The Uniform Commercial Code Survey: Introduction

• Published in: The Business Lawyer 2005-08, Vol.60 (4), p.1635-1637
• Main Authors: Sepinuck, Stephen L., Meadows, Robyn L., Hakes, Russell A.
• Format: Article
• Language: English
• Subjects: Article 1; Article 2; Article 7; Collateral; Commercial law; Debt; Foreclosure; Reforms; Revisions; State court decisions; Survey—Uniform Commercial Code; Uniform Commercial Code-US
• ISSN: 0007-6899; 2164-1838

The gloves are off in the revised Article 2 arena and it appears as if the National Conference of Commissioners on Uniform State Laws ("NCCUSL") has taken the first shot. Efforts to test the opposition to revised Article 2 by targeting enactment in a few key states has left NCCUSL with a bit of a black eye. In Kansas, the bill was referred to the state bar for comment and no action was taken. In Nevada, the bill died in committee after a single hearing in which both industry representatives and at least one academic strongly criticized it. The revisions to Article 7 have faired better. They did not receive final approval from NCCUSL and the American Law Institute until the summer 2003 but have already been enacted in fifteen states. By far the most interesting legislative developments, though, concern revised Article 1. As of this writing, fourteen states and one territory have enacted it. Of those, only the U.S. Virgin Islands has enacted the new and controversial choice-of-law rules in section 1-301.