Report on legislation which would modernize Articles 1, 7 and 9 of the Uniform Commercial Code

SUMMARY

The Committee on Commercial Law and Uniform State Laws expressed support for legislation which will bring about a much-needed modernization of Articles 1, 7 and 9 of the NY-UCC and bring New York up to date with comparable revisions enacted in other states. In recent years, the report notes, New York has fallen significantly behind other states in modernizing its commercial law, and increasingly today’s significant commercial transactions may be domiciled in a U.S. jurisdiction that has modernized its law, or in a foreign locale that has a mature legal system. Keeping New York’s commercial law as modern as any in the nation will help maintain its status as a preeminent commercial jurisdiction and will generate both jobs and income for New Yorkers, particularly those in the financial services sector. 

Reissued July 2014

BILL INFORMATION

A.9933 (AM Weinstein) / S.7816 (Sen. Farley) – would modernize Articles 1, 7 and 9 of the Uniform Commercial Code (NYS 2014)

OUTCOME

Signed by the Governor, Chp. 505 – December 17, 2014