What is the UCC and what is its purpose?

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniformly adopted state law. Uniformity of law is essential in this area for the interstate transaction of business.

What does UCC 1 308 mean?

UCC 1-308 states: A party that with explicit reservation of rights performs or promises performance or assents to performance in a manner demanded or offered by the other party does not thereby prejudice the rights reserved. Such words as “without prejudice,” “under protest,” or the like are sufficient.

What does UCC 1-103 mean?

UCC 1-103 is a provision of the Uniform Commercial Code titled “Construction of Uniform Commercial Code to Promote its Purposes and Policies: Applicability of Supplemental Principles of Law”.

What is an example of a UCC issue?

The sale and purchase of goods. Commercial paper transactions (for example, banking transactions, letters of credit) Banking deposits. Leases.

What are the benefits of the UCC?

A UCC filing ensures you are a secured creditor and therefore in the best possible position to get paid. In addition, a Purchase Money Security Interest filing provides the priority right of repossession of your inventory or equipment at default or bankruptcy. You define default in your security agreement.

What states does UCC apply to?

Every U.S. state and the District of Columbia have adopted at least part of the UCC (though it has not been adopted as federal law). Each jurisdiction, however, may make its own modifications (Louisiana has never adopted Article 2), and may organize its version of the UCC differently.

What does all rights reserved without prejudice mean?

A without prejudice clause in a contract ensures that each party in the contract maintains their legal rights and privileges. Neither party will have a loss of rights.

What is a good UCC?

UCC § 2–105 defines goods as follows: (1) “Goods” means all things (including specially manufactured goods) which are movable at the time of identification to the contract for sale other than the money in which the price is to be paid, investment securities (Article 8) and things in action.

What UCC 108?

§ 9-108. SUFFICIENCY OF DESCRIPTION. (a) [Sufficiency of description.] Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (b) [Examples of reasonable identification.]