Document Type

Article

Publication Date

2002

Center/Program

Center for Contract and Economic Organization

Center/Program

Program in the Law and Economics of Capital Markets

Abstract

In August 13,2001 the National Conference of Commissioners on Uniform State Laws voted eighty-nine to fifty-three to reject the Amendments to Article 2 of the Uniform Commercial Code that had just been approved in May by the American Law Institute.1 The vote followed a last minute effort by the Article 2 drafting committee to amend the scope provisions of Article 2 in response to continuing criticism from representatives of the software and information industries. Several months later, at the request of the NCCUSL leadership, amended Article 2 with its revised scope provision was withdrawn from the agenda of the ALI Council in order to avoid its certain defeat. In the months that followed, the Article 2 drafting committee approved a new version that did not amend the basic scope section of Article 2 but did amend the definition of "goods" to exclude "information."2 The Amendments, as revised, were then approved by NCCUSL at its annual meeting in August 2002. The Article 2 Amendments thus return yet again to the ALI Council and, in the event of its approval, to the ALI membership in May 2003.

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