Difference between revisions of "Uniform Commercial Code"
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(New page: The Uniform Commercial Code (UCC) is a well-established set of legal rules for commercial transactions. Each state adopts most or all of the UCC by statute. Article 2 of the UCC gove...) |
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| − | The Uniform Commercial Code (UCC) is a well-established set of legal rules for commercial transactions. Each state | + | The '''Uniform Commercial Code''' ('''UCC''') is a well-established set of legal rules for commercial transactions. Each state has adopted most or all of the UCC by statute, except for Louisiana. For example, New York has adopted its only version of the UCC, as set forth on the internet.<ref>http://www.law.cornell.edu/uniform/nyucc.html</ref> |
[[Article 2]] of the UCC governs the sale of goods. | [[Article 2]] of the UCC governs the sale of goods. | ||
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| + | [[Article 9]] of the UCC governs secured transactions, which include any transaction establishing an interest in personal property (including software), consignments, promissory notes or payment for intangibles. Article 9 does not apply to real estate mortgages or landlord liens, and there are a few other exceptions governed by other articles in the UCC or state law.<ref>http://www.amtda.org/education/secured transactions.pdf</ref> | ||
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| + | == References == | ||
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| + | <references/> | ||
| + | [[Category:Legal Terms]] | ||
Latest revision as of 21:12, May 8, 2008
The Uniform Commercial Code (UCC) is a well-established set of legal rules for commercial transactions. Each state has adopted most or all of the UCC by statute, except for Louisiana. For example, New York has adopted its only version of the UCC, as set forth on the internet.[1]
Article 2 of the UCC governs the sale of goods.
Article 9 of the UCC governs secured transactions, which include any transaction establishing an interest in personal property (including software), consignments, promissory notes or payment for intangibles. Article 9 does not apply to real estate mortgages or landlord liens, and there are a few other exceptions governed by other articles in the UCC or state law.[2]