New York State Senator Brad Hoylman-Sigal deserves high praise for sponsoring a bill to enact key new Uniform Commercial Code (UCC) Article 12 to New York’s UCC.  NY State Senate Bill 2023-S7244 (nysenate.gov) Article 12 provides rules governing transfers of “controllable electronic records,” the legal name for one type of “digital asset.”

Alan Kolod, senior counsel at Moses Singer

However, as Senator Hoylman recognized, Article 12 requires enactment of the new technology amendments to each Article of the UCC (the “2022 Amendments”) promulgated by the American Law Institute and the Uniform Law Commission.

Eric Marcus, retired partner of Arnold & Porter Kaye Scholer