Bill > A03307

This bill incorporates the 2022 Uniform Law Commission recommended amendments to the Uniform Commercial Code (UCC), focusing on updating rules for emerging technologies such as virtual currencies, distributed ledger technologies (including blockchain), and artificial intelligence. The bill introduces a comprehensive set of changes across multiple sections of the UCC, primarily adding a new Article 12 on Controllable Electronic Records and creating a transitional Article 12-A to manage the implementation of these technological updates. Key provisions include defining new terms like "controllable electronic record" and "electronic money", establishing rules for control and transfer of digital assets, and updating existing definitions and provisions to accommodate digital technologies. The bill modifies how security interests, transactions, and property rights are handled in the context of electronic records, providing clearer guidelines for commercial transactions involving emerging technologies. These changes aim to modernize commercial law to better reflect the realities of digital commerce, offering more precise legal frameworks for handling electronic assets and transactions while maintaining core principles of commercial law. The amendments will take effect 180 days after becoming law, with specific transitional provisions to ensure smooth implementation and protect existing transactions and interests.

Justice

https://www.nysenate.gov/legislation/bills/2025/A3307