In the spring of 1988, the Permanent Editorial Board for the Uniform Commercial Code, with the approval of the National Conference of Commissioners on Uniform State Laws and the American Law Institute, began a formal study of Article 2 with the goal of reaching a decision as to whether the text should be revised. To this end, a Study Group was appointed, and Professor Richard E. Speidel of Northwestern University was selected to serve as Project Director.• On March 1, 1990, after two years of study, the Study Group issued a 245-page preliminary report for general public discussion and consideration. 2 The Business Law Section of the American Bar Association has long played an important role in the evolutionary development of the Uniform Commercial Code. Since 1947 it has, through its divisions and committees, carefully studied each draft as it was produced, expressed opinions on policy matters, and made suggestions for improvements. Continuing this tradition of participation, the Subcommittee on General Provisions, Sales, Bulk Transfers, and Documents of Title of the Committee on the Uniform Commercial Code undertook the task of formulating conclusions with respect to the Preliminary Report. The work of the Subcommittee began in May 1990 with the assemblage of a ten-member Task Force. What follows is the report of that task force. In the preparation of its report, the Task Force sought to consider not only the substantive content of the Study Group's section-by-section recommendations, but also more pervasive matters such as the scope and approach of the Preliminary Report. Although not all members of the Task Force share the Study Group's implicit viewpoint that revision is due for Article 2, the prevalent opinion is that the bulk of the Study Group's recommendations are sound and that revision is desirable. Other subcommittees of the Uniform Commercial Code Committee of the American Bar Association have also conducted studies of the Preliminary Report, and their reports should be looked to for more particularized views of the Preliminary Report.

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The members of the Task Force who participated in the preparation of this Appraisal were Roy Ryden Anderson, Roger D. Billings, Jr., Donald F. Clifford, Jr., David Frisch, Henry Gabriel, Gregory Gelfand, Mark E. Roszkowski, Peter Winship, and John Wladis.