Learning Team Week 3

Topics: Law, Uniform Commercial Code, U.S. state Pages: 3 (738 words) Published: April 27, 2015
The Uniform Commercial Code (UCC), a comprehensive code addressing most aspects of commercial law, is generally viewed as one of the most important developments in American law. (Duke University School of Law, 2011). The UCC is a model code, so it does not have legal effect in a jurisdiction unless UCC provisions are enacted by the individual legislatures as statutes. Currently, the UCC (in whole or in part) has been enacted, with some local variation, in all 50 states, the District of Columbia, and the Virgin Islands. (Duke University School of Law, 2011). The UCC covers several different types of transactions. It handles simple contracts between merchants (Article 2), Secured Transactions (Article 9), payment systems and negotiable instruments (articles 3 and 4), it also covers a few other areas, but those are the big ones. It was created by the American Law Institute to encourage as many states as possible to adopt a uniform law. The idea is that the ALI researched the approaches taken in covered areas of the law and decided upon the "best" approach. It then incorporated that approach into the UCC and encouraged states to adopt that approach. Ideally, it eliminates confusion from banks and merchants who operate in multiple states and may be subject to liability from various state laws. If all state laws in the area are the same, then interstate commerce is encouraged.  Cornell University Law School. (2005). Uniform Commercial Code. Retrieved from http://www.law.cornell.edu/ucc/ucc.table.html Articles of the Uniform Commercial Code:

Article 1. - General Provisions
Article 2. Sales
Article 2A. Leases
Article 3. Negotiable Instruments
Article 4. Bank Deposit
Article 4A. Funds Transfers
Article 5. Letters of Credit
Article 6. Bulk Transfers and [Revised] - Bulk Sales
Article 7. Warehouse Receipts, Bills of Lading and Other Documents of Title Article 8. Investment Securities
Article 9. Secured Transactions
The Uniform Commercial Code arose out of the...

References: Cornell University Law School. (2005). Uniform Commercial Code. Retrieved from http://www.law.cornell.edu/ucc/ucc.table.html
Duke University School of Law. (2011). Uniform Commercial Code (UCC). Retrieved from http://www.law.duke.edu/lib/researchguides/ucc
Uniform Commercial Code (UCC) - Development of the uniform commercial code. Retrieved from http://www.referenceforbusiness.com/small/Sm-Z/Uniform-Commercial-Code-UCC.html#ixzz1RSpcHBY2
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