Bill > HB1800

This bill updates Tennessee's Uniform Commercial Code (UCC) to align with recent amendments made by the Uniform Law Commission in 2018 and 2022, primarily focusing on modernizing provisions related to electronic transactions and records. Key changes include redefining terms like "conspicuous" to consider the totality of circumstances, clarifying "delivery" for electronic documents of title, and expanding the definition of "money" to include electronic forms while excluding certain transferable electronic records. The bill also introduces new concepts like "controllable electronic records," "controllable accounts," and "controllable payment intangibles," which are types of digital assets that can be controlled and transferred electronically, with specific rules governing their perfection and priority in secured transactions. Furthermore, it updates provisions related to the scope of sales and leases of goods, the requirements for contracts and agreements to be in writing or a "record" (which includes electronic forms), and the procedures for handling electronic documents of title and letters of credit. The bill also establishes new chapters for "Controllable Electronic Records" and "Transitional Provisions" to manage the integration of these new digital asset concepts and ensure a smooth transition from existing laws.