ANALYSIS: The UCC Enters the Modern Era, Tackles Digital Assets

For practitioners whose knowledge of the Uniform Commercial Code (UCC) dates from long-ago law school days—be prepared to enter a brave new world. Last year’s amendments to the UCC, including a new Article 12, have created a new set of terms and concepts that have mind-twisting implications for attorneys whose commercial practice involves electronic personal property or collateralized loans.

One redeeming consideration: Although introduced in a number of jurisdictions, these amendments have so far been adopted in only one state—North Dakota on March 20—so there’s still time to get up to speed.

Certain digital assets, including cryptocurrencies, non-fungible tokens, ...