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House committee pushes UCC update to recognize digital assets and 'controllable electronic records'
Summary
Representative Olsen reported H 206 to adopt model Uniform Commercial Code changes including a new Article 12 for controllable electronic records (virtual currency, NFTs) and conforming amendments to secured-transaction and related provisions; committee recommended amendment and the House ordered third reading.
The Vermont House on March 13 advanced House Bill 206, which would update the state's Uniform Commercial Code (UCC) to accommodate digital assets and electronic records, following a presentation by Representative Olsen of Starksboro.
H 206 implements recommended revisions to the UCC developed by the Uniform Law Commissioners and the American Law Institute, including a proposed new Article 12 governing "controllable…
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