The Dictionary of Financial Scam Terms: The truth vs. the scam

 

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Uniform Commercial Code, UCC

U.C.C. - ARTICLE 1- GENERAL PROVISIONS
..PART 1.  (2) SHORT TITLE, CONSTRUCTION, APPLICATION AND SUBJECT MATTER OF THE ACT

Underlying purposes and policies of this Act are

(a) to simplify, clarify and modernize the law governing commercial transactions;

(b) to permit the continued expansion of commercial practices through custom, usage and agreement of the parties;

(c) to make uniform the law among the various jurisdictions.

The UCC is a joint project of the American Law Institute and the National Conference of Commissioners on Uniform State Laws.  

The individual states, not the Federal Government, are the primary source of law on commercial transactions in the U.S. In all 50 states and the District of Columbia at least some of that commercial law is based on the Uniform Commercial Code (U.C.C.).

 

 

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