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What is the Uniform Commercial Code?
Apr 25 2018 On Behalf of David M. Duree & Associates, P.C. Business And Commercial Litigation
Commercial litigation is a very important aspect of the legal world. It allows people to file lawsuits for various commercial issues that could affect their lives. Commercial law governs the distribution and sale of various goods. It also governs the financing of specific transactions. Commercial law is governed by the Uniform Commercial Code (UCC), which is a set of laws set forth by the government. So, what exactly is the Uniform Commercial Code?
The Uniform Commercial Code governs the lease of goods, the sale of goods, secured transactions and negotiable instruments. Every single state in the country has adopted some form of the UCC. The states are also allowed to make modifications to the law as they see fit. Because of these modifications, it would be best to consult a professional who knows the law in Illinois.
The UCC was published for the first time in 1952, but had been worked on since 1942 by the National Conference of Commissioners on Uniform State Laws and the American Law Institute. The UCC is not actual law, but instead recommendations for states and territories to use when governing transactions, sales and leases in the commercial world.
Revisions were made to the UCC from 1952 to 1999. It also includes recommendations on bank deposits, investment transactions, letters of credit, funds transfers, bills of lading, warehouse receipts and more.
Now that you know a little bit about the Uniform Commercial Code, you can protect yourself as a consumer in O’Fallon, Illinois. Be on the lookout for violations of the law when you shop or when you have products that could be harmful.
Source: Findlaw, “What is Business and Commercial Law?,” accessed April 13, 2018