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Article 9, Secured Transactions Each state maintains an office for filing finance statements to publicly disclose security interests in encumbered property. A substantial revision to Article 9 was completed in 1998 and adopted in all states. The article was further amended in 1999, 2000, 2001, and 2010.
As of now, thirteen states plus the District of Columbia have adopted the Article 12 amendments, including Delaware, Alabama, California, Colorado, Hawaii, Iowa, Indiana, Nevada, Nebraska, New Hampshire, New Mexico, North Dakota, and Washington.
The proposed new Article 12 creates a class of digital assets defined as controllable electronic records (CERs). A CER is a record stored in an electronic medium that is susceptible to control.
Article 12 and the 2022 Amendments The 2022 amendments to the Uniform Commercial Code address emerging technologies, providing updated rules for commercial transactions involving virtual currencies, distributed ledger technologies (including blockchain), artificial intelligence, and other technological developments.
Under the UCC, the mirror image rule is abolished: an acceptance may sometimes differ from the offer, and the UCC can plug open terms in many cases. No consideration is required under the UCC to modify or terminate a contract or for a merchants firm offer, which makes the offer irrevocable ing to its terms.
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Related Q&A to Uniform Commercial Code Amendment

UCC Article 12, Controllable Electronic Records If an electronic record is not susceptible to control, it is not a CER. A CER is not an obligation because there are no parties to a CER (it is just a record, i.e., information). Some CERs, such as bitcoins,12 have inherent value because there is a market for their sale.
Crypto is negotiable For example, Article 12 creates a shelter-rule under which a purchaser of a CER acquires all rights in the [CER] that the transferor had or had power to transfer. UCC 12-104(d).
A UCC-3 (Uniform Commercial Code-3 statement) is a legal filing used to make any changes to a current UCC-1 filing. In short, a UCC-3 is considered an amendment filing. With Fast Track Filing, you can amend a UCC-1 filing in a few ways: 1. Termination: This filing extinguishes the UCC-1 before its five-year term ends.

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