August 2, 2010 (DES PLAINES, IL) – The International Warehouse Logistics Association made more progress in its campaign to get states to adopt changes to the Uniform Commercial Code when Georgia became the latest state to do so.
The Georgia state legislature passed legislation adopting the changes, which was signed into law by Governor Sonny Perdue on May 27 and went onto effect on July 1.
The UCC was established in 1952 and is one of a number of uniform acts that have been created to harmonize the law of sales and other commercial transactions in all 50 states. Article 7 of the code pertains to warehouse receipts, bills of lading and other documents of title. In 2003, IWLA began an effort to get the states to adopt a revised Article 7 that allows for many of these documents to be in electronic form.
The new Georgia law also deletes obsolete references to tariffs, classifications and regulations that no longer track modern commercial practices. In addition, it deals with permissible contractual limitations of liability; negotiation and transfer; lien of the carrier or warehousemen on the goods and right to enforce lien in a commercially reasonable manner; altered, lost and stolen instruments; and the effects on holders resulting from insolvency of the warehouse customer.
Continue reading about the IWLA's campaign here.
Monday, August 2, 2010
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