Bill > S01840

This bill incorporates the 2022 Uniform Law Commission recommended amendments to the Uniform Commercial Code (UCC) to address emerging technologies. The bill introduces comprehensive updates to provide clear rules for commercial transactions involving virtual currencies, distributed ledger technologies (like blockchain), artificial intelligence, and other technological developments. Key provisions include defining new terms such as "electronic", updating rules around digital record-keeping and control of electronic records, and creating a new Article 12 specifically governing "Controllable Electronic Records". The bill modernizes existing commercial law to accommodate technological innovations by providing frameworks for how digital assets can be transferred, controlled, and prioritized in legal and financial contexts. It affects multiple sections of the UCC, including Articles 1, 2, 3, 4, 5, 7, 8, 9, and introduces entirely new articles to handle emerging technological transactions. The amendments aim to provide legal clarity and consistency for businesses and individuals engaging in transactions involving digital assets and electronic records, ensuring that commercial law keeps pace with technological advancements.

Justice

https://www.nysenate.gov/legislation/bills/2025/S1840