Sections of Pennsylvania's Uniform Commercial Code governing secured transactions and letters of credit (L/Cs) have been amended. The new law revises Article 9 to establish standards and procedures for improving security interests.

The law revises Article 5 to allow electronic L/Cs and eliminates the requirement to file financing statements at both the state and local level. The new law takes effect in various stages with the majority of the act taking effect on 1 July 2001.

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