The ABCs of the UCC is a series of primers written both for practitioners and students that provides the basic concepts and operations of the Uniform Commercial Code articles-in a simple, straightforward style..
The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States.
It is not a federal law, but a uniformly adopted state law.
Uniformity of law is essential in this area for the interstate transaction of business..
UCC filings may cover an individual piece of collateral, or a lender can list all of a business’ assets and then only repossess what is necessary to pay off the defaulted loan balance
UCC filings give lenders the first-position right to pieces of collateral covered by the UCC financing statement, pursuant to the Uniform Commercial Code
UCC stands for Uniform Commercial Code
The UCC is a set of laws concerning commercial transactions, such as the sale of goods
It also covers secured transactions, where a lender gains the right to foreclose on a borrower’s collateral should the borrower default on the loan
This is also called a security interest
The Uniform Commercial Code (UCC) is a model code, providing the rules governing commercial transactions, including the methods of creating and filing a security interest and the way a security interest may be perfected
The UCC has been adopted by all 50 states and the District of Columbia
