HB 102 Summary

• Enacts comprehensive amendments to Alaska's Uniform Commercial Code (UCC) to adopt revised articles on sales, leases, documents of title, and secured transactions, modernizing commercial law provisions.

• Establishes a duty for all contract parties to act fairly and in good faith in performance and enforcement, with obligations of good faith, diligence, reasonableness, and care not subject to disclaimer by agreement.

• Modernizes warehouse receipt and bill of lading requirements, replacing references to "warehouseman" with "warehouse" and updating provisions for electronic documents of title with new "control" standards.

• Adds new definitions and provisions for electronic documents, including electronic bills of lading and warehouse receipts, with specific requirements for establishing control and negotiability of electronic instruments.

• Takes effect January 1, 2010, with provisions regarding usage of trade evidence (Rule 403) and document authenticity (Rule 902) under Alaska Rules of Evidence requiring two-thirds legislative approval.