Utah HB0474 modifies the Uniform Commercial Code to update definitions and provisions.

Utah HB0474 modifies the Uniform Commercial Code to update definitions and provisions. It defines terms such as "chattel paper," "controllable electronic record," and "electronic money." The bill amends the scope of certain chapters, including sales, leases, and funds transfers. It also updates the rules for perfection and priority of security interests, control of collateral, and notification requirements for disposition of collateral. The bill includes transitional provisions for the Uniform Commercial Code Amendments (2022) and makes technical changes to various sections.

Utah HB0474 modifies the Uniform Commercial Code to update definitions and provisions.

Utah HB0474 modifies the Uniform Commercial Code to update definitions and provisions. It defines terms such as "chattel paper," "controllable electronic record," and "electronic money." The bill amends the scope of certain chapters, including sales, leases, and funds transfers. It also updates the rules for perfection and priority of security interests, control of collateral, and notification requirements for disposition of collateral. The bill includes transitional provisions for the Uniform Commercial Code Amendments (2022) and makes technical changes to various sections.