Basics of the Uniform Commercial Code (UCC)
As public records professionals, much of the work we do here at First Corporate Solutions deals with the Uniform Commercial Code (UCC). This month we have decided to give the code its due. We are putting the Uniform Commercial Code in the spotlight by naming May UCC Month! Each Friday we will publish a new blog post on a topic related to UCC.
This week’s post provides a conceptual overview of the Uniform Commercial Code.
First published in 1952, the Uniform Commercial Code (UCC) is a collection of provisions that govern commercial transactions in the United States. The code itself is not law, but rather a compilation of suggested best practices that the individual states can interpret, adapt and enact into law in their jurisdiction. At present, versions of the UCC have been adopted in all 50 states, the District of Columbia and several U.S. territories.
The purpose of the UCC is to provide a consistent foundation, across state lines, for commercial transactions. Further, the code seeks to establish clear guidelines for the rights and responsibilities of the parties involved.
The code consists of a series of articles, each addressing a specific category of commercial activity such as sales, leases, bank deposits etc. The article of particular importance to those of us in the public records industry is Article 9, which discusses secured transactions.
Check back next week for more information on Article 9 of the Uniform Commercial Code!
