These eleven Articles are further subdivided into Parts and then into Sections. A single UCC rule is contained in a Section. For example, UCC Section , "Firm Offers," provides the rule for when offers by certain businesses to buy or sell goods are irrevocable.
The complete text of Section is as follows:. Many other sections of the UCC are substantially longer and may include multiple subparagraphs. For example, to more fully understand Section as quoted just above, you would need to check UCC Section for the Code's definition of "merchant" and UCC Section for the Code's definition of "goods. The original version of the UCC was first published in Over the subsequent sixty years, the Code has undergone multiple revisions and incorporated many new amendments.
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. Miscellaneous » Funnies. International » Spanish. We're doing our best to make sure our content is useful, accurate and safe.
If by any chance you spot an inappropriate comment while navigating through our website please use this form to let us know, and we'll take care of it shortly. Forgot your password? Retrieve it. Abbreviation » Term. Term » Abbreviation. Word in Term. Term » Abbr. Filter by: Select category from list Couldn't find the full form or full meaning of UCC? Discuss these UCC abbreviations with the community: 0 Comments. Notify me of new comments via email.
You can do this by checking your business credit profile , which you can do for free on Nav. In addition, once a secured debt obligation is paid off, you should request immediately that the lender terminate the lien on said asset s through the filing of a UCC-3 form.
Lenders competing for borrowers might use the UCC as a marketing tool—because UCC filings are public records, lenders can use these records to find customers that are already familiar with their lending products to pitch them financing offers. Make sure to vet all prospective lenders carefully as well as understand their process of filing a UCC Remember that your ability to continue expanding your business credit profile depends a lot on how your business looks in the eyes of lenders, and this includes the presence of UCC filings on your report.
Equifax Business Credit Report. Small Business Financial Exchange. This article was originally written on February 15, and updated on November 12, This article currently has 83 ratings with an average of 4.
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Your email address will not be published. Save my name and email in this browser for the next time I comment. How is that possible? How can I find out what company or who did that? But you may also need to try to investigate and find out whether the court where it was filed has accurate information. It could potentially be a sign of business identity theft. Unfortunately it is likely to take a little digging and legwork. We wrote about how to get a UCC filing removed here.
What should you do if you have a cautionary UCC on your profile but no information from where it came from? I have since opened my own company and the file has been sent to collections. It was first added to the Uniform Commercial Code in and amended in A revision was approved by the Uniform Law Commission and the American Law Institute in , but was not adopted in any jurisdiction and subsequently withdrawn by both organizations in Thus, the version of Article 2A, as amended in , remains the official text.
View Article 2A, Leases. Article 3, Negotiable Instruments Uniform Commercial Code Article 3 governs negotiable instruments: drafts including checks and notes representing a promise to pay a sum of money, and that have independent value because they are negotiable. An instrument is negotiable if it can be transferred to another person and remain enforceable against the person who originally made the promise to pay.
That early uniform law was revised and incorporated into the original version of the UCC in , and a further revision was approved in Finally, a set of amendments to UCC Articles 3 and 4 was approved in View Article 3, Negotiable Instruments. Article 4, Bank Deposits and Collections Uniform Commercial Code Article 4 governs bank deposits and collections, providing rules for check processing and automated inter-bank collections.
Article 4 was completely revised in and amended in View Article 4, Bank Deposits and Collections. Amendments to Article 3, Negotiable Instruments and Article 4, Bank Deposits These amendments to Uniform Commercial Code Articles 3 and 4 update provisions dealing with payment by checks and other paper instruments to provide essential rules for new technologies and practices in payment systems.
Article 4A, Funds Transfers Uniform Commercial Code Article 4A provides a comprehensive body of law on the rights and obligations connected with fund transfers.
It was added to the UCC in View Article 4A, Funds Transfers. The amendment was necessary to conform the UCC with the federal law and associated regulations. View Article 4A, Amendments to.
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