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.

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