Commercial Transactions

The 1993 Survey period was somewhat unusual in terms of the distribution of reported cases. Commercial paper and guaranty cases not only predominated, but almost equaled the number of cases reported under all other Chapters of the Texas Business and Commerce Code combined. In addition to judicial activity reported during the Survey period, the legislature adopted the first major revisions to the Code since 1983 when Chapter 8 on Investment Securities was substantially revised. The revisions added a new Chapter 2A covering leases of personal property and a new Chapter 4A covering certain aspects of electronic funds transfers not already covered by federal law. Highlights of these revisions are discussed, later in the text. The legislature also repealed Chapter 6 of the Code dealing with bulk transfers because more recent legislation to prevent fraudulent transfers has made Chapter 6 unnecessary.