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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.
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).
A substitute check (also called an Image Replacement Document or IRD) [1] is a negotiable instrument that is a digital reproduction of an original paper check.As a negotiable payment instrument in the United States, a substitute check maintains the status of a "legal check" in lieu of the original paper check.
The check digit is a weighted modulo-103 checksum. It is calculated by summing the start code 'value' to the products of each symbol's 'value' multiplied by its position's weight in the barcode string. The start symbol and first encoded symbol are in position 1. The sum of the products is then reduced modulo 103.
In 1974, the Uniform Code Council (UCC) was founded to administer the standard. [1] On 26 June 1974, a pack of Wrigley's chewing gum became the first ever product with a barcode to be scanned in a shop. [1] [3] In 1976, the original 12-digit code was expanded to 13 digits, which allowed the identification system to be used outside the U.S.
The rights of a holder in due course of a negotiable instrument are qualitatively, as matters of law, superior to those provided by ordinary species of contracts:
The UCC was developed by UNESCO in 1952, adopted at Geneva, Switzerland, and came into force in 1955. [2] It was developed as an alternative to the Berne Convention for those states that disagreed with aspects of the Berne Convention but still wished to participate in some form of multilateral copyright protection.