ARTICLES

The Uniform Commercial Code

The Uniform Commercial Code (UCC) is a set of regulations that aims to govern business transactions. It is a very extensive set of rules and guidelines, and the main goal is to give a set of standards for business transactions that take place across state lines. When goods can be manufactured, warehoused, sold, and shipped in four different states, some laws are necessary that go beyond state lines and individual state legislatures.

The UCC was written by a collaboration of great legal writers in the early 1950s, although it has been revised many times since then, and is not itself law. It is simply a set of recommendations to legislatures, and each state has the option of revising or potentially rejecting these laws to fit their state individually. Fortunately, every state has signed into law some version of the UCC, and most have done so without huge changes.

There is a board comprised of members from the American Law Institute and National Conference of Commissioners on Uniform State Laws that produces editorial pieces on an ongoing basis concerning the UCC. These are not laws either, though they are often used by courts as significant parts of an argument. The board can issue revisions to keep the UCC contemporary and relevant.

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The UCC can vary slightly by state, so it is important to understand exactly what the regulations are in your jurisdiction. For more information about this or any other legal business matter, contact the Minneapolis business lawyers of Skjold ▪ Barthel, P.A. by calling 612-746-2560.