The bill amends various sections of the Vermont Statutes Annotated (V.S.A.) to modernize the legal framework governing commercial transactions, particularly focusing on definitions and provisions related to terms such as "conspicuous," "delivery," "document of title," and "money." Key changes include the revision of the definition of "conspicuous" to incorporate a totality of circumstances standard, and an expanded definition of "delivery" to clarify the transfer of control for electronic documents. The term "money" is refined to exclude electronic records that were operational prior to government authorization. Additionally, the bill introduces concepts like "hybrid transactions" and "hybrid leases," which involve a combination of goods and services, and outlines their legal treatment.

Further amendments modernize contract enforceability requirements by replacing "writing" with "record," thereby accommodating electronic documentation. The bill clarifies that a signed record is necessary for certain agreements, including sales and leases, and specifies that contract modifications do not require consideration to be binding. Other notable changes include updates to the handling of electronic money, security interests, and the rights and duties of secured parties, emphasizing the importance of control and possession in establishing security interests. Overall, the bill aims to streamline and clarify the legal framework surrounding commercial transactions and secured interests, ensuring alignment with contemporary practices and technologies.

Statutes affected:
As Introduced: 9A-2A, 9A-4A
As Passed By the House -- Official: 9A-2A, 9A-4A
As Passed By the House -- Unofficial: 9A-2A, 9A-4A
As Passed by Both House and Senate -- Official: 9A-2A, 9A-4A
As Passed by Both House and Senate -- Unofficial: 9A-2A, 9A-4A
As Enacted: 9A-2A, 9A-4A