Pennsylvania Uniform Commercial Code Amendment

PennsylvaniaThe state of Pennsylvania enacted HB 1152 regarding the Uniform Commercial Code. The new law, enacted on 04/16/2008, conforms the Uniform Commercial Code to the Restatement of the Law of Surety by way of the American Law Institute. In the midst of the numerous modifications, a surety is now defined to consist of any “other secondary obligor” as well as the existing classification as a “guarantor.” HB 1152 became active 60 days after its own enactment on June 16, 2008.