Uniform Commercial Code(U.C.C.)
Law
body of laws developed by a national commission and the American Law Institute to help regularize the law of sales. It has been adopted in part by every state. The code governs sales and leasing, bank deposits and collections, commercial paper and letters of credit, bulk transfers and warehouse receipts, investment securities and secured transactions, and various other commercial transactions.
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Cite this Entry
“Uniform Commercial Code.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/Uniform%20Commercial%20Code. Accessed 22 Nov. 2024.
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