When it comes to business, the law of the land is the Uniform Commercial Code (UCC). Every state in the U.S. except Louisiana has adopted the UCC to govern business and commercial transactions.

Why It Was Developed

  • to standardize buying and selling of goods
  • to facilitate interstate and international transactions.

The UCC covers the following topics:

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 7. Warehouse Receipts, Bills of Lading and Other Documents of Title

Article 8. Investment Securities

Article 9. Secured Transactions