This bill:

• defines terms;
• amends the scope of Title 70A, Chapter 2, Uniform Commercial Code - Sales, and Title 70A, Chapter 2a, Uniform Commercial Code - Leases;
• replaces certain references to "writing" with "record" in Title 70A, Uniform Commercial Code;
• amends provisions relating to a funds transfer;
• amends provisions relating to hybrid transactions;
• enacts provisions relating to the control of a controllable electronic record;
• provides for the discharge of an account debtor's obligation on a controllable account or controllable payment intangible;
• establishes the governing law for a controllable electronic record;
• provides where a branch of a bank is considered to be located for a choice of law provision;
• amends provisions relating to control of an electronic document of title;
• provides what does not qualify as a financial asset;
• amends provisions relating to a purchaser's control of a security entitlement;
• amends provisions relating to the control of a deposit account;
• amends provisions relating to the control of an electronic copy of a record evidencing chattel paper;
• provides the circumstances under which a secured party has control of a controllable electronic record;
• provides a limitation on when a security interest does not attach;
• amends the duties of a secured party with control of collateral;
• enacts provisions governing perfection and priority of security interests in chattel paper, controllable accounts, controllable electronic records, and controllable payment intangibles;
• amends provisions relating to perfection by control;
• enacts provisions governing perfection by possession and control of chattel paper;
• amends the contents of a notification of disposition of collateral;
• enacts transitional provisions for the Uniform Commercial Code Amendments (2022); and
• makes technical changes.