Adoption of the Georgia versions of Article 4A and revised Article 8 of the Uniform Commercial Code ("U.C.C.") were the most significant developments in Georgia commercial law during the survey period. These changes became effective on July 1, 1992, long after the 1977 corresponding revisions of the Official Text of Article 8 sponsored by the Permanent Editorial Board for the U.C.C., but only shortly after the 1989 adoption of Article 4A as part of the Official Text. Article 4A is primarily concerned with wholesale wire transfers and should interest only a limited number of attorneys, and will not be discussed in this Article.
Revised Article 8, on the other hand, should draw a larger audience. It is designed to minimize the paperwork involved in issuance and transfer of securities and to govern security interests, transfers, and pledges of both certificated and uncertificated securities. The Georgia revisions to Article 8 have been thoroughly and thoughtfully reviewed elsewhere and also will not be discussed in this Article. Professor Michael D. Sabbath served as the reporter for the State Bar of Georgia subcommittee that considered and recommended adoption of the revisions. The subcommittee prepared "Georgia Reviser's Comments" to accompany and explain the proposed Georgia revisions. These comments are a valuable interpretive aid with regard to the Georgia version of Article 8. No official comments were prepared to accompany Article 4A.
This Article reviews other Georgia commercial law developments of note during the survey period.
James C. Marshall, Commercial Law, 44 Mercer L. Rev. 99 (1992).