The Uniform Commercial Code
A joint project of ALI and the Uniform Law Commission, the Uniform Commercial Code (UCC) was promulgated to harmonize the law of commercial transactions.
The UCC is a comprehensive set of laws governing commercial transactions in the United States. It is a uniform code addressed to legislatures with a view toward legislative enactment and written in prescriptive statutory language. The UCC is a modernization of various statutes relating to commercial transactions including sales, leases, negotiable instruments, bank deposits and collections, funds transfers, letters of credit, bulk sales, documents of title, investment securities, and secured transactions.
Updated regularly, the UCC is maintained by the Permanent Editorial Board for the Uniform Commercial Code (PEB). The PEB, a joint committee of ALI and the Uniform Law Commission, discourages nonuniform amendments or additions to the UCC by the states, assists in attaining and maintaining uniformity in state statutes governing commercial transactions, and monitors the law of commercial transactions for needed modernization or other improvement.