The State of the Uniform Commercial Code - 2002
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With the universal success of Revised Article 9, the pace of enactment inevitably slowed during the 2002 legislative session (over, for NCCUSL purposes, about September 1). Indeed, there were but six enactments; four in the U.S. Virgin Islands, which became the first jurisdiction to adopt Revised Article 1. The enactment scorecard, detailed later, for the modernization project that began with the promulgation of Article 2A reflects overwhelming success. This history of success should augur well for the future, but there may be storm clouds on the horizon. In last year's status report, we noted that significant opposition to Article 1's choice-of-law rule in revised 1-301 had been voiced. NCCUSL has not yet made a concerted effort to enact the article and thus it remains to be seen whether the expressed concerns will lead some to support a non-uniform amendment to 1-301 or even to oppose enactment altogether; however, the potential is there. Opposition to the handful of amendments to Articles 3 and 4 that were approved for enactment in the states by NCCUSL and the ALI in 2002 has also been expressed, and while the projects to amend Articles 2 and 2A are closer now to completion, there is concern that they may encounter opposition in the legislative arena. Of the projects at the end of the modernization cycle, only the amendments to Article 7 seem assured of smoother sailing.
