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On-Demand Premiere of Digital Assets In Commerce & Bankruptcy / Digital Assets as Collateral: UCC Article 12
If one were to poll private lenders in a southwestern state in 2020 (as your moderator did) as to what digital assets are and how one might attach and perfect security interests in them as collateral for a loan, the stares received might have been blank or very apprehensive. The Uniform Law Commission has since proposed a new Article 12 to the UCC, with conforming changes to other UCC chapters, to address the perfection, priority, and choice of law rules applicable to digital assets. At least thirteen states have enacted Article 12. How would Article 12 reduce risks among claimants (as purchasers or secured lenders) to digital assets? What will their rights be in the assets? Will borrowers and lenders avail themselves of these changes? Get ready for “controllable electronic records,” “controllable accounts,” “controllable payment intangibles,” and “electronic money.”