American Law Institute Continuing Legal Education will present the webcast “New UCC Article 12: Everything You Need to Know” on Friday, January 27, from noon to 1 p.m.
Recognizing the need to address uncertainty regarding the categorization of digital assets and provide answers about their treatment, the Uniform Law Commission (ULC) and American Law Institute (ALI) approved amendments in 2022 to update the Uniform Commercial Code (UCC). Included in these amendments is a new Article 12, specifically governing a category of digital assets referred to in Article 12 as “controllable electronic records” (CERs). This guidance aims to provide clarity as to what rules should govern what rights a transferee acquires in the purchase and sale of a CER, how CERs can be used as collateral for secured transactions, how security interests can be perfected in CERs, and what priority should be given to such perfected security interests.
Those attending the webcast will reduce their confusion when considering whether digital assets should be classified as money, general intangibles, or other property under the new and revised UCC articles. The expert panel will discuss these changes addressing digital assets and emerging technology, including:
• The New Article 12
- Defining Controllable Electronic Records (CERs) and Scope of Article 12
- Rights acquired by a transferee of a CER who obtains control
- Treatment of payment rights (controllable accounts and controllable payment intangibles) or other rights that may be tethered to a CER
- Protection for account debtors on controllable accounts and controllable payment intangibles
- Choice-of-law issues
• Amendments to Article 9
- Attachment, perfection and priority for security interests in CERs, controllable accounts, and controllable payment intangibles
- Choice-of-law issues
• New rules governing security interests in money
- New definition of “money”
- New rules for security interests in electronic money
• New Article 1 definitions:
- Updates to “Sign”
• Transition rules
- How these rules apply to Articles 9 and 12
- Effective date and adjustment date
Questions submitted during the program will be answered live by the faculty. All registrants will receive a set of downloadable course materials to accompany the program.
This program is for attorneys who need to better understand the categorization and treatment of digital assets under the new Article 12 of the Uniform Commercial Code.
Cost for the webcast is $199. To register, visit www.ali-cle.org.
