Former Chief Judge Judith Kaye’s recent "Perspectives" column1 announcing the formation of the New York International Arbitration Center makes the point that the center will reaffirm that New York has "stable, well-developed commercial law." The heart of commercial law, however, is not so much the common law of contracts as the Uniform Commercial Code (UCC)the series of related acts that govern the sophisticated financial transactions that are frequently subject to international arbitration. To complete the promise inherent in the establishment of the center, New York’s UCC should also be brought up to date.
New York has fallen far behind in enacting the recent revisions to the UCC. Although it enacted the 2001 revisions to Article 9, and the prior revisions to Article 5, it has not enacted the 2001 revisions to Article 1, the 1990 revisions to Articles 3 and 4, the 2003 revisions to Article 7, or the 2010 revisions to Article 9. There is no other U.S. jurisdiction in a similar position.
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