Inside Business Law

The Uniform Commercial Code Committee 

The Uniform Commercial Code Committee strives to provide timely information and training about recent developments in commercial law, commercial transactions, and commercial practices covered directly by the UCC, as well as those covered tangentially. In addition to ongoing initiatives, which include both live and phone/web accessible CLE and publication of periodicals, recent months have brought success in two special endeavors: 

The Legislative Enactment of Revised Article 9 Task Force 

At its 2010 annual meeting, the Uniform Law Commission approved amendments to Article 9 of the Uniform Commercial Code. Perhaps the most significant change brought about by the amendment is the offering of two alternative approaches to the vagaries of determining individual debtors’ names. Several members of the UCC Committee participated in the drafting of these amendments, and the UCC Committee formed a task force for enactment of the amendments. With the efforts and leadership of co-chairs Tom Buiteweg and John McGarvey, the amendments have been enacted in at least 39 states, and several others are expected to enact them before the July 1, 2013, targeted effective date. 

Survey of the Law of Guaranties 

Also, a joint task force sponsored in part by the UCC Committee just completed a long-awaited and definitive work surveying the laws of the various states on guarantees. The Law of Guaranties, published by the Business Law Section in February 2013, was edited by Jeremy S. Friedberg, Brian D. Hulce, and James H. Prior and is available from the Section through its website. 

The Corporate Laws Committee 

The mission of the Corporate Laws Committee is to adopt amendments to and provide expert commentary on the Model Business Corporation Act. The Committee addresses issues relating to the functioning of public and private corporations, presents programs, and publishes handbooks, treatises, statutory compilations, and other reports and papers on this subject. 

The Corporate Laws Committee regularly publishes its proposed amendments to the Model Business Corporations Act in The Business Lawyer for comment. It also publishes amendments to the Model Act as they are completed. In November 2012, the Committee presented proposed amendments to the Model Act (1) harmonizing certain definitions, (2) addressing court-ordered dissolutions, and (3) removing the 10-year limits on the duration of voting trust agreements and shareholder agreements. 

The Bankruptcy Court Structure and Insolvency Process Committee 

The mission of the Bankruptcy Court Structure and Insolvency Process Committee is to develop, study, and provide assistance on proposals pertaining to bankruptcy court jurisdiction and proposed rules and legislation affecting the bankruptcy system. The Committee comprises lawyers and judges active in bankruptcy or insolvency committees throughout the ABA. 

The Committee has established groups and task forces focused on Electronic Discovery in Bankruptcy, the Financial Crisis, Electronic Filing, White Collar Crime and Business Bankruptcy, Rule 2019 disclosures, and Creditors’ Lawyers.



Nominations Sought for Section Leadership Positions

Do you know anyone who has what it takes to be a good Section leader? The Nominating Committee of the Section needs your recommendations for leadership positions for the 2017-2018 association year. Nominees will be selected for: Chair-elect (who automatically assumes the position of chair the following year); Secretary (who automatically assumes the position of vice chair the following year); Content Officer; two Section Delegates to the ABA House of Delegates; and five additional Council members for a four-year term expiring in 2021. The Nominating Committee will take into account the following principles in making its selections. It will: select nominees who have been substantial and active contributors to the Section; seek geographic diversity in the leadership of the Section; strive for representation from a broad cross-section of the areas of law represented in the Section; and seek to draw leaders from a broad cross-section of the various sectors of practice, including corporate law departments, government, academia and private law firms; and actively recruit nominees that reflect the diversity of the Section. Please send your nominations by email to no later than November 18.

Question: Between November 2, 2015 and November 4, 2015, Harris Poll conducted an online survey of 2,017 adults ages 18 and older on behalf of NerdWallet, Inc. to understand U.S. consumers’ credit card payment habits and feelings around different types of debt. The results of this study were published in the 2015 American Household Credit Card Debt Study. According to the 2015 American Household Credit Card Debt Study, what percentage of U.S. adults would be more embarrassed to tell others about credit card debt than any other type of debt?
A. 10%
B. 35%
C. 55%
D. 90%

Question: From the late 1600s to the early 1800s, “debtors’ prisons” were commonplace with many cities and states operating brick-and-mortar detention facilities that were designed for incarcerating individuals who were unable or unwilling to pay their debts. Imprisonment for indebtedness was so commonplace that two signatories of the Declaration of Independence were jailed for failure to pay their debts. Can you name those two signatories?

The November issue of Business Law Today will focus on Nonprofits. Articles will range from the “Delaware Advantage” to nonprofit organizations needing nonprofit lawyers. In addition, other features include keeping pace with disruptive technological change, insurance bad faith recoveries, and constitutional issues in granting Americans a “Right to Dispute.”

Do you have a great idea for a BLT article? Would you like to see more of a featured column? Let us know how we can make Business Law Today the best resource for you and your clients. We welcome any suggestions. Please send us your feedback here.

Business Law Section Fall Meeting
November 18-19, 2016
Washington, DC

Business Law Section Spring Meeting
April 6-8, 2017
New Orleans, LA

Miscellaneous IT Related Legal News (MIRLN) 25 September - 15 October 2016 (v19.14)

BLT is a web-based publication drawing upon the best of the Section's resources, including featured articles and other information from around the Section. Stay informed on the latest business law practice news and information that will benefit you and your clients.