Bill > HB1800

This bill updates Tennessee's Uniform Commercial Code (UCC) to incorporate recent amendments from the Uniform Law Commission, primarily focusing on modernizing commercial transactions to accommodate electronic records and digital assets. Key changes include redefining terms like "delivery" to include electronic documents of title, clarifying what constitutes "conspicuous" terms in contracts, and expanding the definition of "money" to encompass electronic forms while distinguishing it from digital currencies that aren't government-authorized. The bill also introduces new concepts and rules for "controllable electronic records," "controllable accounts," and "controllable payment intangibles," which are digital assets that can be controlled and transferred electronically, similar to how physical assets are managed. This update aims to provide clearer legal frameworks for electronic commerce, ensuring that the UCC remains relevant and effective in a rapidly evolving digital marketplace by addressing issues related to control, perfection, and priority of security interests in these new forms of digital property.

Business and Industry, Justice

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1800&ga=114