This program will address developments in the law and practice in cryptocurrency, digital assets, electronic money, and chattel paper with the new UCC definition of controllable electronic records. The program will focus on proposed legislative amendments to the Uniform Commercial Code adopting Article 12 governing intangible digital assets as recommended by the Pennsylvania Bar Association’s Task Force to review and update current Pennsylvania law utilizing the 2022 American Law Institute and Uniform Law Commission proposed amendments in this area. We will discuss digital assets now defined as a controllable electronic record. How are ownership interests in digital assets to be classified under state law? When does UCC Article 8 apply and when does it govern digital assets (if ever). How will UCC Article 12 affect digital asset ownership? The program will begin with a discussion on how are digital assets defined under federal law and the evolving role of the SEC, IRS and federal banking regulators. We will also address some recent developments in bankruptcy cases and the clash of ownership rights of debtors, lenders and investors and alleged owners.
All attendees will receive the course book as a digital download.
Recorded in November 2023.