GSC Uniform Comm. Code/Emerging Technologies.

SB 117 updates North Carolina's Uniform Commercial Code to govern transactions involving "controllable electronic records" (e.g., digital assets like blockchain-based tokens or programmable contracts). It defines key terms like "controllable electronic record" and establishes rules for transferring control - requiring a buyer to have exclusive power to benefit from and restrict access to the record. The bill protects "qualifying purchasers" (those who buy in good faith for value) from claims by others over the same digital asset, while clarifying that standard filings under Article 9 of the Commercial Code do not create notice of ownership claims. This directly affects businesses and individuals engaging in digital asset transactions, excluding existing categories like bank accounts or electronic money from these new rules.