SB 95 Summary

• Revises California's Commercial Code to align with the 2022 Uniform Commercial Code Amendments, making comprehensive updates to Articles 1-11 governing commercial transactions including sales, leases, letters of credit, documents of title, securities, and funds transfers.

• Adds new provisions governing "controllable electronic records," "controllable accounts," and "controllable payment intangibles," establishing rules for control, transfer, and priority of these new digital asset types.

• Introduces provisions for "electronic money" control and security interests, defining how secured parties can obtain and maintain control of electronic currency.

• Modifies requirements for valid signing of records and makes conforming changes throughout the Commercial Code to accommodate electronic transactions and digital assets.

• Establishes an "adjustment date" of July 1, 2025 (or one year after enactment) for transition provisions, allowing existing transactions to remain valid while establishing new rules for security interests and priorities in Division 12 property and electronic money.