A joint Committee comprised of members of the Uniform Law Commission and the American Law Institute will draft revisions to Articles 1, 3, and 9 of the Uniform Commercial Code to provide the substantive commercial law rules to support an electronic registry for residential mortgage notes on a national basis with minimal displacement of state laws. Article 3 rules were developed for a paper-based commercial practice in which residential mortgage notes normally are held in portfolio by the lending bank. The Committee will revise Article 3 to accommodate electronic documentation practices in commercial mortgage transactions. Further, the Committee will undertake revisions to Article 9 provisions governing the granting and perfection of security interests in electronic mortgage notes held as collateral; the way security interests attach; priorities; and possession; as well as the transfer of ownership notes and the transfer of rights in the mortgage securing electronic mortgage notes. Finally, the Committee will consider revisions to key definitions in Article 1 to ensure consistency with revisions to Articles 3 and 9.