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ULC Approves ALI Joint Project on UCC and Emerging Technologies

July 15, 2022

The American Law Institute and the Uniform Law Commission formed a joint committee in 2019 to review the Uniform Commercial Code with a view to recommending amendments or revisions to accommodate emerged and emerging technological developments.

At the 2022 ALI Annual Meeting on May 18, ALI membership voted to approve a new UCC Article 12 that would govern the transfer of property rights in certain intangible digital assets (“controllable electronic records”) that have been or may be created using new technologies. Amendments to Articles 1, 2, 2A, 3, 4, 4A, 5, 7, 8, and 9; and transition provisions were also approved.

At its annual meeting this week, the Uniform Law Commission voted to approve the amendments and Article 12. With both groups approving the UCC and Emerging Technologies, the amendments will now be promulgated for consideration by the states, and legislatures are urged to adopt them.

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Daily Update - Wednesday, May 20

At the close of this year’s Annual Meeting, David Levi completes his service as President of The American Law Institute. We thank him for his extraordinary leadership, steady judgment, collegiality, and deep commitment to the Institute and its mission. Throughout his presidency, David has guided ALI with integrity, thoughtfulness, and a profound respect for the Institute’s deliberative process and its members. His leadership has strengthened the Institute, advanced its work, and helped position it for the future.

J. Harvie Wilkinson III and Diane P. Wood Presented ALI’s Henry J. Friendly Medal

The American Law Institute presented J. Harvie Wilkinson III of the U.S. Court of Appeals for the Fourth Circuit and ALI Director Diane P. Wood of the U.S. Court of Appeals for the Seventh Circuit (Retired) the Henry J. Friendly Medal. Pierre N. Leval of the U.S. Court of Appeals for the Second Circuit presented the award today at the Institute’s Annual Meeting.

Annual Meeting Daily Update - Tuesday, May 19

The second day of the Annual Meeting included the conclusion of the High Volume Civil Adjudication session, as well as sessions on the Restatements of Corporate Governance and Property. Additionally, the Institute presented its Distinguished Service award and honored its new life members.