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The New York Uniform Commercial Code Comes of Age
New York justifiably prides itself on being one of the world's major financial and commercial centers. In addition, very few would dispute that New York is a, if not the, preeminent commercial law jurisdiction. As such, it is the jurisdiction of choice for a vast majority of all commercial transactions, both domestic and international. Parties in large non-consumer transactions with no connection whatsoever to New York often choose its law to govern their transactions, and New York statutes permit them to do so. See New York General Obligations Law ' 5-1401 and NY UCC ' 1-105. Jurists of state and federal courts located in New York City are among the world's most experienced in resolving complex commercial law disputes.
What most people do not know is that the New York Uniform Commercial Code is outdated. New York is the only state that has not adopted the 1990 amendments to Articles 3 (Negotiable Instruments) and 4 (Bank Deposits and Collections). Its Article 1 (General Provisions) does not reflect the many changes recommended in 2001 by the National Commissioners on Uniform State Laws (NCCUSL)) and the American Law Institute (ALI), which changes are now in effect in all but five states (New York, Georgia, Missouri, South Carolina and Wyoming) and Puerto Rico. New York UCC Article 7 (Documents of Title) does not contain any of the amendments proposed by NCCUSL and ALI in 2003 (RA 7). Although RA 7 has been enacted in 45 states and the District of Columbia, the New York State Legislature has yet to consider enactment of RA 7.
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Bit Parts
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Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
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Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.