Amends the Uniform Commercial Code to address certain intangible assets and security interests.

The bill amends the Uniform Commercial Code to include definitions and rules for certain intangible assets, such as controllable electronic records, accounts, and payment intangibles. It specifies how security interests in these assets can be perfected and outlines the priority of such interests. The bill also modifies the rules for the disposition of collateral, including notifications and the handling of surpluses or deficiencies. It further addresses the rights of account debtors and secured parties in relation to these assets.

Amends the Uniform Commercial Code to address certain intangible assets and security interests.

The bill amends the Uniform Commercial Code to include definitions and rules for certain intangible assets, such as controllable electronic records, accounts, and payment intangibles. It specifies how security interests in these assets can be perfected and outlines the priority of such interests. The bill also modifies the rules for the disposition of collateral, including notifications and the handling of surpluses or deficiencies. It further addresses the rights of account debtors and secured parties in relation to these assets.