Quick Uniform Commercial Code Overview

Quick Uniform Commercial Code Overview

Share
Quick Uniform Commercial Code Overview

There are eleven Articles which comprise the Uniform Commercial Code (UCC). Article 1 of the UCC is known as the General Provisions of the UCC. The other Articles are as follows: Article 2, Sales; Article 2a, Leases; Article 3, Negotiable Instruments; Article 4, Bank Deposits; Article 4a, Funds Transfers; Article 5, Letters of Credit; Article 6, Bulk Transfers and Bulk Sales; Article 7, Warehouse Receipts, Bills of Lading and Other Documents of Title; Article 8, Investment Securities; and Article 9, Secured Transactions.

In 2003, Article 2 and Article 7 were modernized in a major revision, though the revisions to Article 2 have not been adopted by any states yet. Although Article 6 is considered obsolete by the National Conference of Commissioners on Uniform State Laws, it remains in effect in many jurisdictions. 

Despite being present in one document, each Article of the UCC bears only the slightest connection to any other. Most articles bear little relevance on the others. The exception is that each Article uses terms defined in Article 1 and Article 9 covers the paperwork required to support the intermediate Articles.

Comments

comments

Share

Related Articles


Read previous post:
Deed Poll

Close