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Uniform Law Commission briefs committee on role of model acts after UCC investment proposal drew scrutiny
Summary
Members of the Uniform Law Commission explained the commission’s work to the Corporations, Elections & Political Subdivisions interim committee and offered to provide experts and written materials after lawmakers raised questions about recent proposals affecting Article 8 and securities intermediaries.
Representatives of the Uniform Law Commission told the Corporations, Elections & Political Subdivisions interim committee that model acts are heavily vetted and designed to promote consistent commercial rules across states, and they offered technical assistance after lawmakers raised questions about a proposed change to the Uniform Commercial Code.
The commission representatives said states sometimes adapt uniform acts to local needs, and that the commission can bring subject-matter…
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