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What Is the UCC? Sections of the UCC. Secured Transactions and UCC. What's on a UCC-1 Statement? By Jean Murray. Learn about our editorial policies. The UCC covers a wide variety of commercial transactions, including lending, leasing equipment or vehicles, selling goods, and setting up contracts. In the case of any particular state, you probably will need to do some research to determine whether the very latest revision to one or another UCC Section has been adopted.
For example, in there were important revisions to Articles 1, 2, and 2A, which have been widely adopted. However, certain other, more recently proposed revisions have not been adopted by many individual states. The UCC is only a model or recommendation for what a particular state's commercial code might include; by itself, the UCC has no legal force. However, in practice, every American state has adopted some version of the UCC, and those state versions, known as the states' commercial codes for example, the California Commercial Code , do have the force of law—in fact, they are laws.
Moreover, because the individual states generally adhere closely to one or another version of the model UCC, there is often relatively little variation between one state's commercial code and that of another.
Variations do, however, exist. Because your state's commercial code may not be identical to the UCC in every detail, you should always look first to your own state's version of the UCC when trying to answer real-life questions.
On a practical level, you will likely turn to the UCC if your business is involved in a contract dispute covered by one of the UCC's many rules. As Section , quoted above, suggests, one common situation where this is true is a contract dispute involving the buying and selling of goods. You have a technology business that produces computer control devices. Last week you shipped twenty custom-made computer controllers to a manufacturer, and they arrived four days ago.
Today the manufacturer called you and said she is going to return ten of the controllers because she now realizes she has no use for them. Also, she will not be paying for those ten controllers. Because the controllers were specially made for the manufacturer's specific needs, you don't see how you can sell them to anyone else. With that in mind, you want to know what your options are in terms of being paid by the manufacturer for all twenty controllers.
In these circumstances, you may well turn to the UCC, and more specifically Article 2 on the sale of goods. Among many other potentially relevant items, Article 2 has rules that will help you determine whether the controllers are, indeed, "goods" covered by the UCC, whether shipping the controllers to the manufacturer constituted a "sale," whether the agreement you had with the manufacturer to produce and sell her the controllers needed to be in writing including whether a written contract is required in the case of custom-made or "specially manufactured" goods , and general guidance about the circumstances under which the manufacturer can try to modify your sales agreement.
While the UCC clearly is often relevant to situations involving business sales contracts, such as in the preceding example, there are also other situations where you may find yourself looking to the UCC. For example, the UCC provides rules for how money should move between businesses, including via banks, both in the form of payments for goods and in the form of loans. These matters are essentially contract issues. The individual sections of the UCC, which state the rules, sometimes can be difficult to understand.
In many cases, it is easier to make sense of the rule by also reading the Official Comment related to the section. First Name Please enter your first name. Last Name Please enter your last name. Phone Please enter your phone number. This isn't a valid phone number.
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