Gov. Josh Shapiro recently signed into law Senate Bill 1084, which modernizes the Uniform Commercial Code (UCC).
The bill, now Act 41 of 2024, amends Title 13 (the commercial code) and Title 20 (decedents, estates and fiduciaries) of the Pennsylvania Consolidated Statutes to accommodate emerging technologies utilized in commercial transactions. It now covers digital asset transactions involving electronic accounts, nonfungible tokens, virtual currencies, and other forms of electronic commerce, and also makes other technical updates to the UCC.
“The UCC provides security and consistency to our nation’s commerce,” state Sen. Greg Rothman (R-Perry County), the bill’s sponsor, said. “I’m pleased that digital asset transactions are now properly addressed in law so that all parties are protected and can operate with confidence.”
Digital assets have become much more prevalent in commercial transactions since in 2001 when the last major revisions to the UCC took effect. This update was necessary, Rothman said, “to ensure security, consistency and confidence.”
Senate Bill 1084 had unanimous support from the state Senate and the state House of Representatives.
The Pennsylvania Uniform Commercial Code was established in 1954 and provides consistency for commercial law and interstate commerce. Every state has adopted the code, giving Americans legal confidence when transacting business across state lines.