The Uniform Commercial Code
A joint project of ALI and the Uniform Law Commission, the Uniform Commercial Code (UCC) was promulgated to harmonize the law of commercial transactions.
The UCC is a comprehensive set of laws governing commercial transactions in the United States. It is a uniform code addressed to legislatures with a view toward legislative enactment and written in prescriptive statutory language. The UCC is a modernization of various statutes relating to commercial transactions including sales, leases, negotiable instruments, bank deposits and collections, funds transfers, letters of credit, bulk sales, documents of title, investment securities, and secured transactions.
Updated regularly, the UCC is maintained by the Permanent Editorial Board for the Uniform Commercial Code (PEB). The PEB, a joint committee of ALI and the Uniform Law Commission, discourages nonuniform amendments or additions to the UCC by the states, assists in attaining and maintaining uniformity in state statutes governing commercial transactions, and monitors the law of commercial transactions for needed modernization or other improvement.
Robert E. Scott and Alan Schwartz | September 24, 2021 | Uniform Commercial Code
Below is the abstract for “Obsolescence: The Intractable Production Problem in Contract Law,” available for download on SSRN. Contract law has long suffered from an institutional problem: Which legal institution can best create an efficient law for commercial...
Carla L. Reyes | September 21, 2021 | Uniform Commercial Code
Below is the abstract for “Creating Cryptolaw for the Uniform Commercial Code,” forthcoming in Volume 74 of the Washington and Lee Law Review and available for download on SSRN. A contract generally only binds its parties. Security agreements, which create a security...
Edward J. Janger and Aaron Twerski | September 14, 2021 | Consumer Contracts, Uniform Commercial Code
Below is the abstract for “Warranty, Product Liability and Transaction Structure: The Problem of Amazon,” available for download on SSRN. Amazon, and other internet sales platforms, have revolutionized the manner in which goods are purchased and sold. The obligations...
Juliet M. Moringiello | August 19, 2021 | Uniform Commercial Code
Below is the abstract for “Automating Repossession,” forthcoming in Volume 22, Issue 2 of the Nevada Law Journal and available for download on SSRN. Imagine if you bought a refrigerator from BestBuy on credit and BestBuy reserved the right to disable that refrigerator...
Pauline Toboulidis | August 18, 2021 | Uniform Commercial Code
A column from the New York Law Journal delves into the scope of UCC Article 9 with a focus on virtual currencies. The piece touches upon the continuing efforts of The American Law Institute and the Uniform Law Commission to update the Uniform Commercial Code in this...
Neil B. Cohen, Teresa Wilton Harmon, Steven O. Weise, Troy A. McKenzie and Marsha E. Simms | August 11, 2021 | Uniform Commercial Code
In this video, Teresa Wilton Harmon, Marsha E. Simms, Steve O. Weise, Neil B. Cohen, and Troy A. Mackenzie discuss how the Uniform Commercial Code has promoted safe, predictable, reliable commerce for businesses and consumers throughout the United States....
