DCW Monthly: June 2026
A letter of credit is built on a simple promise: the bank pays on a complying demand, and the underlying
In a significant development toward wider recognition of controllable electronic records, New York State legislators approved Assembly Bill A3307A designed to amend the State’s Uniform Commercial Code (UCC), including adoption of a new UCC Article 12 (Controllable Electronic Records).
As previously reported in DCW, a version of the bill was introduced in New York’s 2023-2024 legislative session but did not advance. Early in the current legislative session in January 2025, bills were again introduced in the New York Senate and Assembly. On 11 June 2025, Senate Bill S1840A and Assembly Bill A3307A passed both chambers. In order to become law, the bill must be signed by New York Governor Kathy Hochul.
Gain full access to analysis, cases, eBooks and more with a DCW Free Trial