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.
