The Clearing House Association submitted a letter to the New York State Assembly Judiciary Committee to express support for the Omnibus Uniform Commercial Code Modernization Act, which would make certain changes to New York’s Uniform Commercial Code. These changes are necessary to modernize New York’s commercial law, preserve New York law’s relevance and usefulness for parties that wish to transact business in the state, and sustain New York as a jurisdiction of choice for conducting domestic and international business.