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PEB Commentary No. 24: Scope of Article 9 Choice-of-Law Rules regarding Characterization of Transactions 1 (August 12, 2022)

handle is hein.ali/alicc0366 and id is 1 raw text is: PEB COMMENTARY NO. 24 SCOPE OF ARTICLE 9 CHOICE-OF-LAW RULES REGARDING CHARACTERIZATION OF TRANSACTIONS (August 12, 2022) By the Permanent Editorial Board for the Uniform Commercial Code* PREFACE The Permanent Editorial Board for the Uniform Commercial Code (PEB) 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 PEB has resolved to issue supplemental commentary on the Uniform Commercial Code (UCC) from time to time. The supplemental commentary of the PEB generally will be known as a PEB Commentary, to distinguish it from the Official Comments to the UCC. A PEB Commentary may be denominated a commentary, a report, or otherwise as determined by the PEB. The Resolution states that: The underlying purposes and policies of the PEB Commentary are those specified in 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 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 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 wwali or . * © 2022 by The American Law Institute and the National Conference of Commissioners on Uniform State Laws. I

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