ACT No. 773 amends various sections of the Louisiana Revised Statutes, particularly focusing on the Uniform Commercial Code (UCC) to address transactions involving both existing and new classes of assets, including digital assets. The bill introduces new definitions for digital assets, security interests, and governing laws for digital transactions, while updating terminology and establishing take-free rules for these assets. Significant changes include a revised definition of "conspicuous," which now requires terms to be presented in a noticeable manner, and the exclusion of electronic forms from the definition of "money." The bill also modernizes the language surrounding electronic documents and signing processes, aiming to enhance clarity and consistency in commercial laws.

Additionally, the bill modifies existing laws related to secured transactions, emphasizing the control and enforceability of security interests, particularly concerning life insurance policies and electronic records. Key amendments include replacing "authenticated" with "signed" in various contexts, clarifying the rights of secured parties, and establishing that a secured party can gain control over a life insurance policy through acknowledgment by the insurer. The bill also outlines the conditions for perfection and priority of security interests, ensuring that actions taken before the effective date remain valid. Overall, these amendments aim to modernize Louisiana's commercial laws to better accommodate the evolving landscape of digital transactions and secured interests.