Uniform Commercial Code
Article 12: Controllable Electronic Records

Article 12 also introduces two important concepts that enable tokenization of payment rights. "Controllable accounts" are rights to payment for goods or services that are evidenced by a CER, where the obligor agrees to pay the person who controls that CER. "Controllable payment intangibles" are general intangibles under which the principal obligation is monetary payment, evidenced by a CER, where the obligor agrees to pay whoever controls that CER. Both of these innovations allow for the creation of digital assets that legally represent rights to payment, making possible assets like "debt tokens" that can represent claims in bankruptcy proceedings.
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