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Uniform Commercial Code (UCC) Digital Assets

Cadwalader, Wickersham & Taft LLP

On the Money: Changes to the UCC’s Definition of Money – UCC 1–201(b)(24) – Part Three

The following article is part three of our series on the 2022 Amendments to the UCC. Please read the first two articles for context. I am going to get right to the point here – the reason that the definition of money has been...more

Tucker Arensberg, P.C.

Pennsylvania Joins the Digital Age and Enacts Article 12 of the Uniform Commercial Code

Tucker Arensberg, P.C. on

On July 1, 2024, the Commonwealth of Pennsylvania joined twenty-three other states in adopting Uniform Commercial Code Article 12 and the accompanying amendments to the Pennsylvania Uniform Commercial Code....more

Cadwalader, Wickersham & Taft LLP

A New Age of PerFFFection June 2024 - Potential Impact of UCC Article 12 on Fund Finance Transactions

At the bottom of the stack in investment fund structures, there are generally “real” assets—things like equity interests in portfolio companies, mortgage loans, commercial receivables, maybe even bricks and mortar. Fund...more

Cadwalader, Wickersham & Taft LLP

TriBar Releases Report on Digital Asset Opinions under UCC Article 12

The official drafting committees of the Uniform Commercial Code have promulgated proposed amendments (the “2022 Amendments”) to address transactions with certain digital assets, notably adding a new Article 12 on Controllable...more

Troutman Pepper

Consumer Financial Services 2023 Year in Review and A Look Ahead

Troutman Pepper on

We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more

Mayer Brown

The Promise and Potential of Blockchain and New UCC Article 12

Mayer Brown on

Executive Summary: In the summer and fall of 2022, electronic transactions were undergoing a sea change, but riding different tides: in the summer, the Uniform Law Commission approved a set of amendments to the Uniform...more

Tonkon Torp LLP

Uncertainty in Oregon for Crypto Assets Under Commercial Law

Tonkon Torp LLP on

While some states have moved to adopt model Uniform Commercial Code (UCC) provisions to provide a clear legal framework for commercial and secured transactions involving crypto assets, Oregon has yet to take action. This is a...more

Saul Ewing LLP

Digital Assets and the UCC: Article 12 Legislative Updates

Saul Ewing LLP on

New amendments to the Uniform Commercial Code (UCC) have been proposed which relate to transactions involving cryptocurrencies, digital assets, and blockchain technology. The amendments add a new Article 12 to the UCC, which...more

Lathrop GPM

Digital Assets as Collateral Under the Uniform Commercial Code

Lathrop GPM on

In 2019, the American Law Institute (“ALI”) and Uniform Law Commission (“ULC”) began developing amendments to the Uniform Commercial Code (“UCC”) to adapt to the changing landscape of transactions involving digital assets,...more

Proskauer - Blockchain and the Law

Part II: NFT Lending — Legal Issues Involving Secured Transactions under the UCC, Pre- and Post-Article 9 and 12 Amendments

As discussed in Part I of this series, NFT-based lending is pioneering a new avenue of investment and activity on the blockchain that will enable new and innovative use cases. In this Part II, we will discuss the implications...more

Seyfarth Shaw LLP

Possessing the Unpossessable – Holding Digital Assets in Your UCC Hands

Seyfarth Shaw LLP on

Non-fungible tokens, crypto tokens, cryptocurrencies, and other digital assets generally cannot be held in your physical hands, but they may now be legally possessed, under the Uniform Commercial Code in Delaware and other...more

Orrick, Herrington & Sutcliffe LLP

The Uniform Commercial Code Amendments on Digital Assets: Where Do Things Stand?

Delaware recently joined nine states in approving changes to the Uniform Commercial Code (UCC) involving digital assets. Another 15 states and Washington, D.C. are considering the changes. The Uniform Law Commission urged...more

Levenfeld Pearlstein, LLC

Who Owns Crypto Assets? Know the Risks

Until recently, the nature of ownership of assets on deposit with a third party was not controversial. If a local bank branch goes bankrupt, the cash or other assets deposited with the bank belonged to individual...more

Mintz - Bankruptcy & Restructuring Viewpoints

Securing the Digital Bag: Newly Promulgated UCC Article 12 and Amendments to UCC Article 9 Provide Guidance on Ownership of and...

Notwithstanding recent turbulence in the cryptocurrency markets, digital assets of all types are seemingly here to stay. Bitcoin, stablecoins, non-fungible tokens a/k/a NFTs, and even digital currency exchanged in the...more

Mayer Brown

The UCC Amendments and Their Impact on Negotiable Instruments in Trade Finance

Mayer Brown on

In its current form, the Uniform Commercial Code (“UCC”) does little to accommodate emerging technologies such as cryptocurrencies and non-fungible tokens.  In efforts to modernize and adapt the Uniform Commercial Code to...more

Harris Beach PLLC

Proposed UCC Amendments Set Guidelines for Security Interests in Digital Assets

Harris Beach PLLC on

Lenders looking to take security interests in digital assets, including cryptocurrency and non-fungible tokens (NFTs), may gain some certainty in the near future. The Uniform Commercial Code (UCC) sponsoring...more

Steptoe & Johnson PLLC

2022 Uniform Commercial Code Amendments Address Emerging Digital Technologies

Steptoe & Johnson PLLC on

The market for digital assets, such as cryptocurrency and nonfungible tokens (NFTs), all of which are considered intangible personal property, continues to evolve and, as a result, digital assets are increasingly sold or...more

Jones Day

JONES DAY TALKS®: UCC Proposed Amendments Address Crypto and Other Digital Assets

Jones Day on

Jones Day partner Kim Desmarais discusses the Uniform Law Commission's and American Law Institute’s proposed amendments to the Uniform Commercial Code (UCC), and their potential impact on commercial transactions involving...more

Polsinelli

Court Rules that Earn Account Assets are Property of the Debtor: Celsius Bankruptcy Case: January 13, 2023

Polsinelli on

Court rules that Earn Account Cryptocurrency is owned by Debtors and will not be returned - In our latest Bitblog update regarding the Celsius Network LLC, et al. (the “Debtors”) bankruptcy proceeding (Case No. Number:...more

Holland & Knight LLP

Recent Meta Policy Statement Outlines Goals, Hopes for Metaverse Regulator Activity

Holland & Knight LLP on

Meta released a position paper concerning its most recent thoughts about regulation in the metaverse on Dec. 2, 2022. Noting its ongoing work with the Metaverse Standards Forum (which Meta established in June 2022 and now has...more

Sullivan & Worcester

Zero Degrees Celsius: The Effects of a "Crypto Winter" and Celsius’ Bankruptcy on Crypto Customers

Sullivan & Worcester on

Part 1 – Celsius Bankruptcy - The Celsius Network was conceptualized as an alternative to conventional banking, offering its customers return rates of up to 20% on deposits of digital assets, and providing digital...more

McGlinchey Stafford

What Louisiana companies need to know about cryptocurrency and digital transactions

McGlinchey Stafford on

Talk of bitcoin and cryptocurrency has been unavoidable in recent years. What should Louisiana businesses understand to play in this new sandbox? First, the American Law Institute (ALI) and the Uniform Law Commission (ULC)...more

Orrick, Herrington & Sutcliffe LLP

The Uniform Commercial Code and Digital Assets: What You Need to Know

Digital assets have soared in popularity, with waves of innovation outpacing legislation and regulation. To try to narrow the gap, the Uniform Law Commission has urged U.S. states to change commercial law governing the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Amendments to Uniform Commercial Code Aim To Provide Clarity on the Transfer of Digital Assets

Over the last few years, stakeholders in the digital asset space have questioned how digital assets should be treated for purposes of the Uniform Commercial Code (UCC), a comprehensive body of laws relating to commercial...more

McGlinchey Stafford

Podcast: DeFi and Digital Assets: What do the UCC Amendments Mean for Business Transactions? [More with McGlinchey, Ep. 46]

McGlinchey Stafford on

Big changes are coming to the UCC, the Uniform Commercial Code, with regard to cryptocurrency and other digital assets. What will that mean to business transactions involving those digital assets going forward? In this...more

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