Uniform Commercial Code
What Does Uniform Commercial Code Mean?
The Uniform Commercial Code (UCC) is a comprehensive set of uniform acts and laws that govern and regulate the practice of commerce in the different states and territories in the United States. Uniform acts are laws in harmony with those pertaining to sales and other commercial dealings and activities.
The UCC consists of nine articles, each article pertaining to a specific field of commercial law. UCC insurance is available to cover transactions described in Article 9: Secured Transactions.
Insuranceopedia Explains Uniform Commercial Code
The UCC is the reference point for transactions involving borrowing money, negotiating contracts, leasing equipment, and/or selling goods. It is the legal reference book for running a business. All the states and territories in the United States have adopted the UCC as it is and are thus code-compliant, although some states have revised their sets to tailor-fit the code to their particular needs and requirements.