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