Uniform Commercial Code
The Uniform Commercial Code (UCC) is a collection of modernized, codified, and standardized laws that apply to all commercial transactions with the exception of real property. The UCC was developed under the direction of the National Conference of Commissioners on Uniform State Laws (NCCUSL), the American Law Institute (ALI), and the American Bar Association (ABA). The purpose of the UCC was to introduce uniformity into state laws affecting business and commerce. To date, all 50 states (Louisiana has adopted articles 1, 3, 4, and 5), the District of Columbia, and the U.S. Virgin Islands have adopted the UCC as state law.
The UCC has a permanent editorial board, and members of the ALI and NCCUSL meet to consider changes to the UCC. Amendments and revisions to the UCC are made to cover new developments in commerce,...
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