New UCC Article 12 and Bankruptcy: Determining Ownership, Perfection and Priority in Digital Assets
Recording of a 90-minute CLE video webinar with Q&A
This CLE webinar will discuss what bankruptcy attorneys need to know about Article 12 of the Uniform Commercial Code (UCC) and related amendments to UCC Article 9 to prepare for transactions with existing and new digital assets. The panel will discuss virtual currencies, non-fungible tokens, and other digital assets as well as the potential effects of the changes on traditional financings commonly encountered by bankruptcy courts, including accounts and payment intangibles. The panel will also discuss ownership, perfection, and priority challenges that may be expected.
- Impetus for UCC revisions
- Article 12
- Types of digital assets
- Controllable electronic records
- Effect of creation of estate on control
- Perfection of a security interest in a CER
- Article 9 and other amendments
- Effect of changes on traditional or hybrid financings
- Reclassification of traditional facilities as electronic
- Ownership of digital assets in bankruptcy
The panel will review these and other vital issues:
- What is a CER and what constitutes "control"?
- What rights are embodied in a CER?
- What types of laws apply and what are the relevant choice-of-law rules?
- What are the foreseeable issues with using cryptocurrencies and NFTs as collateral?
- What rights do trustees and debtors-in-possession have in CERs?
- Will customers of cryptocurrency platforms be treated as investors, unsecured creditors, or trust beneficiaries?
Head of Restructuring, New York
Norton Rose Fulbright US
Mr. Daucher provides a full spectrum of bankruptcy, insolvency, and restructuring advice. His clients frequently... | Read More
Mr. Daucher provides a full spectrum of bankruptcy, insolvency, and restructuring advice. His clients frequently call upon him to investigate complex transactions or unusual business failures for potential wrongdoing and to identify and pursue avenues for unlocking creditor value. Mr. Daucher's practice spans a broad range of industries, including technology, metals and commodities, financial services, energy, agribusiness, aviation, automotive, telecommunications, traditional and digital publishing, insurance and government entities. He has particular expertise in complex cross-border matters, including obtaining or opposing U.S. recognition of non-U.S. restructuring or insolvency proceedings, and using U.S. processes for tracing assets of international enterprises.Close
Andrew James Lom
Partner, Global Head of Private Wealth
Norton Rose Fulbright US
Mr. Lom is Co-Head of the firm’s Asset and Wealth Management International Business Group--U.S. and a member of... | Read More
Mr. Lom is Co-Head of the firm’s Asset and Wealth Management International Business Group--U.S. and a member of the firm's global Fintech team. He represents family offices, funds and institutional investors, and their related service providers, in transactional and regulatory matters. Building on his engineering background, Mr. Lom also works with clients to develop innovative products and services relating to cryptocurrency, blockchain and smart contracts. He has particular experience advising on complex governance matters and decision-making protocols for families, foundations and blockchain-based businesses, often involving multiple constituencies with varying goals, roles and capabilities.Close