Colorado Commission on Uniform State Laws. The bill makes
changes to the Uniform Commercial Code (UCC), drafted by the Uniform Law Commission.
The 2022 amendments update the UCC to account for emerging
technologies by:
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Amending the definitions of conspicuous, send, and sign;
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Adding the definition of electronic; and
•
Changing current references to writing or written to refer instead to a record.
The 2022 amendments update the provisions of the UCC related
to secured transactions by:
•
Addressing security interests and rights to payment related to controllable electronic records;
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Specifying how to perfect security interests in controllable accounts and controllable payment intangibles;
•
Updating the definition of chattel paper to distinguish between a right to payment and the record evidencing the right to payment;
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Updating definitions related to money generally, including creating a new definition of electronic money; and
•
Creating a new definition of assignee and assignor.
The bill creates a new article within the UCC that governs the
transfer of property rights in certain intangible digital assets that have been or may be created and may involve the use of new technologies, including such assets as certain types of virtual currency and nonfungible tokens.
The bill provides guidance for which laws apply during the
transition from the current UCC to the UCC as amended by the bill.
