Comment by walterbell

Thanks for the reminder. UCC recently introduced Article 12 which covers digital assets like CBDC and cryptocurrency via the category of CER (controllable electronic records). Article 12 says that custody/control of a private key plays a prominent role in seniority of claims against digital assets, including scenarios involving the purchase of possibly-stolen digital assets.

https://www.clearygottlieb.com//news-and-insights/publicatio...

> Article 12 – dealing directly with the acquisition and disposition of interests (including security interests) in “controllable electronic records,” which would include Bitcoin, Ether, and a variety of other digital assets. Under Article 12 and associated amendments to Article 9, a party may perfect a security interest in certain controllable electronic records by obtaining “control” of such records. In addition, Article 12 confers an attribute of negotiability on controllable electronic records – a good faith purchaser for value who obtains control (a “qualifying purchaser”) takes its interest free of conflicting property claims.