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How Do I Know I’m Following the Uniform Commercial Code?

How Do I Know I’m Following the Uniform Commercial Code?

What is the Uniform Commercial Code (UCC)?

When businesses involve contracts, contingency fees, franchises and more, they need a standard method of business practice. The Uniform Commercial Code (UCC) is one of the acts created to harmoniously regulate the law of commercial transactions and sales within the U.S. Every state has adopted it in some form. The main objective of the UCC office is to review all documents for statutory compliance, then accept or reject the documents in a timely manner.

uniform commericial codeThe UCC is a code that effectively governs commercial transactions, including sales of goods, secured transactions and negotiable instruments. It’s a result of private organizations, not law, but its recommendations have been adopted by many states and included in statewide code of statutes.

The UCC allows a creditor to notify other creditors about a debtor’s assets used as collateral transaction by filing a public notice (financing statement) with a particular filing office. The requests that UCC receive are recorded, filed, and made available to the public upon request. Their office holds the central filing for various financial statements and other documents since 1966. When understanding the scope of the UCC, it’s helpful to look at the kinds of requests they process.

The types of documents that may be filed in a UCC office are:

  • Financing Statements, Transmitting Utilities, Manufactured-Home Transactions and Public-Finance Transactions. Per the UCC Business and Commerce Code.
  • Utility Security Instruments. Per the UCC Business and Commerce Code.
  • Notice of Federal Liens. Per the UCC Property Code.
  • Restitution Liens. Per the UCC Criminal Procedure.
  • Agricultural Chemical and Seed Liens. Per the UCC Agriculture Code.
  • Liens for Animal Feed. Per the UCC Agriculture Code.
  • Aircraft Maintenance Liens. Per the UCC Property Code.
  • Contract Agricultural Liens. Per the UCC Property Code.
  • Transition Property Notices. Per the UCC Utilities Code.
  • Judicial Finding of Fact. Per the UCC Government Code.

How Could an Attorney Help?

A business law attorney will ensure that your business practices conform to the Uniform Commercial Code. You may also need legal advice in the event you are involved in a business dispute that relates to the UCC. An attorney can also help you with business transactions, start-ups, buy-and-sell agreements and other documents that may require mediation or arbitration.

All aspects of your business’ operations are important, including lawsuits and legal disputes that fall under the uniform commercial code particular to your state. Better to run your business correctly than risk it all unnecessarily.

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