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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.


See Uniform Commercial Code.

References in periodicals archive ?
Among other activities, the UCC allows for banks and other lenders to file a commercial lien on items used as collateral in obtaining a loan.
Ghareeb also disclosed that the delegation handed Minister Bou Sb a written memo bearing on a set of constants which safeguard the UCC rights in salary scale numbers.
Additionally, 43% have a budget for "most components" of UCC, while 42% of
Typically, UCC has not been the subject of strategic ICT planning.
UCC cruised past UCD 1-20 to 0-14 in Friday's semi, but found it tougher going yesterday and led just 0-9 to 0-7 at half-time.
IT scored a brilliant 10th minute goal from James McGivney, they were overpowered by a rampant UCC.
In New York City, UCCs, security agreements used by lenders to place a lien on personal property, are most commonly used in connection with institutional lending on cooperative apartments.
Seisuke Ueshima, president of UCC subsidiary UCC Foodservice Systems Inc.
In addition, UCC members are active in NLC and share the challenges and objectives of NLC member cities.
When the IRS revoked a favorable ruling letter retroactively to 1984, UCC initiated Tax Court proceedings to determine if it qualified as an exempt organization and as an eligible charitable donee.
Imperial Chemical Industries PLC (ICI) of London and Union Carbide (UCC) announced that UCC has completed the purchase of certain ICI ethylene oxide derivatives businesses, including its ethylene glycol, glycol ethers and acetates, ethanolamines and brake fluids businesses.
In 1989, the IRS revoked UCC's exemption, retroactive to 1984, when UCC engaged in improper fund-raising activities.