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For Profit and Non-Profit Organizations
Signed in as:
filler@godaddy.com
The UCC covers many of the commercial dealings and transactions that your company has each business day. This includes virtually everything your company purchases and sells, every check that your company writes and receives, and every deposit and withdrawal that your company makes.
As a result of the broad reach of the UCC, it is important to have at least some general knowledge of what the UCC covers and how its "statutory scheme" and rules can affect your company's daily operations and transactions. No doubt, a general working knowledge of the UCC, and how it affects your operations, will also help your company avoid serious problems or surprises on your projects.
The UCC has been adopted in all states. Louisiana was the last holdout but adopted portions of the UCC in 1990, I believe. You always have to be careful when you're dealing with issues that are affected by Louisiana state law—not because it’s weird but because their system is based on a different model than all other states. You also have to be careful when you're dealing with issues that are affected by California state law—and that's because it’s weird. I'm guessing that the rulings in Louisiana and California on UCC transactions are similar to what would result in other states, but, at this point, it's only a guess.
Article 1: General Provisions (contains generic interpretation language)
Article 2: Sales (refers to the sale of goods)
Article 2A: Leases (refers to the leasing of goods)
Article 3: Negotiable Instruments (refers to commercial paper and promissory notes)
Article 4: Bank Deposits and Collections (refers to banking and collections)
Article 4A: Funds Transfers (refers to bank transfers)
Article 5: Letters of Credit (refers to letters of credit)
Article 6: Bulk Transfers/Bulk Sales (refers to asset liquidation)
Article 7: Documents of Title (refers to bailment of goods)
Article 8: Investment Securities (refers to securities and financial instruments)
Article 9: Secured Transactions (refers to the legal interests of creditors in secured transactions)
The primary sections of the UCC that apply to your daily operations are Article 2 "Sales" and Articles 3 and 4 dealing with "Commercial Paper," which include checks and promissory notes, and "Banking." Other relevant articles of the UCC deal with leasing goods and equipment, letters of credit, and secured transactions.
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