morganlewis.com | January 7, 2015
The changes provide modernization but with some nonuniform provisions.
On December 17, 2014, New York Governor Andrew Cuomo signed into law New York Assembly Bill 9933, which amends the Uniform Commercial Code (the UCC) of the State of New York. The bill, enacted as Chapter 505 of the Session Laws of 2014, generally adopts the 2001 revisions of Article 1, the 2003 revisions of Article 7, and the 2010 amendments to Article 9. However, the bill contains a number of provisions that differ from the uniform provisions promulgated by the American Law Institute and the Uniform Law Commission. The New York nonuniform provisions are noteworthy but, in some cases, raise further questions. Here is a summary.
UCC Article 1—General Provisions
The bill generally adopts the uniform revisions to Article 1. The revisions reorganize a number of Article 1’s sections, explicitly state that the substantive rules in Article 1 apply only to transactions within the scope of the other UCC’s articles, and add the concept of “course of performance” (taken from Article 2, dealing with sales of goods, and Article 2A, dealing with leases of goods) to the list of contract interpretation tools that already includes course of dealing and usage of trade.
Nancy Duffy McCarron, CBN 164780
Attorney, Real Estate Broker, BBB Arbitrator, CA Notary Public
Certified Forensic Loan Auditor, Property Manager
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