated Business Organizations (pdf). On that issue, also see the February issue of TheTransactional Lawyer.
Uniform Certification of Title for Vessels Act
In 2011, the Uniform Law Commission adopted a new Certificate of Title for Vessels Act. The goal of the act is to bring to boat titling and boat financing a uniformity equal to or exceeding that applicable to motor vehicles. The new law is designed to work seamlessly with Article 9 of the Uniform Commercial and, to the extent possible, with the federal Ship Mortgage Act. It also includes a branding provision for vessels whose hull integrity has been compromised.
Uniform Certificate of Title for Vessels Act (PDF)
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