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ULC Joins ALI in the Approval of UCC Amendments

ULC Joins ALI in the Approval of UCC Amendments

At its July Annual Meeting, the Uniform Law Commission (ULC) approved the Amendments to the Uniform Commercial Code (UCC), Articles 1, 3, 8, and 9. These Amendments were approved by ALI membership at its May Annual Meeting.

A joint project between ALI and ULC, the Amendments to UCC Articles 1, 3, 8, and 9 were drafted to provide the substantive commercial law rules to support a national electronic registry for residential mortgage notes with minimal displacement of state laws. Until the federal National Mortgage Note Repository Act referred to in the Amendments is enacted, the Amendments are not part of the official text of the UCC, and states should not undertake to introduce or enact these amendments.