(USA) Set of laws regulating commercial transactio... Add a comment
A compilation of laws relating to commercial contracts involving personal property. The code does not address real property. In addition, a few types of personal property are also excluded. While the UCC has been adopted by all 50 states, there are differences among the versions adopted in each state. Secured lenders tend to focus on UCC Article 2A covering leases, Article 8 covering securities, and Article 9 covering all other personal property collateral.
A comprehensive set of statutes created to provide uniformity in business laws among the states (except Louisiana). Laws governing all commercial transactions updated, standardized and approved by the National Conference of Commissioners of Uniform State Laws. Statutes vary on occasion from state to state. The basic premise on which the UCC is based is that the personal property commercial transaction is a single subject of the law, not withstanding its many facets, involving the sale of and payment for goods. There may be a contract for sale, a giving of a check for part of the purchase price, and the expectancy of some form of security for the balance.
United States statute covering the rights and obligations of the various parties involved in the purchase and sale of goods. The UCC includes coverage of drafts and other negotiable instruments, documents of title, transfers of funds between banks, and security interests in assets as well as draft collections (in Article 4) and letters of credit (in Article 5).
A model statute dealing with commercial transactions that has been adopted by every state except Louisiana. UCC provisions do not normally apply to professional services. Enacted in 1967 in Washington; see Title 62A RCW.
In addition to your rights under state Lemon Laws, and the federal Magnuson Moss Warranty Act, Uniform Commercial Code is a set of state warranty laws, which may be used in limited circumstances in dealing with the manufacturer or dealer.
A statutory program under the law of administering, legalizing, and recording contracts and lien instruments.
This body of laws have been adopted by most states and are a rewriting of the old law into a simplified uniform format for better business practices and procedures.
A set of regulations covering most business transactions, including requirements for negotiable instruments.
A list of protocols or standards, adopted by every state except Louisiana, which govern commercial transactions such as leases.
A standardized program and method of legalizing, administering, and recording lien instruments. Adopted now by every state except Louisiana.
A comprehensive modernization of various statutes relating to commercial transactions, including sales, lease, negotiable instruments, bank deposits and collections, funds transfers, letters of credit, bulk sales, documents of title, investment securities and secured transactions. The Minnesota law is found in Minn. Stat. Ch. 336.
Establishes a unified and comprehensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.
A uniform set of laws governing commercial transactions in the USA enacted separately and sometimes differently by each State.
A body of law whose underlying purpose and policies are (a) to simplify, clarify and modernize the law governing commercial transactions; (b) to permit the continued expansion of commercial practices through custom, usage and agreement of the parties; (c) to make uniform the law among the various jurisdictions. The effect of provisions of this Act may be varied by agreement, except as otherwise provided in this Act and except that the obligations of good faith, diligence, reasonableness and care prescribe by this Act may not be disclaimed by agreement but the parties may by agreement determine the standards by which the performance of such obligations is to be measured if such standards are not manifestly unreasonable. (Taken from Article 1, General Provisions, Uniform Commercial Code, The Portable UCC, second edition.)
A compilation of statutory provisions designed to simplify, clarify, and modernize the law governing commercial transactions to permit the continued expansion of commercial practices through custom, usage, and agreement of the parties and to make uniform the law among various jurisdictions.
A uniform law governing commercial transactions. The U.C.C. has been adopted by all states except Louisiana.
a set of comprehensive statutes of business laws designed to achieve uniformity among the states (except Louisiana), concerning sales, commercial paper, security laws and other commercial laws. Some statutes have minor state variations.
A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers. Security interests in chattels are created by an instrument known as a security agreement. To give notice of the security interest, a financing statement must be recorded. Article 6 of the code regulates bulk transfers--the sale of a business as a whole, including all fixtures, chattels and merchandise.
The set of laws that provide for the legal rules and regulations governing "commercial" or "business" dealings and transactions involving personal property. No terms listed.
A set of statutes purporting to provide some consistency among states' commercial laws.
A set of business-related laws dealing with the sale of goods, their transportation and delivery, financing, storage, payments, and various other commercial transactions. These model laws have been adopted, with minor modifications, by most states to provide some consistency among states' commercial laws. They were drafted by the National Conference of Commissioners on Uniform State Laws.
A statute governing commercial transactions, sales, and commercial paper that has been adopted in substantially the same form in all 50 states.
A standardized program and method of administering, legalizing and recording lien instruments adopted now by all states except Louisiana.
Codification of uniform laws concerning commercial transactions. In SBA parlance generally refers to a uniform method of recording and enforcing a security interest or charge upon existing or to be acquired personal property.
A legal term commonly referred to as the UCC. This is a code of laws governing the most important legal aspects of business and financial transactions within the United States.
A detailed code of business laws encompassing several areas of commercial law with emphasis on the law of sales, promissory notes, and other commercial paper and secured transactions. The Uniform Commercial Code, with variations, has been adopted in whole or in part by all the states.
A set of standard rules, adopted by 49 states, that governs commercial transactions.
Standardized set of guidelines protected by law that set down how business transactions must be conducted.
A comprehensive code of laws regulating important legal aspects of business and financial transactions. The code has been accepted by every state except Louisiana.
One of the uniform Laws drafted by the National Conference of Commissioners on Uniform State Laws and the American Law Institute governing commercial transactions (including sales and leasing of goods, transfer of funds, commercial paper, bank deposits, and collections, letters of credit, bulk transfers, warehouse receipts, bills of lading, investment securities, and secured transactions). The U.C.C. has been adopted in whole or substantially by all states.
A code (laws) which regulates commercial transactions. This code replaced the various state statutes covering chattel mortgages, conditional sales, trust receipts, etc.
Collection of laws dealing with commercial business.
(UCC) Guidelines that can be adopted in whole or in part by individual states. Since it revision in 1990, both the bank and the customer can share the liability for fraudulent checks. Thus, both parties must show "ordinary care" or "due diligence." Some people have interpreted this to cover everything from incorporating security features in checks to storing checks properly for safekeeping. Revised articles 3 and 4 have been adopted by most states; interpretation of terms can vary.
Group of laws that are applicable to commercial transactions. Only a few of the laws have relevance to real estate transactions.
Standardized commercial laws adopted throughout the nation.
Group of laws, which standardize the state laws applicable to commercial transactions.
UCC A coordinated code of laws governing the legal aspects of business and financial transactions in the United States (except Louisiana. It regulates such topics as the sale of goods, commercial paper, bank deposits and collections, letters of credit, bulk transfers, and documents of title. It defines the rights and duties of the parties in a commercial transaction and provides a statutory definition of commonly used business practices.
Comprehensive set of statutes created to provide uniformity in business laws in all states, as approved by National Conference of Commissioners on Uniform State Laws. Statutes can vary from state to state.
(USA) A law governing commercial transactions (sales of goods, commercial paper, bank deposits and collections, letter of credits, bulk transfers, warehouse receipts, bills of lading, investment securities, and secured transactions) adopted by all states in the US except Louisiana.
The Uniform Commercial Code, or Uniform Customs and Practice for Documentary Credits ICC Publication No. 500, was first established and published in 1933 by the International Chamber of Commerce. Revisions were made in 1951, 1962, 1974, 1983, and 1993. The code defines documentation standards to be followed by international banks when negotiating letters of credit. The code is binding, and seeks to define a worldwide standard applicable to all involved in international trade, exchanging goods and money using the international letter of credit.
Set of laws that pertains to the main areas of business law. UCC has adopted in whole or part by most states.
Legal code that codifies certain laws dealing with commercial business.
A set of rules covering commercial transactions that are subscribed to by all 50 states, except Louisiana, as published by the American Law Institute and the National Conference of Commissioners of Uniform State Laws.
A comprehensive modernization and standardization of various statutes relating to commercial transactions, which has been adopted by all states except Louisiana.
Also known as UCC; it is a code establishing the regulation of security transactions in personal property.
The Uniform Commercial Code (UCC) is one of the uniform acts that has been promulgated in attempts to harmonize the law of sales and other commercial transactions in 49 states (all except Louisiana) within the United States of America.