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Uniform Commercial Code

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Full-Text Articles in Law

After Ftx: Can The Original Bitcoin Use Case Be Saved?, Mark Burge Dec 2023

After Ftx: Can The Original Bitcoin Use Case Be Saved?, Mark Burge

Faculty Scholarship

Bitcoin and the other cryptocurrencies spawned by the innovation of blockchain programming have exploded in prominence, both in gains of massive market value and in dramatic market losses, the latter most notably seen in connection with the failure of the FTX cryptocurrency exchange in November 2022. After years of investment and speculation, however, something crucial has faded: the original use case for Bitcoin as a system of payment. Can cryptocurrency-as-a-payment-system be saved, or are day traders and speculators the actual cryptocurrency future? This article suggests that cryptocurrency has been hobbled by a lack of foundational commercial and consumer-protection law that …


Coordination Of The Uniform Commercial Code And Common Law, Kenneth C. Kettering Oct 2023

Coordination Of The Uniform Commercial Code And Common Law, Kenneth C. Kettering

University of Cincinnati Law Review

Deciding whether an issue that is in the ambit of a statute should be resolved by reference to the statute alone, or whether other sources of law should be applied, is a common interpretative task. The Uniform Commercial Code ("UCC") contains rules of interpretation that address the subject, and those rules have not been altered since the UCC was first generally enacted. Nevertheless, questions often arise on the subject under the UCC. This paper examines the UCC rules on point. The analysis is germane to the interpretation and drafting of other statutes that codify rules of private law.


Floating Liens Over Crypto-In-Commerce, Christopher K. Odinet, Andrea Tosato Jan 2023

Floating Liens Over Crypto-In-Commerce, Christopher K. Odinet, Andrea Tosato

Indiana Law Journal

Commercial law and crypto are colliding. Against the backdrop of explosive growth (and discord) in the digital asset market, there has been a series of recent revisions to American commercial law aimed at addressing new and emerging technologies. These changes to the Uniform Commercial Code (UCC) are designed to facilitate the buying and selling of digital assets as well as their use as collateral. However, to date, the literature exploring these changes has mainly focused on understanding the basics of the new regime. This Essay moves beyond that baseline by showing how the UCC amendments can be used to structure …


Modernizing Notice Of Breach Rules To Preserve Contract Remedies, Stephen Plass Jan 2023

Modernizing Notice Of Breach Rules To Preserve Contract Remedies, Stephen Plass

University of Michigan Journal of Law Reform

Recently, the legal community has scrutinized the capacity of mandatory arbitration rules to deter or foreclose claims for breach of contract. But little attention has been paid to express and constructive notice of breach rules that are just as effective at foreclosing contractual remedies. While four-year statutes of limitations are typically viewed as the default cutoff time for breach of contract claims, contracting parties, particularly buyers of goods, must act much sooner to preserve their legal remedies. It is now common practice for sellers to require notice of breach within days or weeks of their performance as an express condition …


The Uniform Commercial Code Survey: Introduction, Jennifer S. Martin, Colin P. Marks, Wayne Barnes Jan 2021

The Uniform Commercial Code Survey: Introduction, Jennifer S. Martin, Colin P. Marks, Wayne Barnes

Faculty Articles

The survey that follows highlights the most important developments of 2020 dealing with domestic and international sales of goods, personal property leases, payments letters of credit, documents of title, investment securities, and secured transactions.


When Is A Warranty Not A Warranty?: Deconstructing The Magnuson-Moss Warranty Act’S Narrow Definition Of “Warranty”, Colin P. Marks Jan 2021

When Is A Warranty Not A Warranty?: Deconstructing The Magnuson-Moss Warranty Act’S Narrow Definition Of “Warranty”, Colin P. Marks

Faculty Articles

Prior to the adoption of the Uniform Commercial Code (“UCC”), warranties of goods required reliance on the affirmation or promise relating to the goods for liability to attach. The UCC changed this standard from a reliance standard to a “basis of the bargain” standard. This shift has caused much confusion as to whether the new standard was meant to completely eliminate reliance as a relevant factor, or if reliance still plays a primary role in warranty analysis. Adding to this area of law is the Magnuson-Moss Warranty Act (“MMWA” or “the Act”), which was enacted to address concerns that sellers’ …


Social Justice And Deposit Return Calculations: A Study Of Success And Failure In Commercial Law Reform, William H. Widen Jan 2020

Social Justice And Deposit Return Calculations: A Study Of Success And Failure In Commercial Law Reform, William H. Widen

St. John's Law Review

(Excerpt)

This Article proceeds as follows: Part I describes case law which uses a “penalty” interpretation for § 2-718(2) and (3). Part II describes case law in which courts do not apply a penalty. Part III offers a penalty-free interpretation for § 2-718(2) and (3) that remains true to the statutory language. These three parts make extensive use of numerical examples and explanations. Although the presentation may seem dense in parts, an appreciation of the numbers is essential to understanding both the problem and the solution.

Part IV describes the drafting history of § 2-718(2) and (3) to support the …


Roll Over, Llewellyn?, Peter A. Alces Sep 2019

Roll Over, Llewellyn?, Peter A. Alces

Peter A. Alces

No abstract provided.


Commercial Codification As Negotiation, Peter A. Alces, David Frisch Sep 2019

Commercial Codification As Negotiation, Peter A. Alces, David Frisch

Peter A. Alces

No abstract provided.


Commenting On "Purpose" In The Uniform Commercial Code, Peter A. Alces, David Frisch Sep 2019

Commenting On "Purpose" In The Uniform Commercial Code, Peter A. Alces, David Frisch

Peter A. Alces

No abstract provided.


A Commercial Law For Software Contracting, Michael L. Rustad, Elif Kavusturan Jun 2019

A Commercial Law For Software Contracting, Michael L. Rustad, Elif Kavusturan

Washington and Lee Law Review

Since the 1980s, software is at the core of most modern organizations, most products and most services. Part II of this Article examines how the U.C.C. evolved as the primary source of law for the first generation of computer contracts during the mainframe computer era. Part III examines how courts have overextended U.C.C. Article 2, as the main source of law for software licensing, to the limits. Part IV argues that the ALI and the NCCUSL should propose a new Article 2B for software licensing. Part V recommends a new Article 2C for “software as a service.”


Social Justice And Deposit Return Calculations: A Study Of Success And Failure In Commercial Law Reform, William H. Widen Jan 2019

Social Justice And Deposit Return Calculations: A Study Of Success And Failure In Commercial Law Reform, William H. Widen

Articles

No abstract provided.


Fraud, Letters Of Credit, And The Uniform Commercial Code: It Is Time To Untether The Independence Principle, Richard Flint Jan 2019

Fraud, Letters Of Credit, And The Uniform Commercial Code: It Is Time To Untether The Independence Principle, Richard Flint

Faculty Articles

The purpose of this Article is to evaluate the efficacy of the fraud exception to the independence principle in letters of credit law in the case of both commercial and standby letters of credit. In doing so, a primary focus will be to identify which of the various parties to a letter of credit transaction the present fraud exception "protects" and to evaluate the policy justifications for why these persons are viewed by the law to be eligible recipients of protection.


Remedies In The Ucc: Some Critical Thoughts, Victor Goldberg Jun 2018

Remedies In The Ucc: Some Critical Thoughts, Victor Goldberg

Barry Law Review

No abstract provided.


Uniform Commercial Code Article Two Revisions: The View Of The Trenches, Henry Gabriel Jun 2018

Uniform Commercial Code Article Two Revisions: The View Of The Trenches, Henry Gabriel

Barry Law Review

No abstract provided.


Foreword, Leticia Diaz Jun 2018

Foreword, Leticia Diaz

Barry Law Review

No abstract provided.


The Revision Of Article 2: Commercial Sellers Vs. Consumer Buyers Appendix, James J. White Jun 2018

The Revision Of Article 2: Commercial Sellers Vs. Consumer Buyers Appendix, James J. White

Barry Law Review

No abstract provided.


Importing Uniform Sales Law Into Article 2, Steven Walt Jun 2018

Importing Uniform Sales Law Into Article 2, Steven Walt

Barry Law Review

No abstract provided.


The Myth Of Trade Usages: A Talk, Lisa Bernstein Jun 2018

The Myth Of Trade Usages: A Talk, Lisa Bernstein

Barry Law Review

No abstract provided.


The Revision Of Article 2: Commercial Sellers Vs. Consumer Buyers, James J. White Jun 2018

The Revision Of Article 2: Commercial Sellers Vs. Consumer Buyers, James J. White

Barry Law Review

No abstract provided.


Article 2 Of The Ucc: Some Thoughts On Success Or Failure In The Twenty-First Century, Robert A. Hillman Jun 2018

Article 2 Of The Ucc: Some Thoughts On Success Or Failure In The Twenty-First Century, Robert A. Hillman

Barry Law Review

No abstract provided.


“Dishonesty” In Fact: The Future Uncertainty Of Maryland’S Statutory Interpretation Of Good Faith & Encouraging Lax Lender Liability, Kara N. Achilihu Jun 2018

“Dishonesty” In Fact: The Future Uncertainty Of Maryland’S Statutory Interpretation Of Good Faith & Encouraging Lax Lender Liability, Kara N. Achilihu

Maryland Law Review

No abstract provided.


Article 2 Of The Ucc: Some Thoughts On Success Or Failure In The Twenty-First Century, Robert A. Hillman Apr 2018

Article 2 Of The Ucc: Some Thoughts On Success Or Failure In The Twenty-First Century, Robert A. Hillman

Cornell Law Faculty Publications

The volume of litigation on Uniform Commercial Code Article 2, along with the rise of e-commerce, raises the question of whether Article 2 can succeed in the twenty-first century. There are, of course, many ways to measure success or failure of legislation. One strategy, applied here, is to evaluate Article 2 against the UCC’s ambitious “purposes and policies” of simplifying, clarifying, and modernizing commercial law, supporting commercial practices, and promoting uniformity of the law among the states. In doing so, I ask three questions that help determine when particular sections of Article 2 impede these goals and are ripe for …


Uniform Commercial Acts, Samuel Williston Oct 2017

Uniform Commercial Acts, Samuel Williston

Dickinson Law Review (2017-Present)

No abstract provided.


The Uniform Commercial Acts, J.P. Mckeehan Oct 2017

The Uniform Commercial Acts, J.P. Mckeehan

Dickinson Law Review (2017-Present)

The Commissioners on Uniform State Laws have had twenty- five annual conferences. The principal fruit of their labors is represented by the Negotiable Instruments Act, enacted in forty-seven jurisdictions; the Warehouse Receipts Act, enacted in thirty-one jurisdictions; the Sales Act, enacted in fourteen jurisdictions, the Bills of Lading Act enacted in thirteen jurisdictions, and the Stock Transfer Act, enacted in nine jurisdictions. They have also drafted acts relating to divorce, family desertion, probate of wills, marriage evasion, workmen’s compensation and partnership but these have not yet been enacted in more than a few states. All of the commercial acts are …


Do We Need A Global Commercial Code?, Michael Joachim Bonell Oct 2017

Do We Need A Global Commercial Code?, Michael Joachim Bonell

Dickinson Law Review (2017-Present)

The International Institute for the Unification of Private Law (UNIDROIT) first launched the idea of preparing a code of inter- national trade law. In 1970, the Secretariat of UNIDROIT submitted a note to the newly established United Nations Commission on International Trade Law (UNCITRAL) in justification of such an initiative and indicated some of the salient features of the project. What was proposed was a veritable code in the continental sense. The proposed code included two parts: part one dealing with the law of obligations generally, and part two relating to specific kinds of commercial transactions. However, the “Progressive codification …


Purchase Of Consumer Paper And Subjection To Collateral Forces, Benjamin Geva Jun 2017

Purchase Of Consumer Paper And Subjection To Collateral Forces, Benjamin Geva

Benjamin Geva

The purchase of commercial paper issued in return for consumer goods [hereinafter referred to as consumer paper] is a common and wide-spread sales financing practice. Various judicial techniques and legislative schemes have been employed to disqualify purchasers of consumer paper from becoming holders in due course [hereinafter referred to as HDC], thus rendering these purchasers subject to defenses to the instrument based upon consumer dissatisfaction with the goods. Underlying the denial of HDC sttus to purchasers of consumer paper are the following premises: (1) the sale of consumer goods is not a commercial transaction and should not be governed by …


A Meaningful Opportunity For Release: Resentencing Hearings For Juvenile Offenders Sentenced To Life Without Parole Following Aiken V. Byars, Robert M. Dudek Apr 2017

A Meaningful Opportunity For Release: Resentencing Hearings For Juvenile Offenders Sentenced To Life Without Parole Following Aiken V. Byars, Robert M. Dudek

South Carolina Law Review

No abstract provided.


Conceptualizing Cryptolaw, Carla L. Reyes Jan 2017

Conceptualizing Cryptolaw, Carla L. Reyes

Faculty Journal Articles and Book Chapters

Sweden transfers its real property recording system to the blockchain, a software protocol that enables public, cryptographically secure transaction verification without reliance upon a trusted third party. Dubai plans to issue blockchain-based government documents. The United States Department of Health and Human Services investigates blockchain-based systems for managing health data. Illinois explores blockchain-based applications for use in the Illinois government. News of governments and public-private partnerships developing blockchain-based legal applications increasingly splash across the headlines; however the law-makers using blockchain and other Distributed Ledger Technology (DLT) systems to implement legal processes do not systematically consider the broader implications of their …


Bitproperty And Commercial Credit, Christopher K. Odinet Dec 2016

Bitproperty And Commercial Credit, Christopher K. Odinet

Christopher K. Odinet

In the past several years the growth of virtual property in today’s economy has been explosive. The everyday use of virtual assets ranging from Twitter and Facebook to YouTube and virtual world accounts is nearly absolute. Indeed, by one account Americans check social media over 17 times per day. Further, a growing number of savvy virtual entrepreneurs are reporting incomes in the six and seven figure range, derived solely from their online businesses. Nevertheless, although the commercial world has come to embrace these newfound markets, commercial law has done a poor job of keeping up. Scholars have argued that laws …