Bill > S0374

This bill implements technical corrections to the transition rules for transactions governed by 2024 Public Laws Chapters 65 and 66 regarding security interests in emerging technologies. Specifically, the bill amends several sections of the General Laws related to transitional provisions for Uniform Commercial Code amendments, primarily changing the effective date from January 1, 2024, to June 10, 2024. The modifications ensure that existing transactions, security interests, and legal proceedings that were valid before the new effective date remain valid and can be completed or enforced under either the previous law or the new amendments. The bill addresses various aspects of security interests, including their perfection, enforceability, and priority, providing a smooth transition for businesses and legal entities dealing with security interests in property and electronic money. Key provisions include maintaining the validity of pre-existing transactions, establishing rules for continuing perfection of security interests, and determining priority of claims under the new legal framework. The bill takes effect immediately upon passage, providing clarity and legal continuity for transactions involving emerging technologies.

Business and Industry

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