summary
Introduced
02/18/2025
02/18/2025
In Committee
06/30/2025
06/30/2025
Crossed Over
03/31/2025
03/31/2025
Passed
Dead
Introduced Session
2025-2026 Session
Bill Summary
AN ACT TO UPDATE THE UNIFORM COMMERCIAL CODE TO GOVERN TRANSACTIONS INVOLVING CERTAIN EMERGING TECHNOLOGIES, AS RECOMMENDED BY THE GENERAL STATUTES COMMISSION.
AI Summary
This bill updates the Uniform Commercial Code to create a new legal framework for emerging electronic technologies, particularly focusing on controllable electronic records and electronic money. The bill adds a new Article 12 to the Uniform Commercial Code that establishes rules for controllable electronic records, defining them as electronic records that can be subjected to control by a specific person.
Key provisions include creating definitions for new types of electronic assets like controllable accounts and controllable electronic records, establishing how these assets can be transferred and controlled, and setting rules for priority and rights associated with these new types of digital assets. The bill provides detailed guidance on how entities can establish control over electronic records, including specific requirements for identifying the controlling party and maintaining exclusive power over the record. It also addresses how these new electronic assets interact with existing commercial law, including rules about perfecting security interests, priority of claims, and protecting purchasers of these electronic assets. The bill introduces provisions for electronic money and how it can be controlled, similar to the rules for electronic records. Additionally, the legislation makes numerous conforming amendments to other parts of the Uniform Commercial Code to integrate these new concepts across different sections of commercial law. The bill is designed to provide a comprehensive legal framework for emerging digital assets and technologies, offering clarity and protection for businesses and individuals engaging with these new forms of electronic property.
Committee Categories
Budget and Finance, Government Affairs, Justice
Sponsors (3)
Last Action
Re-ref to the Com on Appropriations, if favorable, Rules, Calendar, and Operations of the House (on 06/30/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.ncleg.gov/BillLookUp/2025/S117 |
Analysis - Summary S117-EMMU-19(e1)-v-2 | https://dashboard.ncleg.gov/api/Services/ExplanatoryMemo/2025/S117-EMMU-19(e1)-v-2 |
Analysis - Summary S117-EMMU-8(e1)-v-3 | https://dashboard.ncleg.gov/api/Services/ExplanatoryMemo/2025/S117-EMMU-8(e1)-v-3 |
Analysis - Summary S117-EMMU-15(e1)-v-2 | https://dashboard.ncleg.gov/api/Services/ExplanatoryMemo/2025/S117-EMMU-15(e1)-v-2 |
BillText | https://www.ncleg.gov/Sessions/2025/Bills/Senate/PDF/S117v1.pdf |
BillText | https://www.ncleg.gov/Sessions/2025/Bills/Senate/PDF/S117v0.pdf |
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