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Wednesday, March 29, 2006

Revised Article 1 Update

Revised UCC Article 1 appears to be on the verge of adoption in Colorado (HB 1247), Kentucky (SB 154), New Hampshire (HB 719), and West Virginia (SB 742), where it has passed both houses, as amended to replace uniform R1-301 with language tracking pre-Revised 1-105. All four bills opt for the definition of good faith in uniform R1-201(b)(20).

A Revised Article 1 bill has also passed one house in Arizona (SB 1250) and appears destined to pass as both minority and majority caucuses in the second house have recommended adoption.  Like the Colorado, Kentucky, New Hampshire, and West Virginia bills, the Arizona bill replaces uniform R1-301 with language tracking pre-Revised 1-105. Unlike its counterparts in 9 of the states in which Revised Article 1 is in effect, and the four states where bills adopting Revised Article 1 await gubernatorial action, Arizona SB 1250 retains the pre-Revised Article 1 definition of good faith -- joining Alabama, Hawaii, Idaho, Nebraska, and Virginia in perpetuating different standards of good faith for merchants and non-merchants.

One unexpected development is that Oklahoma's bill to adopt the 2003 amendments to Article 2A (HB 3084) -- not Article 2, too, just Article 2A -- has passed one house and appears to be progressing through the other.

[Keith Rowley]

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