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Subcommittee sends UCC Article 12 modernization for digital assets to Commerce
Summary
HB 1800 would enact UCC Article 12 to give courts and businesses clearer rules on ownership, transfer, and using digital assets; sponsor said it does not create digital currency and the subcommittee advanced it 6–0.
Speaker Marsh presented House Bill 1800 as a modernization of Tennessee's commercial code to account for property that exists only electronically. He said the bill would enact UCC Article 12 and update related commercial statutes so courts, businesses, and banks have clear rules for owning, transferring and using digital assets as collateral. "This bill is about modernizing Tennessee's commercial laws to keep up with today's technology," Marsh said, adding that Article 12 does not regulate cryptocurrency or create digital currency.
Members moved to a vote and the clerk recorded six ayes and zero noes; HB 1800 will be considered by the Commerce Committee next.
