The Senate Judiciary Committee heard SB 468 authored by Sen. Garten, Sen. Koch, and Sen. Taylor on uniform commercial code amendments. The bill incorporates into Indiana’s Uniform Commercial Code (UCC) the amendments to the 2022 Uniform Commercial Code approved and recommended for enactment in all states to address emerging technologies. The bill makes amendments to the chapters of the UCC governing the following: sales, leases, negotiable instruments, fund transfers, letters of credit, documents of title, investment securities, and secured transactions and repeals the chapter governing controllable electronic materials. The bill also establishes several new chapters governing controllable electronic records, and the validity, enforceability, and perfection of certain commercial transactions, including secured transactions.
The bill was amended to include 2018 recommendations from the Uniform Law Commission (ULC) ensuring small business owners can pick partners, prevent litigation, and promote business activity. The amendment also made technical corrections. Members of the public, the Chair of Indiana’s delegation to the ULC, the Indiana Chamber of Commerce, and the Indiana Bankers Association testified in support of the bill. The amended bill passed 10-0.
Read the bill at https://iga.in.gov/legislative/2023/bills/senate/468