Uniform Commercial Code (UCC)

The Uniform Commercial Code (UCC) is a set of laws that govern commercial transactions in the United States. It was created in 1952 by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in an effort to create a uniform set of laws for commercial transactions that would apply in all states. The UCC is a comprehensive code that covers a wide range of commercial transactions, including sales, leases, secured transactions, and bank deposits and collections.

The UCC is a model law, which means that it is not a binding law in any state. However, most states have adopted the UCC in whole or in part. The UCC is a very important law for businesses because it provides a set of consistent rules that govern commercial transactions. This can help to reduce the risk of legal disputes and to make it easier for businesses to do business across state lines.

The UCC is divided into nine articles, each of which covers a different area of commercial law. The articles are:

* Article 1: General Provisions
* Article 2: Sales
* Article 3: Negotiable Instruments
* Article 4: Bank Deposits and Collections
* Article 5: Letters of Credit
* Article 6: Bulk Sales
* Article 7: Warehouse Receipts, Bills of Lading, and Other Documents of Title
* Article 8: Investment Securities
* Article 9: Secured Transactions

The UCC is a complex law, and it can be difficult to understand. However, it is an important law for businesses to understand, as it can have a significant impact on their operations. If you are a business owner, it is important to consult with an attorney who is familiar with the UCC to make sure that you are complying with the law.