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Uniform Commercial Code (UCC)
Practical Law Glossary Item 1-382-3891 (Approx. 3 pages)
Glossary
Uniform Commercial Code (UCC)
A model statutory code that provides uniform, default rules to govern commercial transactions and simplify interstate business dealings. The model code is recommended statutory text, drafted by the American Law Institute (ALI) and the Uniform Law Commission (ULC). State legislatures have adopted it in whole, in part, and with modifications. The articles of the UCC include, among others:
- Article 1 (General Provisions), which provides general principles governing transactions covered by the remaining articles of the UCC.
- Article 2 (Sales), which applies to transactions that involve the sale of goods. Goods include tangible, moveable objects that are not real estate or investment securities.
- Article 2A (Leases), which governs transactions that create a lease of goods.
- Article 7 (Documents of Title), which governs documents of title, including bills of lading and warehouse receipts.
- Article 8 (Investment Securities), which deals with certificated and uncertificated investment securities.
- Article 9 (Secured Transactions), which provides a comprehensive scheme for the regulation of security interests in personal property and fixtures.
For more information on the UCC generally, including a summary of what each article covers, see Practice Note, Understanding When the Uniform Commercial Code Applies to a Transaction. For a chart providing citations to each state's version of the articles of the UCC and links to relevant resources, see Quick Compare Chart, UCC Roadmap.