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Friday, September 15, 2006

UCC Legislative Wrap-up

Governor Arnold Schwarzenegger signed SB 1481 yesterday, making California the 22nd state to have enacted Revised Article 1 and the 24th state to have enacted Revised Article 7.  SB 1481 makes California the 22nd state to reject uniform R1-301 and the sixteenth to adopt uniform R1-201(b)(20).

Massachusetts HB 3731 appears to be going nowhere until at least 2007.  So, barring some unexpected development elsewhere this fall, the enactment of SB 1481 should bring to a close a fairly successful season for Revised Article 1 with eight adoptions (Arizona, California, Colorado, Kentucky, Louisiana, New Hampshire, North Carolina, and West Virginia).

[Keith A. Rowley]

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