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Ucc Article 7 Talking Points Bill Stankiewicz 1 27 2009

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Section 7-105 Reissuance in Alternative Medium …

Section 7-105 Reissuance in Alternative Medium
Upon request of person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document in the event specific criteria has been met.

Section 7-106 Control of Electronic Document of Title
Electronic document of title is permitted if the system reliably establishes the person to which the electronic document was issued or transferred.

Document is created, stored and assigned in a manner that:
- A single authoritative copy of the document exists which is unique, identifiable and except as specifically allowed by statute, unalterable;
- The authoritative copy identifies the person to whom the document was issued or the person to whom the document was most recently
transferred
- Each copy of the authoritative copy and any copy of a copy is readily
identifiable as a copy that is not the authoritative copy
- Any amendment of the authoritative copy is readily identifiable as
authorized or unauthorized

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Transcript

  • 1.
    • The Uniform Commercial Code’s
    • Article 7
    • Shippers Warehouse of Georgia Presented by: Bill Stankiewicz Vice President and General Manager www.shipperswarehouse.com williams @shipperswarehouse.com Office: 678.364.3475
  • 2. What is Article 7?
    • To understand what Article 7 is, we must look at Article 7’s history first
    • Article 7 originally was entitled
      • “ Warehouse Receipts, Bills of Lading and Other Documents of Title”
    • It was the combination of:
      • Uniform Warehouse Receipts Act (1906), and
      • Uniform Bills of Lading Act (1909)
    • Article 7 was unchanged since 1951 until 2003 when it was updated
  • 3. That being said, what does Article 7 really concern?
    • The shipment and storage of tangible goods has being going on for centuries.
    • The physical side of the business is carried on by entities that provide warehouses (warehousemen) and entities that carry the goods from place of origin to place of destination (common carriers).
    • These are tangible visible businesses.
  • 4. -Continued-
    • What is not tangible is what goes on behind the scenes with the actual transfer of the “rights” to the items being shipped/stored.
    • As the world has evolved, “documents of title” have come to represent the rights to the items being shipped/stored.
    • More recently “electronic documents of title”
    • On the warehousemen’s/storage side the documents of title are known as “warehousemen’s receipts”
    • On the common carrier/shipping side the documents of title are known as
    • “ bills of lading”
  • 5. The Concept of Article 7
    • To promote the ability to freely and securely negotiate (i.e. transfer the rights and interest) items being shipped/stored.
  • 6. -Continued-
    • Article 7 deals with:
      • Negotiability
      • Transfer of Rights
      • Liens
      • Risk of Loss (transit/storage)
      • Statute of Frauds (put it in writing)
      • Electronic Transactions (most recent amendments)
  • 7. The Electronic Transaction Age
    • With the advent and implementation of electronic means of communication has come the electronic negotiation and deal process.
    • In the past, this was typically done in person and in writing.
    • The 50 states and the global economy have been scrambling in the past 20 years to come up with a reliable, secure, and fairly unencumbered system for the shipping and storage of goods via electronic means.
    • Article 7 helps to solve many of the emerging issues in the new age of electronic rights and title transfer by incorporating consistent provisions for electronic documents of title.
    • It allows a warehousemen or common carrier on one side of the country to know what his expectation will be on the other side of the country.
    • It incorporates time honored means of negotiability with updates for the new means and methods for negotiability and transfer of electronic documents of title allowing for “interchangeability .”
  • 8. Adoption of Article 7 to Date
    • Alabama
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Maryland
    • Minnesota
    • Mississippi
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Mexico
    • North Carolina
    • North Dakota
    • Oklahoma
    • Pennsylvania
    • Rhode Island
    • Tennessee
    • Texas
    • Utah
    • Virginia
    • West Virginia
    • Currently on 3 rd reading at the Massachusetts House Floor
    -31 States have adopted and 2 currently pending-
  • 9. ARTICLE 7 NEEDS YOUR SUPPORT IN GEORGIA Shippers Warehouse of Georgia Presented by: Bill Stankiewicz Vice President and General Manager www.shipperswarehouse.com williams @shipperswarehouse.com Office: 678.364.3475