Senate Bill 23-090: 2022 UCC Amendments Summary

• Modernizes electronic commerce rules by replacing "authenticated" with "signed" and updating definitions to cover electronic records, digital signatures, and electronic money transactions

• Creates new Article 12 establishing framework for "controllable electronic records" and "controllable accounts/payment intangibles" to govern digital assets and blockchain-based transactions

• Expands hybrid transaction rules to clarify how UCC applies when a single transaction involves mixed elements (goods plus services, goods plus digital property, etc.)

• Updates perfection and priority rules for electronic chattel paper, electronic documents of title, and electronic money, allowing control-based perfection for these digital collateral types

• Includes transition provisions (Article 13) creating a July 1, 2025 adjustment date to allow existing security interests to adapt to new rules without automatic loss of priority status