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PEB Commentary No. 23: Protected Series under the Uniform Protected Series Act 1 (February 24, 2021)

handle is hein.ali/alicc0362 and id is 1 raw text is: PEB COMMENTARY NO. 23 PROTECTED SERIES UNDER THE UNIFORM PROTECTED SERIES ACT (2017) (February 24, 2021) By the Permanent Editorial Board for the Uniform Commercial Code* PREFACE The Permanent Editorial Board for the Uniform Commercial Code acts under the authority of the American Law Institute and the Uniform Law Commission (also known as the National Conference of Commissioners on Uniform State Laws). The Permanent Editorial Board has resolved to issue from time to time supplementary commentary on the Uniform Commercial Code to be known as PEB Commentary. These PEB Commentaries seek to further the underlying policies of the Uniform Commercial Code by affording guidance in interpreting and resolving issues raised by the Uniform Commercial Code and/or the Official Comments. The Resolution states that: The underlying purposes and policies of the PEB Commentary are those specified inUCC Section 1-103(a). A PEB Commentary should come within one or more of the following specific purposes, which should be made apparent at the beginning of the Commentary: (1) to resolve an ambiguity in the UCC by restating more clearly what the PEB considers to be the legal rule; (2) to state a preferred resolution of an issue on which judicial opinion or scholarly writing diverges; (3) to elaborate on the application of the UCC where the statute and/or the Official Comment leaves doubt as to the inclusion or exclusion of, or application to, particular circumstances or transactions; (4) consistent with UCC Section 1-103(a)(2), to apply the principles of the UCC to new or changed circumstances; (5) to clarify or elaborate upon the operation of the UCC as it relates to other statutes (such as the Bankruptcy Code and federal and state consumer protection statutes) and general principles of law and equity pursuant to UCC Section 1-103(b); or (6) to otherwise improve the operation of the UCC. For more information about the Permanent Editorial Board for the Uniform Commercial Code, visit or *© 2021 by The American Law Institute and the National Conference of Commissioners on Uniform State Laws.

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