Rejoice In New York's Revised UCC, But Beware Traps

Law360, New York (February 18, 2015, 10:14 AM EST) -- After years of failing to revise its Uniform Commercial Code, New York finally adopted modern versions of UCC Articles 1, 7 and 9 in a bill signed by Gov. Andrew M. Cuomo just before Christmas. See 2014 Sess. Law News of N.Y. Ch. 505 (A. 9933) (McKinney's).

Unfortunately, New York chose not to modernize its entire UCC, as the New York City Bar Association had recommended and as the original version of the bill had proposed. The failure to adopt the most current version of the UCC creates a great risk of confusion because New York is the nation's preeminent commercial...

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