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Wednesday, May 24, 2006

Revised Article 1 Update

As of May 23, 2006, Arizona (SB 1250), Colorado (HB 1247), Kentucky (SB 154), and West Virginia (SB 742) have enacted Revised UCC Article 1, and both houses of the New Hampshire legislature have enrolled HB 719.

All five bills replace uniform R1-301 with language tracking pre-Revised 1-105. The California, Kentucky, New Hampshire, and West Virginia bills opt for the definition of good faith in uniform R1-201(b)(20).  Arizona SB 1250 retains the per-R1 definition of "good faith" -- joining Alabama, Hawaii, Idaho, Nebraska, and Virginia in perpetuating different standards of good faith for merchants and non-merchants.

The Louisiana Senate unanimously passed SB 383 on May 8.  It is now before the Louisiana House Commerce Committee.

The California Senate Commerce Committee unanimously approved SB 1481 on May 9.  It now awaits a third reading and final approval in the Senate before moving to the other house.

Massachusetts HB 3731 continues to languish -- or, at least, that's what the Massachusetts legislature's web site (which is one of the worst this correspondent has had to navigate) indicates.  The Joint Committee on Economic Development and Emerging Technologies, which held a public hearing on the bill on Oct. 26, 2005 (not a typo), has until June 23, 2006 (also not a typo) to report on the bill.  Stay tuned.

[Keith Rowley]

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