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- Uniform Commercial Code (UCC)
Uniform Commercial Code (UCC)
The Uniform Commercial Code (UCC) is the framework used by state governments to develop commercial transaction laws. The purpose of the U.C.C. is to foster economic growth by providing a uniform template for commercial transaction laws that all jurisdictions can reference.
The U.C.C. includes eight sections: sales, leases, negotiable instruments, bank deposits and collections, funds transfers, letters of credit, bulk transfers and bulk sales, warehouse receipts and bills of lading, investment securities, and secured transactions.
The U.C.C. applies to merchants who transact goods. A good is an asset that was portable and identifiable when parties created the contract. Articles 8 and 9 deal with securities and secured transactions.
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