Thus, the version of Article 2A, as amended in , remains the official text. View Article 2A, Leases. Article 3, Negotiable Instruments Uniform Commercial Code Article 3 governs negotiable instruments: drafts including checks and notes representing a promise to pay a sum of money, and that have independent value because they are negotiable.
An instrument is negotiable if it can be transferred to another person and remain enforceable against the person who originally made the promise to pay. That early uniform law was revised and incorporated into the original version of the UCC in , and a further revision was approved in Finally, a set of amendments to UCC Articles 3 and 4 was approved in View Article 3, Negotiable Instruments.
Article 4, Bank Deposits and Collections Uniform Commercial Code Article 4 governs bank deposits and collections, providing rules for check processing and automated inter-bank collections. Article 4 was completely revised in and amended in View Article 4, Bank Deposits and Collections.
Amendments to Article 3, Negotiable Instruments and Article 4, Bank Deposits These amendments to Uniform Commercial Code Articles 3 and 4 update provisions dealing with payment by checks and other paper instruments to provide essential rules for new technologies and practices in payment systems.
Article 4A, Funds Transfers Uniform Commercial Code Article 4A provides a comprehensive body of law on the rights and obligations connected with fund transfers. It was added to the UCC in View Article 4A, Funds Transfers. The amendment was necessary to conform the UCC with the federal law and associated regulations.
View Article 4A, Amendments to. Article 5, Letters of Credit Uniform Commercial Code Article 5 governs letters of credit, which are typically issued by a bank or other financial institution to its business customers in order to facilitate trade.
Article 5 was updated in to address advances in technology and modern business practices. These are submitted to the office of the state secretary, in the state where the debtor is located. It means that when a property is used as collateral to a loan, the property will no longer be subject for sale or disposition unless the obligation attached to it is extinguished or paid.
Uniform Commercial Code Forms are covered by the Uniform Commercial Code, which regulates and harmonizes the practice and conduct of sales and other commercial transactions.
The code aims to provide a uniform set of rules and regulations on how commercial transactions are to be done, especially those that involve properties, both movable and immovable. More importantly, this code also aims to promote fair practice among stakeholders, especially in claims, interests, guarantees, and collaterals. Uniform Commercial Code Forms come in different forms for different purposes and usage. Listed below in order are the different types of Uniform Commercial Code Forms for various purposes.
This form is the first form that a creditor submits whenever he wishes to place a property under lien or claim, whether movable or immovable. I never thought it possible to make the UCC interesting but I was wrong.
For once I had found a book which made me understand the meaning and interrelationships among sections, and at the same time, I enjoyed reading it. The Uniform Commercial Code Made Easy creates a pathway to this level in a unique and entertaining manner.
This Nutshell is a concise but comprehensive introduction to the Uniform Commercial Code for students and practitioners alike. The Nutshell not only covers each major topic of the Code, including the process of selling, payment, negotiation, shipping, storage, financing sales, and leasing of goods, but also makes it possible for readers to see how the various Articles of the Code may interact in a single transaction.
Wherever practicable, the actual language of the Code and its comments has been used. The Nutshell's comprehensive outline, thorough references to relevant authority, and intuitive system of cross-referencing contribute to its ease of use.
This book is ideal for a study of contract law, this book covers all of the important features of common law contracts as well as Article II of the UCC. Chapter summaries, review questions, exercises, running glossary, and more help students fully grasp this complex area of the law. Real cases demonstrate how the concepts in each chapter are applied, and the fact pattern is used throughout the chapter to demonstrate how contracts and their concepts affect our daily lives, often with unusual results.
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