Uniform Commercial Code modified to accommodate emerging technologies

The Uniform Commercial Code is a way for all 50 states to adopt similar statutes to simplify, clarify, and modernize the laws governing commercial transactions across the United States.

A new law will adopt into state statute amendments to the code to accommodate emerging technologies, such as electronic signatures of documents, electronic promissory notes, and “controllable digital assets” such as cryptocurrencies and non-fungible assets.

The law also specifies how these digital assets and other controllable electronic records are securely traded and how they can be used in other financial transactions.

Sponsored by Rep. Brion Curran (DFL-White Bear Lake) and Sen. Michael Kreun (R-Blaine), the law takes effect Aug. 1, 2024.

HF3868*/SF4691/CH93

HF3868* / SF4691 / CH93