The Uniform Commercial Code
A Newark commercial litigation attorney can explain that the Uniform Commercial Code, or UCC as it is often called, is a collection of rules regarding commercial transactions. For Newark commercial litigation involving goods or other matters in dispute, the UCC often serves as the deciding factor.
Formation of the UCC
Two national legal organizations collaborated to form the original UCC, the National Conference of Commissioners on Uniform State Laws and the American Law Institute. These entities set out to make commercial activities more predictable and consistent across the country.
A Newark commercial litigation attorney can explain that the UCC is divided into 11 articles. These articles are further divided into sections. Some of the topics that the UCC discusses include the following:
- Sales and leases
- Negotiable instruments
- Funds transfers, letters of credit, bank deposits and bank collections
- Title documents
- Investment securities
- Secured transactions; and
- Bulk sales
When there is a contract for goods or the court seeks to interpret a particular provision, courts handling Newark commercial litigation cases often turn to the UCC for guidance. The UCC provides specific definitions of common terms found in commercial contracts. The UCC generally covers information related to the sale of goods, as opposed to services. If leases are mentioned in the UCC, they typically apply to leases for goods and not for real estate.
Versions and Amendments of the UCC
The original UCC was published in 1952. However, there have been multiple revisions of the UCC. On its own, the UCC does not have legal authority. However, all states have adopted all or a portion of some version of the UCC. Sometimes, there are very significant lags between the time an amendment is made to the UCC and when the state officially adopts the revision. In practical application, the UCC can be looked to for a guide on the norm throughout multiple states.
Legal Assistance from a Newark Commercial Litigation Attorney
If you would like to know more about the UCC and its potential implications on your contract, contact a Newark commercial litigation attorney from Snellings Law LLC by calling (973) 265-6100.