HB 34 - This act makes numerous changes to Articles 1 and 7 of the Uniform Commercial Code to conform to the most recent revision. More specifically, it also makes several changes to definitions of both articles. Furthermore, it adds the following provisions:
• New language is added throughout Article 7 to accommodate references to electronic documents;
• New language is added as it pertains to the subordination of obligations, which was not previously adopted when the UCC was initially enacted in 1963;
• New conflicts of laws provisions are added to Article 7 to clarify when the UCC applies to certain transactions;
• The act further modifies provisions relating to the contractual limitation of a carrier's liability;
• Language is inserted in Article 7 which references a lessor's right to stop delivery;
• New language is added pertaining to the voidance of transfers of nonnegotiable documents.
This act is substantially similar to SB 1097 (2016) and HB 2590 (2016).