Uniform Commercial Code - Explained
What is the UCC?
If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
What is the Uniform Commercial Code?
The Uniform Commercial Code (UCC) is a set of model business laws related to business transactions and financial contracts in the United States. The UCC, as a Model law, is a set of systematic (standardized) business laws that guides business conducts, exchange of goods, credit institutions, bank transactions and all other commercial proceedings or financial arrangements. The UCC contains nine distinct articles, as follows:
- Article 1: General Provisions
- Article 2: Sales
- Article 2A: Leases
- Article 3: Negotiable Instruments
- Article 4: Bank Deposits and Collections
- Article 4A: Funds Transfers
- Article 5: Letters of Credit
- Article 6: Bulk Transfers/Bulk Sales
- Article 7: Documents of Title
- Article 8: Investment Securities
- Article 9: Secured Transactions
- What is a Security Interest?
- Pledge as Collateral
- Cross Collateralization
- After-Acquired Collateral
Unsecured Loan Definition
- Unencumbered Asset
- What is a Secured Creditor?
- Unsecured Creditor
- What are the benefits of security interests for creditors?
- Limited Recourse Debt
- Uniform Commercial Code - Article 9
Academic Research on the Uniform Commercial Code
- Good faith performance and commercial reasonableness under the Uniform Commercial Code, Farnsworth, E. A. (1962). U. Chi. L. Rev., 30, 666.
- "Good Faith" in General Contract Law and the Sales Provisions of the Uniform Commercial Code, Summers, R. S. (1968). Virginia Law Review, 195-267.
- Legislative History of the Uniform Commercial Code, The, Braucher, R. (1958). Colum. L. Rev., 58, 798.
- A Comment on the jurisprudence of the Uniform Commercial Code, Danzig, R. (1974). Stan L. Rev., 27, 621.Uniform Commercial Code, Summers, R. (1972).
- The Law of Sales in the Proposed Uniform Commercial Code, Williston, S. (1950). Harvard Law Review, 63(4), 561-588.
- A short history of the preparation and enactment of the Uniform Commercial Code, Schnader, W. A. (1967). U. Miami L. Rev., 22, 1.
- Uniform Commercial Code Methodology, Hawkland, W. D. (1962). U. Ill. LF, 291.
- The Good Faith Purchase Idea and the Uniform Commercial Code: Confessions of a Repentant Draftsman, Gilmore, G. (1980). Ga. L. Rev., 15, 605.
- Remedies for Breach of Contracts Relating to the Sale of Goods Under the Uniform Commercial Code: A Roadmap for Article Two, Peters, E. A. (1963). The Yale Law Journal, 73(2), 199-287.
- Proceeds Under the Uniform Commercial Code, Henson, R. D. (1965). Colum. L. Rev., 65, 232.