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- DictionaryU·ni·form Com·mer·ci·al Code
noun
- 1. the body of laws governing commercial transactions in the US.
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What is a Uniform Commercial Code?
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Feb 4, 2024 · Uniform Commercial Code: A standard set of business laws that regulate financial contracts. The Uniform Commercial Code has been adopted by most states in the U.S. The code itself has nine ...
- Daniel Liberto
Our collection aims to show each section of the U.C.C. in the version which is most widely adopted by states. That means we will not always display the most current revision if that revision has not achieved widespread adoption among American legislatures. [Due to license restrictions, this on-line version of the U.C.C. does not include the ...
- General Provisions. Uniform Commercial Code Article 1 contains definitions and general provisions applicable as default rules to transactions covered under other articles of the UCC.
- Sales. Uniform Commercial Code Article 2 governs the sale of goods. It was part of the original Uniform Commercial Code approved in 1951. Article 2 represented a revision and modernization of the Uniform Sales Act, which was originally approved by the National Conference of Commissioners on Uniform State Laws in 1906.
- Negotiable Instruments. Uniform Commercial Code Article 3 governs negotiable instruments: drafts (including checks) and notes representing a promise to pay a sum of money, and that have independent value because they are negotiable.
- Bank Deposits and Collections. Uniform Commercial Code Article 4 governs bank deposits and collections, providing rules for check processing and automated inter-bank collections.
The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
The UCC is organized into eleven sections over nine articles. You can get at least a general idea of the activities covered by the UCC from the titles of the articles: Article 1: General Provisions. Article 2: Sales. Article 2A: Leases. Article 3: Negotiable Instruments. Article 4: Bank Deposits and Collections.
4 days ago · The meaning of UNIFORM COMMERCIAL CODE is body of laws developed by a national commission and the American Law Institute to help regularize the law of sales. It has been adopted in part by every state. The code governs sales and leasing, bank deposits and collections, commercial paper and letters of credit, bulk transfers and warehouse receipts ...
General Definitions. § 1-201. General Definitions. (a) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other articles of the Uniform Commercial Code that apply to particular articles or parts thereof, have the meanings stated. (b) Subject to definitions contained in ...
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