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Common Law Defense to a Chargeback—Whether The UCC Right to a Chargeback Can Be Countered By the Common Law Right to an Offset When a Bank is Bound By a Wire Transfer Agreement
The Court concluded that Cadence breached the wire transfer agreement by using provisional credit funds and failing to transfer funds from a “collected balance,” using Elizondo’s construction of the term. Therefore, the breach entitled Elizondo to offset Cadence’s chargeback by the amount of overdrawn funds as a matter of law.
The New UCC Article 12
The new Article 12 of the Uniform Commercial Code (UCC, or Code) is part of a broad set of amendments promulgated in 2022 by the Code’s sponsoring organizations, the Uniform Law Commission and the American Law Institute. As of late-September, 2023, ten jurisdictions have enacted the amendments, the bill awaits the governor’s signature in one jurisdiction, and there is still a possibility for enactment this year in three jurisdictions. Many more enactments are expected in 2024. Article 12 contains only seven sections but they are quite dense. This paper is limited to an exploration of the key concepts with many of the details (including notably the choice-of-law rules in Section 12-107) being omitted. The reader is referred to the Prefatory Note to the article and to the Official Comments to its sections for additional explanations. Great care has been taken to make them comprehensive and understandable.
UCC and Banking Law Update
This is the slide deck for the PowerPoint presentation.
CSC 2019 Legislative Developments #24
This will be the last regular Friday update for 2019. I’ll send one more update before the end of June and thereafter when there are sufficient developments to report. The regular Friday updates will resume in January 2020. Here are the most significant developments since the last update on 6/7/2019:
CSC 2019 Legislative Developments #21
Here are the most significant developments since the last update on 5/17/2019:
Fall, 2015
Includes articles the 84th Session of the Texas Legislature, specifically: "2015 Texas Legislative Update on Entity Law" by Daryl Robertson; "A Series LLC Is Now Included Under The Texas UCC’s Definition Of Person, Removing Uncertainty For Secured Lending Transactions" by James Leeland; "Power of Attorney Bill (HB 3095)" by Jacqueline Akins. There were two non-legislative articles as well, including: "Confidentiality of Email – The Changing Consensus" by Ronald Chichester; and "Texas Crowdfunding Portals Provide Texas Businesses New Access to Investment Dollars" by R. Jason Pierce.
Fall, 2015
Includes articles the 84th Session of the Texas Legislature, specifically: "2015 Texas Legislative Update on Entity Law" by Daryl Robertson; "A Series LLC Is Now Included Under The Texas UCC’s Definition Of Person, Removing Uncertainty For Secured Lending Transactions" by James Leeland; "Power of Attorney Bill (HB 3095)" by Jacqueline Akins. There were two non-legislative articles as well, including: "Confidentiality of Email – The Changing Consensus" by Ronald Chichester; and "Texas Crowdfunding Portals Provide Texas Businesses New Access to Investment Dollars" by R. Jason Pierce.