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2003 SESSION

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HB 1778 Uniform Commercial Code; general provisions.

Introduced by: Clifton A. Woodrum | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Uniform Commercial Code; general provisions. Replaces current Title 8.1 of the Uniform Commercial Code with the revision approved by the National Conference of Commissioners on Uniform State Laws in 2001. The revisions are intended to update the law and are in recognition of changes in business practices, including the increased use of electronic media. The bill is recommended by the National Conference of Commissioners on Uniform State Laws.

SUMMARY AS PASSED HOUSE:

Uniform Commercial Code; general provisions. Replaces current Title 8.1 of the Uniform Commercial Code with the revision approved by the National Conference of Commissioners on Uniform State Laws in 2001. The revisions are intended to update the law and in recognition of changes in business practices, including the increased use of electronic media. The bill is recommended by the National Conference of Commissioners on Uniform State Laws.

SUMMARY AS INTRODUCED:

Uniform Commercial Code; general provisions. Replaces current Title 8.1 of the Uniform Commercial Code with the revision approved by the National Conference of Commissioners on Uniform State Laws in 2001. The revisions are intended to update the law and in recognition of changes in business practices, including the increased use of electronic media. Substantive differences between existing Title 8.1 pertain to (i) choice of law, (ii) the definition of good faith, and (iii) course of performance. The bill is recommended by the National Conference of Commissioners on Uniform State Laws.