A Few Facts About The...

REVISED UCC ARTICLE 8 (1994)

PURPOSE:
To update UCC Article 8 to provide a modern legal structure for a recently developed system of securities holding through securities intermediaries. The revision sets forth rules concerning the system through which securities are held, specifying the mechanisms by which ownership and other interests in securities are recorded and changed, and some of the rights and duties of the parties who participate in the securities holding system.

ORIGIN:
Completed by the Uniform Law Commissioners, in conjunction with the American Law Institute, in 1994.

ENDORSED BY:
American Bar Association

ADOPTED BY:
U.S. Department of the Treasury; U.S. Department of Housing and Urban Development; Federal Housing Finance Board.

SUPPORTED BY:
Securities and Exchange Commission; Federal Reserve Bank of NY; American Society of Corporate Secretaries; American Stock Exchange; The Depository Trust Company; Investment Company Institute; National Association of Securities Dealers; National Securities Clearing Corporation; New York Clearing House; New York Stock Exchange; Securities Industry Association.