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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.