Commercial Transactions

Legislative action took center stage in the area of commercial transactions during this Survey period. In its 1999 legislative session, the Texas Legislature not only resuscitated the revised article 5 on letters of credit that failed to pass in the 1997 session, but also became one of the first jurisdictions to enact the revised article 9 on secured transactions. This Article not only includes the traditional discussion of selected cases decided during the Survey period, but also includes a summary (albeit brief) of important changes made by the 1999 legislative revisions