Bill > HB1240

This bill, the Uniform Commercial Code Modernization Act of 2024, proposes a number of changes to Georgia's commercial code to update and modernize various statutes governing commercial transactions. The key provisions are: - It establishes a new Article 12 to govern "controllable electronic records," which are electronic records that can be subject to control, including controllable accounts and controllable payment intangibles. This provides rules for control, discharge of account debtors, governing law, and other aspects of these new types of assets. - It adds a new transitional Article 12A to provide rules for the implementation of the changes, such as preserving the validity of pre-existing transactions and establishing priority rules. - It makes conforming changes throughout the commercial code to incorporate the new concepts of controllable electronic records, including revising definitions, perfection and priority rules, and rights and duties of secured parties. - It states that nothing in the Act shall be construed to support, endorse, create, or implement a national digital currency. The bill is intended to maintain uniformity with the Uniform Commercial Code as recommended by the National Conference of Commissioners on Uniform State Laws.

Justice

https://www.legis.ga.gov/legislation/66939