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.

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Question: From September 8 through 10,  Boston, Massachusetts – also known as Bean Town, the City of Notions and the Cradle of Liberty – will host the 2016 Business Law Section Annual Meeting. Which of the following is the official motto of the City of Boston?

A.  Ense petit placidam sub libertate quietem

B.  Libertate defenderet, justic sectantes

C.  Ad astra per aspera

D.  Sicut patribus sit Deus nobis 

Please see Inside Business Law for the answer to this month’s Business Law Section Trivia Question.

Following the 2016 Section Annual Meeting, the September issue of Business Law Today will feature an array of highlights from the meeting in Boston. Additional topics include explaining the Defend Trade Secrets Act, diversity jurisdiction and unincorporated entities, and mitigating the threat of insolvency before it’s too late.

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 Annual Meeting
September 8-10, 2016
Boston, MA

Miscellaneous IT Related Legal News (MIRLN) 24 July - 13 August 2016 (v19.11)

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.