Work Proceeding on Revision of UCC Payment Articles

The Institute and the National Conference of Commissioners on Uniform State Laws have authorized the formation of a Drafting Committee to promulgate limited amendments to the payment Ar-ticles of the Uniform Commercial Code, Articles 3, 4, and 4A. Edwin E. Smith of Boston is chairing the Committee, and Professor Ronald J. Mann of the University of Michigan Law School is the Reporter. Donald J. Rapson and Paul M. Shupack have been appointed ALI Representatives to the Committee.

The primary charge of the Drafting Committee is to "repatriate" the check-clearance and settlement provisions of Federal Reserve Board Regulation CC into Article 4. However, the Drafting Committee is considering a limited number of other possible revisions as well that have been authorized by the Institute and the National Conference. The work of the Drafting Committee so far is highlighted at a Web site maintained by Southern Methodist University and found at http://library.law.smu.edu/uccpayments.

This new project is scheduled to be completed as early as the summer of 2001. Interested members of the Institute are invited to join the Members Consultative Group that has been formed to consider the project. Please contact Meryl Bonderow at the Institute’s headquarters (telephone: 215-243-1676; fax: 215-243-1636; e-mail: mbonderow@ali.org). Those interested in also becoming Observers to the Drafting Committee should contact Cass Owens at the office of the National Conference in Chicago (telephone: 312-915-0195; e-mail: cowens@nccusl.org). Observers receive all drafts and are invited to attend all Drafting Committee meetings. The Drafting Committee is scheduled to meet next in Chicago on December 8-10 of this year.