SB 95: Commercial transactions.

Existing provisions of the Commercial Code generally govern commercial transactions.

This bill would revise those provisions generally in accordance with the revisions to Articles 1, 2, 2A, 3, 4A, 5, 7, 8, and 9 of, the addition of Article 12 to, and the addition of specified general provisions and definitions, transitional provisions, and effective date provisions to, the Uniform Commercial Code, as proposed in the 2022 Amendments to the Uniform Commercial Code by the National Conference of Commissioners on Uniform State Laws. Specifically, among other revisions, this bill would add provisions governing control of, and rights to, electronic money, controllable electronic records, controllable accounts, and controllable payment intangibles, as defined. The bill would make changes to the valid signing of records and would also make various conforming changes.