Bill of the week - March 2, 2023

House Bill 1165, sponsored by Rep. Justin Hicks, would enact the 2022 amendments to the Uniform Commercial Code, which address emerging technologies, providing updated rules for commercial transactions involving virtual currencies, distributed ledger technologies (including blockchain), artificial intelligence, and other technological developments.  The amendments:

• Create a new UCC Article 12 on Controllable Electronic Records
• Update Article 9 to allow perfection of security interests in digital assets
• Provide new rules for mixed transactions involving goods and services
• Update rules for electronic negotiable instruments
• Update terminology to account for electronic signatures and documents 

Bill Text (Introduced)

Uniform Commercial Code Amendments (2022) – Final Act (with comments)

Members of The Missouri Bar are invited to submit comments and input to the Board of Governors and its Executive Committee using this Bill Review Link.  If you have any questions or comments about this or other legislation, please contact Government Relations staff at 573-659-2280 or govrel@mobar.org for more information.