ICC Digital Library

Documentary Credit World

Documentary Credit World (DCW) - Nov/Dec 2023 Vol. 27 No.10 section - Updates

2022 Amendments to the US Uniform Commercial Code (UCC)*


The US Uniform Commercial Code (UCC) is an integrated model law for adoption by US states. The 2022 amendments to the UCC address emerging technologies, providing updated rules for commercial transactions involving virtual currencies, distributed ledger technologies (including blockchain), artificial intelligence, and other technological developments. The amendments adjust most every UCC article and add a new Article 12 addressing certain types of digital assets defined as “Controllable Electronic Records”. The amendments provide new default rules to govern transactions, including letters of credit, involving these new technologies. The amendments also contain some miscellaneous revisions unrelated to technological developments but providing needed clarification.

* Legislative Status as of 15 December 2023