Bill > H1282

This bill updates and modernizes Massachusetts' Uniform Commercial Code (UCC) to address electronic transactions and records, primarily focusing on how commercial law applies to digital assets and electronic documentation. The bill introduces several key changes across multiple articles of the UCC, with a particular emphasis on creating new definitions and rules for digital financial instruments and transactions. Significant provisions include defining "controllable electronic records" as a new type of legal asset, establishing rules for how electronic money and digital records can be transferred and controlled, and updating terminology to reflect modern technological realities. The bill replaces numerous instances of "writing" and "authentication" with more technology-neutral terms like "record" and "signed", and creates detailed frameworks for how digital assets can be bought, sold, and secured. The changes are comprehensive, affecting articles related to sales, leases, secured transactions, and introducing an entirely new Article 12 focused on controllable electronic records. The bill is designed to provide clear legal guidelines for emerging digital financial practices while maintaining the core principles of commercial law. It will take effect on January 1, 2026, with a transition period allowing existing transactions to adapt to the new legal framework.

Business and Industry

https://malegislature.gov/Bills/194/H1282