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Committee approves UCC update to add 'controllable electronic assets' category
Summary
Rep. Loubet told the committee HB 474 would add a fourth asset class — "controllable electronic assets" — to Utah's Uniform Commercial Code to give clear rules for transfer, priority and security interests in digital assets; the committee adopted the substitute and recommended it to the floor unanimously after support from the Utah Bankers Association.
Representative Loubet presented House Bill 474 to modernize Utah’s Uniform Commercial Code by recognizing a fourth asset class, characterizing certain digital holdings as "controllable electronic assets." She said the change clarifies how digital assets are transferred, secured and prioritized,…
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