Uniform Commercial Code - Explained
What is the UCC?
Written by J. Mance Gordon
Updated at April 19th, 2024
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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
Related Topics
- What is a Contract?
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- Restatement of Contracts
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