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The Transactional Lawyer

The Transactional Lawyer is a bi-monthly, electronic newsletter published by the Commercial Law Center. The newsletter offers advice to lawyers on how to structure and document commercial transactions and alerts transactional attorneys to recent legal developments that may affect their practice.

The newsletter is free and is intended for wide distribution. Readers are welcome to copy and distribute the newsletter, either in print or in its electronic format.

To subscribe to the newsletter, click here.

Spotlight Columns

Spotlight is a regular column in the joint newsletter of the UCC and Commercial Finance Committees of the American Bar Association. Its purpose is to highlight recent judicial decisions that improperly interpret or apply the Uniform Commercial Code, in the hope that other courts will avoid the same analytical mistakes. Copies of the full newsletter are available here.

Annual Commercial Law Updates

These files contain brief descriptions of many of the year's most significant commercial law cases.

Article 9 Revisions

In 2010, the Uniform law Commission and the American Law Institute approved the following amendments to Article 9 of the UCC and its official comments. The amendments, if enacted at the state level, will have a uniform effective date of July 1, 2013.

The amendment process began in the summer of 2008, when the sponsors of the Uniform Commercial Code created a Joint Review Committee for Article 9 of the UCC.  The Joint Review Committee was charged with addressing the 40 or so issues identified in the report of an earlier study group. A copy of the study report and memoranda on the deliberations of the Joint Review Committee are below.

PEB Commentaries

On November 14, 2011, the Permanent Editorial Board for the UCC issued a Report on Application of the UCC to Selected Issues Relating to Mortgage Notes. This Report details some of the complex legal issues concerning the enforcement and collection of mortgage debt. In particular, the Report explains how the rules of Articles 3 and 9 apply to and govern the ownership and enforceability of notes secured by real property.

On February 6, 2012, the PEB issued three draft commentaries for public comment.

Payments Project

In the summer of 2008, the Uniform Law Commission created the Study Committee on Payment Issues. This new study committee is charged with: (i) monitoring developments at the federal level, particularly with respect to the Federal Reserve Board, Treasury Department, and Congress, concerning the regulation of financial institutions and payment systems; (ii) representing the Uniform Law Commission before those entities; (iii) presenting the advantages of maintaining a balance of state and federal regulation in these areas; and (iv) making appropriate recommendations concerning possible ULC, or joint ULC/ALI, projects in these areas.

Documents prepared by the Study Committee on Payment Issues are listed here:

Uniform Certification of Title for Vessels Act

In 2011, the Uniform Law Commission adopted a new Certificate of Title for Vessels Act. The goal of the act is to bring to boat titling and boat financing a uniformity equal to or exceeding that applicable to motor vehicles. The new law is designed to work seamlessly with Article 9 of the Uniform Commercial and, to the extent possible, with the federal Ship Mortgage Act. It also includes a branding provision for vessels whose hull integrity has been compromised.

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