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The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
The following table identifies which articles in the UCC each U.S. jurisdiction has currently adopted. However, it does not make any distinctions for the various official revisions to the UCC, the selection of official alternative language offered in the UCC, or unofficial changes made to the UCC by some jurisdictions.
UCC Article 9 replaced a wildly diverse array of security devices that had evolved in the various states during the 19th and early 20th centuries, in response to the reluctance of U.S. courts to enforce general nonpossessory security interests as either against public policy or because they were perceived as fraudulent conveyances. [2]
Bulk sales legislation, such as Article Six of the Uniform Commercial Code was designed to eliminate this type of fraud. [1] For example, in the ordinary course of business, a car dealer would sell a number of cars in one day. In extraordinary circumstances, it might sell its entire inventory to different buyers within a short period of time.
After three years of study, debate and drafting, the 2022 Amendments to the Uniform Commercial Code incorporate the newly created Article 12 of the UCC which adapts existing law to digital assets.
The Uniform Commercial Code is a standard Code that has been adopted by all 50 states. [1] Still, every state has the ability to pick and chose what specific provisions of the UCC it wishes to adopt and make its own modifications. [1] Uniform Commercial Code Article 2 governs the sale of goods that are over the price of $500. [2]
Paris text of the UCC from 14 July 1971. States Parties of UCC, with Appendix Declaration relating to Article XVII and Resolution concerning Article XI. Geneva, 6 September 1952.. States Parties of UCC as revised on 24 July 1971, with Appendix Declaration relating to Article XVII and Resolution concerning Article XI. Paris, 24 July 1971..
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a United States legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).