BY DAVID FRISCH
Has it really been twenty-two years since Geoffrey C. Hazard, then director of the American Law Institute, asked Professors Charles W. Mooney and Richard E. Speidel to investigate the need to update Article 2 of the Uniform Commercial Code (U.C.C.)? As a result of their preliminary study, the Permanent Editorial Board for the Uniform Commercial Code (PEB), with the approval of the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI), appointed a nine member “Study Group” to recommend whether Article 2 should be revised and, if so, the direction in which the revision process might proceed.
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