Commercial Law - Uniform Commercial Code - Controllable Electronic Records

SB 154 adds Article 12 to Maryland's Uniform Commercial Code to establish rules for property rights in certain digital assets, including controllable electronic records, accounts, and payment intangibles. It directly affects businesses and financial institutions handling digital transactions by defining how control and ownership transfer for these assets. The bill creates a new standard for "control" (requiring exclusive power to access benefits and transfer the asset) and ensures qualifying purchasers acquire rights free of competing claims. This changes how digital property rights are managed under Maryland law, replacing ambiguous state rules with a clear, standardized framework.