Uniform Commercial Code - UCC
The UCC or Uniform Commercial Code is a code of state commercial law which has been promulgated by highly respected groups of legal authorities (American Law Institute and the National Conference of Commissioners on Uniform State Laws) for adoption by the states. All 50 states and the District of Columbia have adopted a version of it. It is intended to promote uniformity of legal treatment of commercial transactions among the states without the need for federal legislation. Each state is free to make variations on the official code provisions, which themselves have been modified from time to time by the promulgating groups. Although the provisions of the UCC in force in the states are not fully uniform, they are remarkably close and are based on standard concepts. The UCC consists of a series of Articles dealing with specific topics, such as general matters (1), sales (2), leases of personal property (2A), negotiable commercial paper (3), bank deposits and collections (4), funds transfers (4A), letters of credit (5), bulk sales (6), warehouse receipts, bills of lading, and other documents of title (7), investment securities (8), secured transactions (9), effective dates, etc. (10).
- Langdon T. Owen
Attorney
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