Texas A&M University School of Law Professor
has been appointed by the President of the Uniform Law Commission (ULC) to serve as a member of a newly formed ULC and ALI Joint Study Committee on the Uniform Commercial Code and Emerging Technologies. The study resulted from a recommendation to the ULC and the American Law Institute (ALI), the two organizations that sponsor the UCC, from the Permanent Editorial Board for the UCC, on which Professor Henning also serves. Professor Henning is a Life Member of the ULC and a member of the ALI.
It has become apparent in recent years that emerged and emerging technological developments, including developments in distributed ledger technology (e.g., blockchain), have created the potential for commercial transactions that are not adequately addressed by the current Official Text of the UCC. In addition, a market need has developed for negotiable electronic promissory notes under Article 3 of the UCC, which as of now requires that negotiable instruments be set out in a physical writing. The Joint Study Committee will examine these and possibly other issues and recommend whether amendments to the UCC should be drafted.