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This discussion also is a very brief and general attempt to give you some idea of how a few of the UCC code sections work.
As usual, however, you should not rely on any portion of this book to provide you with a legal solution to any specific problem.
The UCC concerns a wide variety of commercial issues, including the sale of goods, banking and security interests. New articles are added over time, and specific sections of existing articles are revised. It is not law in any state unless and until a state legislature adopts it as the law of that state.
The UCC does not apply to: The table of contents tells us that the UCC covers the following: Article 1: General Provisions. Any state can decide not to adopt the UCC or can decide to make revisions to the code that satisfies that state’s particular heritage or commercial needs.
UCC law, therefore, is derived from three places: For the purposes of this discussion, we will refer to the Uniform Commercial Code sections in the Model Code.
In future disputes, litigants may argue that their case is similar to a prior case and that the prior case law should be followed. Covers letters of credit issued by banks, usually used by business people to guarantee payment of obligations. Concerns the "bulk transfer" of all of a business’ inventory.
Another chapter of this book will discuss UCC Article 9 on Secured Transactions. Codes are intended by the legislature to create new law in the targeted subject areas.
These chapters will give you an idea of some of the issues covered by the UCC but should not be relied on to solve any particular problem. The Uniform Commercial Code (UCC) is a "code" or a "collection of statutes." This is the type of law that may be adopted by all U. The other source of law is "case law" or "common law." For centuries, courts have been in the business of resolving disputes.
Business people cannot assume, therefore, that the law will be exactly the same in each state.
Nonetheless, the UCC has facilitated much greater uniformity of commercial laws.
The UCC "fills in the gaps," providing controlling contract terms where the contracting merchants either didn’t agree or just forgot to discuss the matter.