Uniform Commercial Code

The uniform commercial code (UCC) is a legal code that applies to commercial transactions. The UCC was formulated in 1952 and has now been ratified by nearly all of the state governments of the United States. Some provisions of the UCC have been adopted by all of the states, thereby harmonizing laws pertaining to commercial transactions across the United States. The code is divided into nine articles, which are as follows:

  1. General provisions
  2. Sales and leases
  3. Negotiable instruments
  4. Bank deposits, collections, and funds transfers
  5. Letters of credit
  6. Bulk transfers and bulk sales
  7. Warehouse receipts, bills of lading, and other documents of title
  8. Investment securities
  9. Secured transactions