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Publication Date

5-1992

Document Type

Article

Abstract

The Uniform Commercial Code (the "Code" or "U.C.C."), as promulgated in the 1950s through the joint efforts of the National Conference of Commissioners on Uniform State Laws (the "NCCUSL") and the American Law Institute (the "A.L.I."), represented an attempt to integrate all facets of commercial transactions involving personal property in a comprehensive law that could be adopted by all the states. The drafters of the Code did not envision, however, that multistate uniformity, once achieved by the Code, would remain fixed and inflexible. Changes in business practices and technology, developments in related areas of the law (both national and international), and the need for correction and clarification of the law as demonstrated by practical experience and judicial decisions, were recognized as inevitable forces for periodic revision of the Code.

Since the Code's enactment in virtually all states in the late 1950s and early 1960s, there have been a number of major revisions to the Official Text of the U.C.C. ("Official Text"). Georgia adopted many, although not all, of the miscellaneous amendments to the Official Text recommended by the Permanent Editorial Board ("PEB") in 1962 and 1966, as well as the comprehensive revision of Article 9-Secured Transactions recommended in 1972. However, Georgia has not enacted any of the other revisions approved by the PEB since 1972: the 1977 revision of Article 8-Investment Securities to accommodate certificateless securities, the 1987 adoption of new Article 2A-Leases to govern personal property leasing transactions, the 1988 recommendation to repeal Article 6-Bulk Transfers or, alternatively, to revise Article 6 substantially, the 1989 adoption of new Article 4A-Funds Transfers to govern wire transfers, and the 1990 revision of Article 3-Commercial Paper (with conforming amendments to Article 4-Bank Deposits and Collections) to modernize those payment statutes.

The Georgia Uniform Commercial Code Committee (the "Georgia U.C.C. Committee") of the Georgia State Bar's Corporate and Banking Law Section has been considering these various revisions to the Code for possible adoption in Georgia. In the case of new Article 4A. and revised Article 8, the Committee participated in the drafting of the legislation that was enacted in the 1992 Session of the Georgia General Assembly to incorporate these revisions in Georgia's Code. The following is a report on the Georgia U.C.C. Committee's efforts.

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