Maryland SB154 updates the Uniform Commercial Code to include provisions for the transfer of property rights in controllable electronic records.

Maryland SB154 amends the Maryland Uniform Commercial Code to establish rules for the transfer of property rights in controllable electronic records, accounts, and payment intangibles. The bill defines terms such as "controllable electronic record," "controllable account," and "controllable payment intangible." It outlines the conditions under which a purchaser of such records or accounts can acquire rights free from claims of property rights. The bill also specifies the jurisdiction governing matters related to these records and the rights of account debtors.

Maryland SB154 updates the Uniform Commercial Code to include provisions for the transfer of property rights in controllable electronic records.

Maryland SB154 amends the Maryland Uniform Commercial Code to establish rules for the transfer of property rights in controllable electronic records, accounts, and payment intangibles. The bill defines terms such as "controllable electronic record," "controllable account," and "controllable payment intangible." It outlines the conditions under which a purchaser of such records or accounts can acquire rights free from claims of property rights. The bill also specifies the jurisdiction governing matters related to these records and the rights of account debtors.