#75 - UCC Article 12 Amendments with Drew Hinkes and Andrea Tosato

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Dec 13, 2022

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INSIGHT

New Tech‑Neutral UCC Category

Article 12 creates a new, technology-neutral UCC category for digital assets called controllable electronic records.
The goal is durable commercial rules that work across current and future ledger technologies.

INSIGHT

Market Maturation Drove Reform

The driver was market maturation: transactions began to resemble those the UCC covers but lacked fitting rules.
Law needed harmonization to reduce uncertainty in lending, staking, and peer‑to‑peer transfers.

INSIGHT

Article 12’s Narrow Legal Scope

Article 12 does not address securities, commodities, tax, or criminal law.
Its focus is private commercial law: ownership, collateral, and priority rules for digital assets.

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Andrew "Drew" Hinkes (@propelforward) is a partner in K&L Gates Miami office and the Co-Chair of its Global crypto practice. Drew is an Adjunct Professor of Law at the NYU School of Law, where he co-teaches "Digital Currency, Blockchains, and the Future of the Financial Services Industry.” Since 2019, Drew has been an advisor to the Uniform Law Commission’s Uniform Commercial Code (UCC) and Emerging Technologies Digital Assets Working Group, focusing on commercial transactions involving digital assets.

Dr Andrea Tosato (@Andrea_Tosato) is an Associate Professor in Commercial Law at the School of Law of the University of Nottingham and a Visiting Associate Professor at the University of Pennsylvania Law School. Andrea was actively involved in the ULC/ALI UCC and Emerging Technologies Committee that drafted the amendments to the UCC to accommodate emerging technology developments. At present, he is contributing to the adoption and enactment process of this novel legal framework at state level.

Show highlights

[3:40] What is Article 12?

[15:40] Process of creating Article 12

[30:00] Controllable electronic records

[42:00] Benefits of Article 12

[49:00] Filing financial statements

& much more

Links

Article: Carla L. Reyes, Creating Cryptolaw for the Uniform Commercial Code

Article: Kara J. Burce, Christopher K. Odinet, and Andrea Tosato, The Private Law of Stablecoins

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Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.