Uniform Commercial Code


Also found in: Legal, Acronyms, Wikipedia.

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 ?
Historically, the fundamental law governing checks and bank deposits has been state law, Articles 3 and 4 of the Uniform Commercial Code, and the Uniform Negotiable Instruments Act before the Uniform Commercial Code, and the common law before that.
The court then found them to be general intangibles because they were personal property that did not fall in any of the other categories of personal property collateral described in the Uniform Commercial Code. And since the lender had failed to file a UCC financing statement, it did not have a perfected security interest in the CD.
Written signatures will still be required in commercial matters for legal pleadings, certain transactions under the Uniform Commercial Code (except 1-107, 1-206, and Articles 2 and 2A), and hazardous and other toxic waste handling and transportation.
* It will address opinions on particular substantive areas of commercial practice, including opinions with respect to securities, opinions with respect to collateral under the Uniform Commercial Code, and opinions reguarding real estate transactions;
Section 2-702 of each state's Uniform Commercial Code indicates the grounds a credit seller must satisfy to obtain relief on a reclamation claim.
Since January 4, 1993, Westlaw users--through Prentice Hall Public Record databases on Westlaw--have been able to obtain Secretary of State Uniform Commercial Code Filings from various states in the Combined State Uniform Commercial Code Filings (PH-UCC) database.
They also describe a typical Personal Property Security Acts scheme, the history of the Uniform Commercial Code Article 9, the work of the European Bank for Reconstruction and Development, the influence of the UN Convention on receivables financing, the UNCITRAL (United Nations Commission on International Trade Law) Legislative Guide on Secured Transactions and resulting Model Law, the Cape Town Convention on International Interests in Mobile Equipment, and the European Union Financial Collateral Directive.
The natural gas contract places special obligations on a participating agency and governed by Uniform Commercial Code 2-306.
Appendices include the US Constitution, Uniform Commercial Code, Uniform Partnership Act, revised Model Business Corporation Act, and a dictionary of legal terms.
"Since its inception, the ULC has been responsible for more than 200 acts, among them such bulwarks of state statutory law as the Uniform Commercial Code, the Uniform Probate Code, the Uniform Partnership Act, and the Uniform Interstate Family Support Act."
In addition, New York State has enacted revisions to the Uniform Commercial Code (UCC) to create a cooperative organization security interest, or "COSI." In case of a sponsor or shareholder default, this legislation puts the cooperative's interests first before any and all other creditors or liens.
The Uniform Commercial Code and Purchase Money Security Interests

Full browser ?