Uniform Commercial Code Online With Relevant Case Laws
Description
How to fill out UCC1-AD Financing Statement Addendum?
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FAQ
The Uniform Commercial Code (UCC), first published in 1952, is one of a number of Uniform Acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories ...
(1) ?Merchant? means a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed by his employment of an agent or broker or other intermediary who ...
The sale of 1,000 widgets from one company to another is a good example of a UCC application. UCC lien against collateral. A lien can be described as a right to keep a certain property belonging to another person until they pay a debt they own. UCC lien is a claim against business assets.
The Uniform Commercial Code (?UCC?) is a set of laws that provide legal rules and regulations governing commercial or business dealings and transactions. The UCC regulates the transfer or sale of personal property. The UCC does not address transactions or financing of real property.
Any store that sells merchandise will generally be considered a merchant under the U.C.C. For example, the computer store on the corner, the grocery store in your neighborhood, and all major retailers would be considered a merchant under Article 2.