Massachusetts Uniform Commercial Code amendments regarding security interests, perfection, and priority.

The bill amends the Massachusetts Uniform Commercial Code to update definitions and provisions related to security interests, perfection, and priority. It modifies the definition of "signed" to replace "authenticated" in various sections. It specifies that local law governs perfection and priority of security interests in certain types of collateral, such as chattel paper and electronic records. The bill also outlines rules for the discharge of secondary obligors and the rights of purchasers of certain financial assets.

Massachusetts Uniform Commercial Code amendments regarding security interests, perfection, and priority.

The bill amends the Massachusetts Uniform Commercial Code to update definitions and provisions related to security interests, perfection, and priority. It modifies the definition of "signed" to replace "authenticated" in various sections. It specifies that local law governs perfection and priority of security interests in certain types of collateral, such as chattel paper and electronic records. The bill also outlines rules for the discharge of secondary obligors and the rights of purchasers of certain financial assets.