Commercial Transactions

On July 1, 2001, the law of secured transactions was substantially changed when revised Article 9 of the Uniform Commercial Code became effective in Texas and in forty-five other states. While this is the most significant event affecting the subject of commercial transactions during the Survey period, it will be some time before cases are reported that interpret and apply the revision. In the meantime, however, a number of cases were decided under other provisions of the Code that are not affected by the revision and these are discussed below. As usual, the discussion follows the organization of the Texas Business and Commerce Code (the "Code").