Uniform Commercial Code


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Uniform Commercial Code (UCC)

Collection of laws dealing with commercial business.

Uniform Commercial Code

A template for a law governing the transfer of personal property, commercial goods, and other property (though generally excluding real estate). The Uniform Commercial Code governs sales, leases, bank deposits, letters of credit, auctions, securities, and other transactions when they are subject to state, rather than federal, law. The Uniform Commercial Code was developed in the 1950s by the American Law Institute and the National Conference of Commissioners on Uniform State Laws in order to unify legal codes in all American states. All 50 states (as well as the District of Columbia and several commonwealths) have adopted a version of the Uniform Commercial Code, though some states, notably Louisiana, have made various changes to it.

Uniform Commercial Code (UCC)

A system of laws governing commercial transactions such as sales of goods, banking, the taking of security interests in personal property, documents of title regarding personal property,and letters of credit.The word “uniform”is misleading because all states have their own customized versions of the UCC.The UCC is important to real property because many real estate transactions involve a component that includes personal property.

Link to each state's version of the UCC by going to Cornell University's excellent legal resources site at www.law.cornell.edu/uniform/ucc.html. See also uniform laws.

References in periodicals archive ?
Many term it as one of the most important amendments of Uniform Commercial Code Article 9.
Strict tort has brought about substantively little, if anything, which was not available under the Uniform Commercial Code.
It updates and consolidates in a single integrated report all of the legal opinion standards that have previously been published by the Business Law Section and the RPPTL Section, including the Business Law Section's 1991 report on standards for opinions of Florida counsel in commercial transactions, the supplement to the 1991 report that was issued by the Business Law Section in 1996 on opinions under the Uniform Commercial Code, and the supplements to the 1991 report that were issued by the RPPTL Section in 1996 and 2004 relating to opinions in real estate transactions.
Under terms of the agreement, Midland performs primary servicing for the whole loans, including payment processing, loan administration, tax, insurance and Uniform Commercial Code (UCC) administration, escrow and reserve administration and all the credit administration activities.
The much-anticipated revised Article 9 of the Uniform Commercial Code, scheduled to become effective July 1, 2001, will address this issue.
Helpful public records include newspapers, telephone directories, secretary-ofstate corporate filings, civil and criminal court records, county clerk filings, uniform commercial code filings and voter registration files.
You should be ready to assure the lessor that you'll respect its interests by giving appropriate notice before you move a piece of equipment and by re-filing Uniform Commercial Code financing statements if necessary.
However, most states comply with the Uniform Commercial Code, which is intended to simplify the jurisdictional problem.
Traditionally, transfer rules for investment securities (stocks and bonds, principally) have been the states' under Article 8 of the Uniform Commercial Code, and the Uniform Investment Securities Act before the Uniform Commercial Code, and the common law before that.
Burick focuses his practice on creditors' rights and remedies under the Uniform Commercial Code, Bankruptcy Code and state law to enforce creditors' rights in state and federal courts and bankruptcy courts.
5, 2013 /PRNewswire/ -- Whether your business purchases or sells goods, the New York State Uniform Commercial Code (UCC) affords certain protections and makes specific requirements.
A general familiarity with the common law of contracts and Article 2 of the Uniform Commercial Code (governing sales) is assumed.

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