In the closing hours of the most recent session, the New York State Legislature enacted the Omnibus Bill1 modernizing Articles 1 (the overarching Article that provides the general rules for the remaining Articles), 7 (documents of title), and 9 (secured transactions) of the Uniform Commercial Code.2 The act was signed by Governor Andrew Cuomo on Dec. 17, 2014.
Although the majority of these revisions merely conform New York’s UCC to the uniform text, a number are unique to New York.3 This article discusses only the significant New York “nonuniformities” which were made either at the recommendation of the New York City Bar Association, Committee on Commercial Law and Uniform State Laws, which provided the initial text of the Omnibus Bill, or the Assembly Judiciary Committee, which made modifications to that text.4
Provisions in Article 1
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