MA H4914

Amends Massachusetts General Laws Chapter 106 to adopt the Uniform Commercial Code Amendments (2022), modernizing definitions and provisions across multiple UCC articles including Articles 1, 2, 2A, 3, 4, 4A, 5, 7, 8, and 9

Creates new Article 12 governing "controllable electronic records," establishing rules for control, transfer, and priority of security interests in digital assets including controllable accounts and controllable payment intangibles

Updates terminology throughout the UCC to replace "writing" with "record" and "authenticated" with "signed" to accommodate electronic transactions and records

Adds new definitions for "electronic money," "tangible money," and "controllable electronic record," while revising the definition of "money" to exclude certain electronic records that existed before government authorization

Includes transitional provisions (Article A) with an adjustment date of July 1, 2025 or one year after the effective date to allow existing security interests to comply with new requirements; the act takes effect January 1, 2026