{"id":69342,"date":"2025-12-12T23:08:07","date_gmt":"2025-12-12T23:08:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/69342\/"},"modified":"2025-12-12T23:08:07","modified_gmt":"2025-12-12T23:08:07","slug":"new-york-adopts-2022-ucc-amendments","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/69342\/","title":{"rendered":"New York adopts 2022 UCC amendments"},"content":{"rendered":"<p>New York has enacted the 2022 amendments to the Uniform Commercial Code, updating state law to address digital assets and emerging technologies.\u00a0<\/p>\n<p>Gov. Kathy Hochul (D) signed the bill into law on Dec. 5, according to the Uniform Law Commission\u2018s website. New York became the 33rd jurisdiction to adopt its version of the revised Uniform Commercial Code (UCC) framework, including California and Florida.\u00a0<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"size-large wp-image-11902\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"33 UCC states\" width=\"1024\" height=\"717\" data-lazy-src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2025\/12\/1765207651021-1024x717.jpg\"\/><img fetchpriority=\"high\" decoding=\"async\" class=\"size-large wp-image-11902\" src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2025\/12\/1765207651021-1024x717.jpg\" alt=\"33 UCC states\" width=\"1024\" height=\"717\"\/>(Courtesy\/Uniform Commercial Council)<\/p>\n<p>Under the <a href=\"https:\/\/equipmentfinancenews.com\/news\/lender-operations\/these-3-amendments-to-uniform-commercial-code-will-impact-equipment-finance\/\" target=\"_blank\" rel=\"noopener nofollow\">2022 UCC amendments<\/a>, equipment finance and other commercial finance transactions face new regulations related to digital assets as well as updated regulations regarding digital transaction records and hybrid leases. New York represented one of the largest jurisdictions to not adopt the amendments before the governor\u2019s signature.\u00a0<\/p>\n<p>The law, which takes effect June 3, 2026, incorporates the Article 12 amendment governing commercial digital property rights, Barbara Goodstein, partner at Chicago-based financial services law firm Mayer Brown, told Equipment Finance News. The 2022 amendments also allow lenders to perfect security interests through control, similar to chattel paper, when a single holder has exclusive authority to control, transfer and use the asset.\u00a0<\/p>\n<p>\u201cIt creates a legal regime for the transfer of either a title or creating collateral digital assets and allows purchasers to acquire the assets free and clear of claims,\u201d she said. \u201cIt creates this new concept called the controllable electronic record, the CER.\u201d\u00a0<\/p>\n<p>In addition, the New York version of the bill includes key updates to Article 9 on secured transactions related to collateral, according to the New York State Assembly\u2019s website. The revisions reflect broader efforts to make the state\u2019s commercial law technology-neutral, while accommodating innovations and clarifying how digital assets are treated.\u00a0<\/p>\n<p>Long-term New York UCC outlook\u00a0<\/p>\n<p>The New York law also includes an \u201cadjustment date\u201d of June 3, 2027, or one year after the effective date, for any changes that need to be made.\u00a0<\/p>\n<p>Timing represents a critical element for <a href=\"https:\/\/equipmentfinancenews.com\/news\/lender-operations\/how-financiers-can-navigate-ucc-searches-with-ai\/\" target=\"_blank\" rel=\"noopener nofollow\">UCC filings<\/a>, since they expire after five years in most cases, Suzie Neff, consultant for collateral-based lending and an industry relations lead for Wolters Kluwer Lien Solutions, told EFN.\u00a0<\/p>\n<p>\u201cAt the end of five years, if you take no action, that UCC is going to expire on its own terms,\u201d she said. \u201cWe\u2019ve seen situations where legal counsel for the borrower gets all up in arms because the UCCs weren\u2019t released in a timely fashion.\u201d\u00a0<\/p>\n<p>Check out our exclusive industry data <a href=\"https:\/\/equipmentfinancenews.com\/data\/\" rel=\"nofollow noopener\" target=\"_blank\">here<\/a>.\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"New York has enacted the 2022 amendments to the Uniform Commercial Code, updating state law to address digital&hellip;\n","protected":false},"author":2,"featured_media":69343,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[35898,35899,9,11,10,35900,35901],"class_list":["post-69342","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-commercial-financing","tag-equipment-finance","tag-new-york","tag-new-york-headlines","tag-new-york-news","tag-risk-management","tag-ucc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/69342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=69342"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/69342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/69343"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=69342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=69342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=69342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}