Bill > H1172

This bill updates the Massachusetts Uniform Commercial Code by making several changes to provisions dealing with negotiable instruments and bank deposits and collections. The key provisions include: - Defining new terms like "consumer account," "consumer transaction," "principal obligor," "record," "remotely-created consumer item," and "secondary obligor." - Replacing the term "writing" with "record" throughout the relevant sections. - Modifying rules around the enforceability of lost instruments, accommodations parties, warranties for remotely-created consumer items, and the discharge of secondary obligors. - Updating provisions related to payment, release, and extension of time for payment of negotiable instruments. - Clarifying that certain sections do not apply to security interests in certain types of business entities. Overall, the bill aims to modernize and clarify the Uniform Commercial Code in Massachusetts, particularly with respect to consumer transactions and emerging technologies like remotely-created checks.

Business and Industry

https://malegislature.gov/Bills/192/H1172