ULC

Committees

UCC Articles 1,3, and 9, Amendments to

Description

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.

Committee Members

Edwin E. Smith Chair
Boris Auerbach Member
Thomas J. Buiteweg Member
Michael A. Ferry Member
Patrick Augustus Guida Member
William H. Henning Member
H. Kathleen Patchel Member
Sandra S. Stern Member
John T. McGarvey Division E Chair Member
Kristen D. Adams ALI Member
Amelia H. Boss ALI Member
Neil B. Cohen ALI Member
Teresa Wilton Harmon ALI Member
Ronald J. Mann ALI Member
Norman M. Powell ALI Member
Steven O. Weise ALI Member
Steven L. Harris Reporter
Katie Robinson Staff Liaison