12-101A. Intent.

(a) The Joint Committee on the Uniform Commercial Code and Emerging Technologies of the Uniform Law Commission has developed draft Uniform Commercial Code provisions governing certain digital assets, specifically those that fall within the definition of "controllable electronic records". The current draft has been extensively vetted by those who understand and participate in digital transactions.

(b) Adoption of the Uniform Law Commission's draft by the 2021 Nebraska Legislature will create a considerable and necessary advantage for Nebraska to lead in emerging industries utilizing blockchain, digital ledger technology, virtual currencies, and other digital assets and would provide a sensible framework and legal certainty for transactions of controllable electronic records. In subsequent sessions, if necessary, the Nebraska Legislature will review and adopt conforming amendments to the provisions of the Uniform Commercial Code on controllable electronic records to remain consistent with the language and intent of the final proposal of the Joint Committee on the Uniform Commercial Code and Emerging Technologies of the Uniform Law Commission.

Source:Laws 2021, LB649, ยง 59.