Publication Date

1994

Journal

Columbia Business Law Review

Abstract

The article critiques the 1977 proposed amendments to Articles 8 and 9 of the Uniform Commercial Code (UCC), arguing that while they aim to modernize securities law by replacing the outdated physical possession metaphor with the concept of "control," they fail to adequately address the complexities of indirect holdings through intermediaries. The revisions introduce "supernegotiability," prioritizing secured creditors over customers, but raise ethical concerns about rewarding dishonest behavior and potentially undermining consumer protections. The article concludes that while the changes improve market efficiency and clarity, further refinements are needed to balance the interests of all stakeholders.

Volume

1994

Issue

3

First Page

291

Last Page

502

Publisher

Columbia Law School

Disciplines

Commercial Law | Law | Securities Law

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