MI HB5082

Amends Michigan's Uniform Commercial Code to modernize Article 7 (documents of title) by creating provisions for both tangible and electronic documents, including new section 7106 establishing control standards for electronic documents of title.

Adds definitions and rules for electronic documents of title, allowing parties to convert between tangible and electronic forms with specified procedures for warrant liability and substitution requirements.

Updates warehouse receipt and bill of lading requirements to address electronic transactions, including provisions for issuer liability, negotiability standards, and bailee obligations for both physical and electronic documents.

Revises secured transactions provisions (Article 9) to reference electronic document controls and adds conforming changes to sales (Article 2) and lease (Article 2A) provisions to accommodate electronic documents of title.

Effective July 1, 2013, with enactment contingent on passage of companion bills HB 5081 and HB 5083.