Lee Podair and Mona Patel Discuss Electronic Bills of Lading Under the UCC
January 23, 2024
Thompson Coburn partner Lee Podair and associate Mona Patel authored a Secured Lender Magazine article in the Jan/Feb 2024 edition that details the legal framework prescribed by Articles 7 and 9 of the Uniform Commercial Code (UCC) for a secured lender seeking to perfect its security interest in electronic bills of lading.
“Among the numerous pieces of paper that accompany shipments (certificates of origin letters of credit and others), bills of lading are arguably the most important, as they serve several significant purposes,” Lee and Mona wrote. In addition to detailing electronic bills of lading (“EBOLs”) as they pertain to Articles 7 and 9 of the UCC, they outline several difficulties in digitization and what lies ahead as the market and technology evolve. “While there is a great deal of interest in the digitization of bills of lading, there have been challenges in building one uniform system on an international level.”
Read the full article here.