The Uniform Commercial Code Survey: Introduction

摘要

The survey that follows highlights the most important developments of 2010 dealing with sales of goods, personal property leases, payments, letters of credit, documents of title, investment securities, and secured transactions. Along with the usual descriptions of interesting judicial decisions in these areas, which are highlighted in the survey, there have been important legislative developments. The Uniform Commercial Code ("U.C.C.") sponsors approved the amendments proposed by the Joint Review Committee for Article 9.' The process of adoption has commenced. Seven states have already enacted the amendments.2 Those amendments revisions were summarized in the Introduction to last year's survey~3 The Article 9 Amendments are intended to go into effect on July 1, 2013, in all of the states that adopt them.~4 A number of the states that have adopted or have introduced those amendments have also included in the legislation the revisions to Article 1 and the revisions to Article 7 of the U.C.C., so the number of states adopting those revised articles should show a significant increase. An interesting related development is that the Uniform Law Commission recommended and approved removing Revised Articles 2 and 2A from the U.C.C., because no state has adopted either of them since they were completed in 2003.~5 The American Law Institute also approved that recommendation,6 so the official version of the U.C.C. now reverts to the versions of those two Articles that have been widely adopted.