The Uniform Commercial Code (UCC) is a set of business laws that regulate financial contracts and transactions employed across states. It consists of nine separate articles, each of which covers separate aspects of banking and loans. It was established in 1953 to facilitate business transactions across state lines and is important for companies to transact business. It includes definitions for terms such as "action", "agreed party", "contract", "bank", "bearer", "bill of lading", "branch", and "burden of establishing a fact".
Additionally, it defines "conspicuous" as a term that is written, displayed, or presented that a reasonable person against which it is to operate ought to have noticed.
It is not a federal law, but a uniformly adopted state law.
Articles 2 and 3 govern the sale of goods and negotiable instruments respectively.
Article 4 governs bank deposits and collections.
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Summaries from the best pages on the web
The Uniform Commercial Code (UCC) is a standardized set of laws and regulations for transacting business. The UCC code was established in 1953 because it was becoming increasingly difficult for companies to transact business across state lines given the various state laws.
Uniform Commercial Code (UCC): Definition, Purpose, and History
The Uniform Commercial Code defines "action" as a judicial proceeding, "agreeved party" as a remedy, and "a contract" as the bargain of the parties in fact. It also includes definitions for bank, bearer, bill of lading, branch, and burden of establishing a fact. Additionally, it defines "conspicuous" as a term that is written, displayed, or presented that a reasonable person against which it is to operate ought to have noticed.
§ 1-201. General Definitions. | Uniform Commercial Code | US Law | LII ...
The UCC is only a model or recommendation for what a particular state's commercial code might include; by itself, the UCC has no legal force. However, in practice, every American…
What is the UCC? | Nolo
The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniformly adopted state law. Uniformity of law is essential in this area for the interstate transaction of business.
Uniform Commercial Code - Uniform Law Commission
GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION SECTION 1-201. GENERAL DEFINITIONS . (a) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in…
UNIFORM COMMERCIAL CODE ARTICLE 1 – GENERAL PROVISIONS