The Uniform Commercial Code (UCC) has been adopted in whole or in part by the legislatures of all 50 states.
The Uniform Commercial Code (UCC) has been adopted in whole or in part by the legislatures of all 50 states.
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(1) ?Goods? means all things (including specially manufactured goods) which are movable at the time of identification to the contract for sale other than the money in which the price is to be paid, investment securities (Article 8) and things in action.
The UCC definition of goods is set out in Article 2, section 2-105 as "all things ... which are movable ... other than money ... investment securities, and things in action. Goods also include the unborn young of animals and growing crops, and other identified things attached to realty..."
The Uniform Commercial Code (UCC) is a set of business laws that regulate financial contracts and transactions employed across states. The UCC code consists of nine separate articles, each of which covers separate aspects of banking and loans.
Section 2-312: Warranty of Title and Against Infringement; Buyer's Obligation Against Infringement. (b) the goods shall be delivered free from any security interest or other lien or encumbrance of which the buyer at the time of contracting has no knowledge.
The UCC regulates the transfer or sale of personal property. The UCC does not address transactions or financing of real property.
Uniform Commercial Code Article 2 governs the sale of goods. It was part of the original Uniform Commercial Code approved in 1951. Article 2 represented a revision and modernization of the Uniform Sales Act, which was originally approved by the National Conference of Commissioners on Uniform State Laws in 1906.
(9) "Item" means an instrument or a promise or order to pay money handled by a bank for collection or payment.