New York has joined 33 other states and the District of Columbia in enacting amendments to the Uniform Commercial Code promulgated by the Uniform Law Commission (the “ULC”) in 2022 (the “Amendments”) principally to address digital assets – “controllable electronic records” as defined in the Amendments. The effective date of the Amendments in New York is June 3, 2026. Parties should begin now to address the impact of the Amendments on their transactions since, after one year from the effective date (June 3, 2027), the Amendments will apply to preexisting transactions.
Authors:
James Gadsden, Partner
Gadsden@clm.com