A general and inclusive group of laws adopted, at least partially, by all the states to further uniformity and fair

dealing in business and commercial transactions. The Uniform Commercial Code (UCC) is a set of suggested laws relating to commercial transactions. The UCC was one of many uniform codes that grew out of a late nineteenth-century movement toward uniformity among state laws. In 1890 the American Bar Association, an association of lawyers, proposed that states identify areas of law that could be made uniform throughout the nation, prepare lists of such areas, and suggest appropriate legislative changes. In 1892 the National Conference of Commissioners on Uniform State Laws (NCCUSL) met for the first time in Saratoga, New York. Only seven states sent representatives to the meeting. In 1986 the NCCUSL offered up its first act, the Uniform Negotiable Instruments Act. The NCCUSL drafted a variety of other Uniform Acts. Some of these dealt with commerce, including the Uniform Conditional Sales Act and the Uniform Trust Receipts Act. The uniform acts on commercial issues were fragmented by the 1930s and in 1940, the NCCUSL proposed revising the commerce-oriented uniform codes and combining them into one uniform set of model laws. In 1941 the American Law Institute (ALI) joined the discussion, and over the next several years lawyers, judges, and professors in the ALI and NCCUSL prepared a number of drafts of the Uniform Commercial Code. In September 1951 a final draft of the UCC was completed and approved by the American Law Institute (ALI) and the NCCUSL, and then by the House of Delegates of the American Bar Association. After some additional amendments and changes, the official edition, with explanatory comments, was published in 1952. Pennsylvania was the first state to adopt the UCC, followed by Massachusetts. By 1967 the District of Columbia and all the states, with the exception of Louisiana, had adopted the UCC in whole or in part. Louisiana eventually adopted all the articles in the UCC except articles 2 and 2A. The UCC is divided into nine articles, each containing provisions that relate to a specific area of Commercial Law. Article 1, General Provisions, provides definitions and general principles that apply to the entire code. Article 2 covers the sale of goods.Commercial Paper, addresses negotiable instruments, such as promissory notes and checks. (Since commercial paper constitutes Personal Property, (Everything that is the subject of ownership that does not come under the denomination of real property; any right or interest that an individual has in movable things). Personal property can be divided into two major categories: (1) corporeal personal property, including such items as animals, merchandise, and jewelry; and (2) incorporeal personal property, comprised of such rights as stocks, bonds, Patents, and copyrights it is transferable by sale or gift and can be loaned, lost, stolen, and taxed. Commercial paper is a specific type of property primarily governed by article 3 of the Uniform Commercial Code

(UCC), Uniform Commercial Code n. a set of statutes governing the conduct of business, sales, warranties, negotiable instruments, loans secured by personal property, and other commercial matters, which has been adopted with minor variations by all states except Louisiana. (See: UCC-1)which is in effect in all 50 states, the District of Columbia, and the Virgin Islands. Although Louisiana has not enacted all the articles of the UCC, it has adopted article 3.) .Article 4 deals with banks and their handling of checks and other financial documents. Article 5 provides model laws on letters of credit, which are promises by a bank or some other party to pay the purchases of a buyer without delay and without reference to the buyer's financial solvency. Article 6, on bulk transfers, imposes an obligation on buyers who order the major part of the inventory for certain types of businesses. Most notably, article 6 provisions require that such buyers notify creditors of the seller of the inventory so that creditors can take steps to see that the seller pays her debts when she receives payments from the buyer. Article 7 offers rules on the relationships between buyers and sellers and any transporters of goods, called carriers. These rules primarily cover the issuance and transfer of warehouse receipts and bills of lading. A bill of lading is a document showing that the carrier has delivered an item to a buyer. Article 8 contains rules on the issuance and transfer of stocks, bonds, and other investment Securities. (Evidence of a corporation's debts or property. Securities are documents that merely represent an interest or a right in something else; they are not consumed or used in the same way as traditional consumer goods. Government regulation of consumer goods attempts to protect consumers from dangerous articles, misleading advertising, or illegal pricing practices. Securities laws, on the other hand, attempt to ensure that investors have an informed, accurate idea of the type of interest they are purchasing and its value.)

Article 9, Secured Transactions, (Business dealings that grant a creditor a right in property owned or held by a debtor to assure the payment of a debt or the performance of some obligation.

A secured transaction is a transaction that is founded on a security agreement. A security agreement is a provision in a business transaction in which the obligor, or debtor, in the agreement gives to the creditor the right to own property owned or held by the debtor. This property, called collateral, is then held by either the debtor or the secured party to ensure against loss in the event the debtor cannot fulfill the obligations under the transaction. The purchase of a car through financing is an example of a secured transaction. The car dealership or some other lender pays for the vehicle in return for a promise from the buyer to repay the loan with interest. The buyer receives the vehicle, but the lender retains the title to the car as security against the risk that the buyer will be unable to make the loan payments. If the buyer defaults on the payments, the lender, called the secured party, may repossess the car to recover losses from the default. If the same transaction was unsecured, the buyer would receive the title to and possession of the car, and the lender would receive only the buyer's promise to repay the loan. If the buyer defaulted on the payments, the lender could sue the buyer, but the simple remedy of taking the property would not be available. A security interest may be transferred, or assigned, to a third party. The party receiving the assignment becomes the secured party, and the original secured party no longer holds a claim to the collateral.)

covers security interests in real property. A security interest is a partial or total claim to a piece of property to secure the performance of some obligation, usually the payment of a debt. This article identifies when and how a secured interest may be created and the rights of the creditor to foreclose on the property if the debtor defaults on his obligation. The article also establishes which creditors can collect first from a defaulting debtor. The ALI and the NCCUSL periodically review and revise the UCC. Since the code was originally devised, the House of Delegates of the American Bar Association has approved two additional articles: article 2A on Personal Property ( that is the subject of ownership that does not come under the denomination of real property; any right or interest that an individual has in movable things.

Personal property can be divided into two major categories: (1) corporeal personal property, including such items as animals, merchandise, and jewelry; and (2) incorporeal personal property, comprised of such rights as stocks, bonds, Patents, and copyrights.)

leases, and article 4A on fund transfers. Article 2A establishes model rules for the leasing or renting of personal property (as opposed to real property, such as houses and apartments). Article 4A covers transfers of funds from one party to another party through a bank. This article is intended to address the issues that arise with the use of new technologies for handling money. Most states have adopted at least some of the provisions in the UCC. The least popular article has been article 6 on bulk transfers. These provisions require the reporting of payments made, which many legislators consider an unnecessary intrusion on commercial relationships.

Article I. The American Bar Association was founded in 1878 to improve Legal Education, to set requirements to be satisfied to gain admittance to the bar, and to facilitate the exchange of ideas and information among its members. Over the years, the ABA has been largely responsible for the further development of American Jurisprudence, the establishment of formal education requirements for persons seeking to become attorneys, the formulation of ethical principles that govern the Practice of Law, and the creation of the American Law Institute (ALI) and the Conference of Commissioners on Uniform State Laws, which advance the fair administration of justice through encouraging uniformity of statutes and judicial decisions whenever practicable. In recent years, the ABA has been prominently involved in the recommendation and selection of candidates for the federal judiciary, the accreditation of law schools, and the refinement of rules of legal and judicial ethics.

Article II. Laws that are designed to be adopted generally by all the states so that the law in one jurisdiction is the same as in another jurisdiction.

Article III. EX: Uniform acts or laws are prepared and sponsored by the National Conference of Commissioners on Uniform State Laws, whose members are experienced lawyers, judges, and professors of law generally appointed to the commission by state governors. Uniform acts or laws are adopted, in whole or substantially, by individual states at their option. Uniform laws are intended to promote fairness through the equal operation of standards upon the citizens of all states without distinction or discrimination. One uniform law, the Uniform Controlled Substances Act, is a comprehensive law that governs the use, sale, and distribution of Drugs and Narcotics in most states.

Article IV. A broad concept that describes the Substantive Law that governs transactions between business entities, with the exception of maritime transportation of goods (regulated by Admiralty and Maritime Law). Commercial law includes all aspects of business, including advertising and marketing, collections and Bankruptcy, banking, contracts, negotiable instruments, Secured Transactions, and trade in general. It covers both domestic and foreign trade; it also regulates trade between states. The term commercial law describes a wide body of laws that govern business transactions. The Uniform Commercial Code (UCC), which has been adopted in part by every state in the United States, is the primary authority that governs commercial transactions. The UCC is divided into nine articles, covering a broad spectrum of issues that arise in commercial transactions. These articles govern the following: sales of goods, leases of goods, negotiable instruments, bank deposits, fund transfers, letters of credit, bulk sales, warehouse receipts, bills of lading, investment Securities, and secured transactions.

Article V. A written instrument or document such as a check, draft, promissory note, or a certificate of deposit, that manifests the pledge or duty of one individual to pay money to another.

Article VI. Commercial paper is ordinarily used in business transactions, since it is a reliable and expedient means of dealing with large sums of money and minimizes the risks inherent in using cash, such as the increased possibility of theft.

Article VII. One of the most significant aspects of commercial paper is that it is negotiable, which means that it can be freely transferred from one party to another, either through endorsement or delivery. The terms commercial paper and negotiable instrument can be used interchangeably.

Article VIII.