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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.
Art. 9, Secured Transactions Art. 12, Controllable Electronic Records These articles have been adopted to varying degrees in the United States (U.S.) by the 50 states , District of Columbia , territories , and some Native American tribes .
The most common method of perfection is through filing a financing statement (often referred to by its form number: UCC-1) in the appropriate state office (usually the office of the Secretary of State) in the U.S. state in which the debtor is located. See U.C.C. §§ 9-301, 9-310.
A security interest can be created by contracts, liens created by statutes, and liens created by judicial acts. [9] UCC §9-203(b) requires three things to create a security interest in the United States: possession of the collateral or an authenticated security agreement with a description of the collateral, value of the collateral, and
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Rosa Parks. Susan B. Anthony. Helen Keller. These are a few of the women whose names spark instant recognition of their contributions to American history.
In the US, under the Uniform Commercial Code, modifications may be made free of the Common Law legal duty rule even without consideration provided that the modification is made in good faith. See UCC § 2–209. [22] [23] However, the Statute of Frauds must be complied with. Thus, a written contract is necessary if the contract as modified ...
The term course of performance is defined in the Uniform Commercial Code as follows: (a) A "course of performance" is a sequence of conduct between the parties to a particular transaction that exists if: (1) the agreement of the parties with respect to the transaction involves repeated occasions for performance by a party; and
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