Uniform Commercial Code
Uniform Commercial Code
Definition
Uniform Commercial Code
noun
a codification of commercial laws designed to provide uniformity among the states
Uniform Commercial
Code (UCC) Finance Definition
A coordinated code of laws governing the legal
aspects of business and financial transactions in the United States, excluding
Louisiana. The UCC regulates the sale of goods, and also regulates financial
transactions, such as bank deposits and collections, letters of credit, bulk
transfers, and the delivery of title documents. It defines the rights and
responsibilities of each party in a commercial transaction and provides a
statutory definition of commonly used business practices. The National
Conference of Commissions of Uniform State Laws wrote the UCC.
Uniform Commercial Code
Law Definition
n
A law governing the sale of goods, commodities, and bank transactions. With
some modifications, this law has been adopted by all 50 states and in the
District of Columbia and the U.S. Virgin Islands.
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