Ucc Uniform Commercial Code

UCC – Texas Statutes (history purpose; Articles; most common uses; Jurisdiction; state adoption process of UCC)

UCC History and Purpose:

The UCC was originally published in 1952. This body of law, created by a private author, aimed to create a uniform scheme applicable to the sale of goods and commercial transactions. Prior to the 1950s, sales of goods and commercial transactions were handled differently throughout the United States. Therefore, when goods were bought and sold among various state locations, there was significant confusion when legal matters arose. As a result, there was a movement to streamline interstate issues. States were, and remain, free to adopt the UCC into its own state law. Nowadays, all of the states utilize the UCC except for Louisiana.

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The Uniform Commercial Code was published in 1952 after approval from the American Law Institute, the National Conference of Commissioners on Uniform State Law, the House of Delegates and the American Bar Association. The nine articles of the UCC is a set of laws governing the sale of goods, leases of goods, negotiable instruments, bank deposits, fund transfers, letters of credit, bulk sales, warehouse receipts, bills of lading, investment securities and secured transactions.

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. The UCC text and draft revisions are written by experts in commercial law and submitted as drafts for approval to the National Conference of Commissioners on Uniform State Laws (now referred to as the Uniform Law Commissioners), in collaboration with the American Law Institute. The Commissioners are all attorneys, qualified to practice law, including state and federal judges, legislators and law professors from...