Bill > H57

This bill makes several amendments to the Uniform Commercial Code (UCC) covering provisions dealing with negotiable instruments and bank deposits and collections. Key changes include: - Defining new terms like "consumer account", "consumer transaction", "principal obligor", "secondary obligor", and "remotely-created consumer item". - Replacing the term "writing" with "record" in various sections to accommodate electronic documentation. - Modifying rules around enforcing lost instruments, warranties on remotely-created consumer items, accommodation parties, and the discharge of secondary obligors. - Updating provisions related to payment, notice of dishonor, and stop payment orders to adapt to modern banking practices. - Clarifying that certain UCC provisions do not apply to security interests in ownership interests in general partnerships, limited partnerships, or limited liability companies. Overall, the bill aims to update the UCC to address changes in commercial and banking practices since the code was last revised, particularly around consumer transactions and electronic records.

Business and Industry

https://malegislature.gov/Bills/191/H57