Report on the UCC: 2008--Part 2

The most recent effort to keep the Uniform Commercial Code up to date began in the mid-1980s after a decade that saw a great deal of work on a so-called “new payments code” that ultimately failed to gain consensus. The effort began with the promulgation of two new articles to the UCC, Article 2A on leases of goods and Article 4A on funds transfers. There followed in rapid succession, beginning with UCC Articles 3 and 4 on negotiable instruments and bank deposits and collections, a series of revisions and amendments of UCC Articles to update them and to address various issues. The final endeavors in this effort were some modest amendments to UCC Articles 3, 4, and 4A and more extensive amendments to UCC Articles 2 and 2A