Enactment of the 2022 Amendments to the Uniform Commercial Code updates New York’s commercial law to fully recognize electronic records. They also affirm that signed electronic letters of credit have the same legal effect as paper-based LCs.
In a significant development toward wider recognition of controllable electronic records, New York State legislators approved Assembly Bill A3307A designed
While both MLETR and the UCC Amendments provide means for facilitating digitalization of trade finance, key differences exist between these model laws. Marek Dubovec focuses on four main areas of difference.
Continuing an annual survey written by top legal experts each year since 1992, Carter Klein examines the most significant letter of credit issues emerging from cases decided in 2023.
The evolution from traditional paper Bills of Lading to electronic formats, detailed in ICC Opinion TA.929, reflects a seismic shift; as eB/Ls gain traction through digital platforms like Bolero and pioneering blockchain technology, legal recognition and harmonization lag.
Potentially game-changing amendments have been proposed for the Uniform Commercial Code (UCC) to govern commercial transactions, including Articles 2 (Sales), 3 (Commercial Paper), 5 (Letters of Credit), and more.
