These are exciting times for commercial lawyers. Over the past fifteen years, the sponsoring organizations of the Uniform Commercial Code (UCC or the Code), the American Law Institute (ALI) and the National Conference of Commissioners on Uniform State Laws (NCCUSL), have been hard at work to keep the UCC responsive to contemporary needs. Aside from periodic adjustments to existing UCC articles that reflect societal changes, two new articles have been added to cover commercial activity previously governed by the common law of contract. In 1998, the ALI and NCCUSL gave their approval to the final text of the newest version of Article 9 (Revised Article 9) after eight years of study, drafting, and the inevitable wrangling between consumer and creditor representatives. Aside from a few conforming amendments occasioned by changes in other articles, this is the first time that Article 9 had been revised since 1972.
Annual Survey of Virginia Law: Revised Article 9: A Primer for the General Practitioner,
U. Rich. L. Rev.
Available at: http://scholarship.richmond.edu/lawreview/vol35/iss3/14