NY A09933

Repeals and replaces Article 1 (General Provisions) of the Uniform Commercial Code with modernized definitions, principles of interpretation, and rules governing commercial transactions in New York.

Repeals and replaces Article 7 (Documents of Title) to address electronic documents of title, warehouse receipts, and bills of lading, including new provisions for control of electronic documents and reissuance in alternative media.

Modernizes Article 9 (Secured Transactions) definitions and provisions to accommodate electronic chattel paper and electronic documents, updates control mechanisms, and clarifies secured party rights and duties regarding collateral.

Makes conforming amendments throughout Articles 2, 2-A, 3, 4, 5, and 8 to align with revisions to Articles 1, 7, and 9 regarding electronic transactions and commercial instruments.

Applies to transactions entered into on or after the effective date of the act.