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Full-Text Articles in Law
Emerging Technology's Unfamiliarity With Commercial Law, Carla L. Reyes
Emerging Technology's Unfamiliarity With Commercial Law, Carla L. Reyes
Faculty Journal Articles and Book Chapters
Over the course of a three-year, collaborative process that was open to the public, the Uniform Law Commission (ULC) and the American Law Institute (ALI) undertook a project to revise the Uniform Commercial Code (UCC) to account for the impact of emerging technologies on commercial transactions. The amendments, approved jointly by the ULC and ALI in July 2022, touch on aspects of the entire UCC, but one change has inspired ire and attracted national media attention: a proposed revision to the definition of “money.” The 2022 UCC Amendments alter the definition of “money” to account for the introduction of central …