Norman M. Powell Appointed By American Law Institute to Joint Committee Revising UCC Articles 1, 3 and 9
FOR IMMEDIATE RELEASE
The Federal Reserve Bank of New York and other financial institutions have proposed to establish a national electronic residential mortgage note database.
Business Planning Partner, Norman M. Powell has been appointed by the American Law Institute to a joint committee, including members of the Uniform Law Commission, to draft revisions to Articles 1, 3 and 9 of the Uniform Commercial Code. The UCC currently provides for a paper-based commercial practice in which residential mortgage notes normally are held by the lending bank. The committee will prepare the commercial law rules necessary "to support an electronic registry for residential mortgage notes on a national basis with minimal displacement of state laws."
To follow the committee's activities, see the link below: