Uniform Commercial Code

For information about the latest version, contact the National Conference of Commissioners on Uniform State Laws at 312-915-0195

Uniform Commercial Code 2005 Edition. (2005 OFFICIAL TEXT WITH COMMENTS)

Including Article 1 (General Provisions); Article 2 (Sales); Article 2A (Leases); Article 3 (Negotiable Instruments); Article 4 (Bank Deposits and Collections); Article 4A (Funds Transfers); Article 5 (Letters of Credit); Article 6 (Bulk Sales); Article 7 (Documents of Title); Article 8 (Investment Securities); Article 9 (Secured Transactions); Appendices; Index

2005, softbound, xxvii, 2170 pp., Order Code 1UCCOTC05, $64.00 -- Order this item

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This volume contains the text of the Uniform Commercial Code (UCC) prepared under the joint sponsorship of The American Law Institute (ALI) and the National Conference of Commissioners on Uniform State Laws (NCCUSL), current through March 2005.

The Code is a comprehensive 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. It replaces the former Uniform Laws relating to sales, conditional sales, negotiable instruments, warehouse receipts, bills of lading, stock transfers, and trust receipts.

An indispensable feature is the Official Comments, prepared by NCCUSL and ALI, which appear under each section. These Comments explain the purpose and intent of the sections and the changes in the prior law that were effected by the Code.

The text covers: Article 1—General Provisions; Article 2—Sales; Article 2A—Leases; Article 3—Negotiable Instruments; Article 4—Bank Deposits and Collections; Article 4A—Funds Transfers; Article 5—Letters of Credit; Article 6—Repealer of Article 6—Bulk Transfers and [Revised] Article 6—Bulk Sales; Article 7—Documents of Title; Article 8—Investment Securities; Article 9—Secured Transactions; Article 10—Effective Date and Repealer; Article 11—Effective Date and Transition Provisions; Appendix I—PEB Commentaries; Appendix II—1972 Amendments; Appendix III—1977 Amendments; Appendix IV—1987 Amendments to Articles 1 and 9 Conforming to Article 2A; Appendix V—Pre-Revision Article 6; Appendix VI—1990 Amendments to Article 2A; Appendix VII—Pre-Revision Article 3; Appendix VIII—1990 Amendments to Article 1 Conforming to Revised Article 3; Appendix IX—1990 Amendments to Article 4; Appendix X—[Reserved]; Appendix XI—1994 Amendments; Appendix XII—1994 and 1995 Amendments Conforming to Revised Article 8; Appendix XIII—Pre-Revision Article 8; Appendix XIV—1995 Amendments to Articles 1, 2, and 9 Conforming to Revised Article 5; Appendix XV—Pre-Revision Article 5; Appendix XVI—Pre-Revision Article 9; Appendix XVII—Pre-Revision Article 1; Appendix XVIII—2002 Amendments to Articles 3 and 4; Appendix XIX—Pre-Revision Article 7; Appendix XX—2003 Amendments to Article 2; Appendix XXI—2003 Amendments to Article 2A; Appendix XXII—2005 Amendments; Index.

The drafting and editorial work that led to the original 1952 edition of the Code was in charge of an Editorial Board of which United States Circuit Judge Herbert F. Goodrich of Philadelphia was Chairman. The other members at various times were: Karl Llewellyn, University of Chicago Law School; Walter D. Malcolm, Boston; John C. Pryor, Burlington, Iowa; Wm. A. Schnader, Philadelphia; and Harrison Tweed, New York City.

In the final stages of work on the Code, certain questions of policy were submitted for consideration to an enlarged Editorial Board consisting at various times of the foregoing members and Howard L. Barkdull, Cleveland; Joe C. Barrett, Jonesboro, Arkansas; Robert K. Bell, Ocean City, New Jersey; Robert P. Goldman, Cincinnati; Dean Albert J. Harno, University of Illinois Law School; Ben W. Heineman, Chicago; Carlos Israels, New York City; Albert E. Jenner, Chicago; Arthur Littleton, Philadelphia; Willard B. Luther, Boston; Kurt F. Pantzer, Indianapolis, Indiana; George Richter, Jr., Los Angeles; R. Jasper Smith, Springfield, Missouri; United States Circuit Court Judge Sterry Waterman, St. Johnsbury, Vermont; and Charles H. Willard, New York City.

The Chief Reporter was Karl N. Llewellyn and the Associate Chief Reporter was Soia Mentschikoff. Final editorial preparation of the 1952 edition was in the hands of Professor Charles Bunn of the University of Wisconsin Law School. The Coordinators for later revisions were Robert Braucher and A. E. Sutherland of the Law School of Harvard University, Professor, later Justice, Braucher doing the final editorial preparation for the 1962 edition. Others were responsible for coordinating subsequent editions.

The judges, practicing lawyers, and law teachers who originally acted either as advisers or as draftsmen were:

Judges: John T. Loughran, New York Court of Appeals; Thomas W. Swan, United States Circuit Judge for the Second Circuit; and the late John D. Wickhem, of the Supreme Court of Wisconsin.

Practicing Lawyers: Dana C. Backus, New York City; Howard L. Barkdull, Cleveland; Lawrence G. Bennett, New York City; Harold F. Birnbaum, Los Angeles; William L. Eagleton, Washington, D. C.; H. Vernon Eney, Baltimore; Fairfax Leary, Jr., Philadelphia; Willard B. Luther, Boston; Walter D. Malcolm, Boston; Frederick M. Miller, Des Moines, Iowa; Hiram Thomas, New York City; Sterry R. Waterman, St. Johnsbury, Vermont; and Cornelius W. Wickersham, New York City.

The law teachers were: Ralph J. Baker, Harvard Law School; William E. Britton, University of Illinois Law School; Charles Bunn, University of Wisconsin Law School; Arthur L. Corbin, Yale University Law School; Allison Dunham, Columbia University Law School; Grant Gilmore, Yale University Law School; Albert J. Harno, University of Illinois Law School; Friedrich Kessler, Yale University Law School; Maurice H. Merrill, University of Oklahoma Law School; William L. Prosser, University of California School of Law; Louis B. Schwartz, University of Pennsylvania Law School; and Bruce Townsend, University of Indiana Law School.

The 1972, 1977, 1987, 1989, and 1990 revisions of the Code were promulgated by the Permanent Editorial Board for the Uniform Commercial Code, established in 1961 by agreement of The American Law Institute and the National Conference of Commissioners on Uniform State Laws, the organizations whose joint effort had produced the Code, and were approved by both bodies with amendments in which the Institute, the Commissioners, and the Board all concurred.

The 1972 revisions were originally drafted by the Board’s Article 9 Review Committee consisting of:

Reporter: Robert Braucher, Associate Justice, Supreme Judicial Court of Massachusetts; Associate Reporter: Homer Kripke, New York University School of Law, New York, New York; Associate Reporter Ex Officio: Soia Mentschikoff, University of Chicago Law School, Chicago, Illinois.

Committee: Herbert Wechsler, New York, New York, Chairman; Joe C. Barrett, Jonesboro, Arkansas; Carl W. Funk, Philadelphia, Pennsylvania; John S. Hastings, Senior Judge, United States Court of Appeals for the Seventh Circuit, Chicago, Illinois; Robert Haydock, Jr., Boston, Massachusetts; Ray David Henson, Wayne State University Law School, Detroit, Michigan; Harold Marsh, Jr., Los Angeles, California; William Curtis Pierce, New York, New York; Millard H. Ruud, University of Texas Law School, Austin, Texas; Sterry R. Waterman, Senior Judge, United States Court of Appeals for the Second Circuit, St. Johnsbury, Vermont.

Consultants: Peter F. Coogan, Boston, Massachusetts; Grant Gilmore, University of Chicago Law School, Chicago, Illinois.

The 1977 revisions to Article 8 were initiated by the Committee on Stock Certificates of the Section of Corporation, Banking and Business Law of the American Bar Association, under the chairmanship of Donald A. Scott of Philadelphia. The original draft of the revisions was produced by that Committee in conjunction with the 348 Committee of the Permanent Editorial Board, designated by the Board to consider the implications for Articles 3, 4, and 8 of the Code of electronic data processing developments, with Robert Haydock, Jr., of Boston as Chairman. The Reporter for the revisions was Martin J. Aronstein of the University of Pennsylvania Law School.

Members of the ABA Committee on Stock Certificates were: Jean Allard, Chicago, Illinois; John A. Barrett, Houston, Texas; Robert A. Haydock, Jr., Boston, Massachusetts; Thomas H. Jolls, Williamsburg, Virginia; Hamilton F. Potter, Jr., New York, New York; Richard B. Smith, New York, New York; John M. Steadman, Washington, D. C.; Allen M. Terrel, Jr., Wilmington, Delaware.

Members of the 348 Committee of the Permanent Editorial Board at the time were: Boris Auerbach, Cincinnati, Ohio; John H. Higgs, New York, New York; Paul E. Homrighausen, San Francisco, California; McChesney H. Jeffries, Atlanta, Georgia; Norman Penney, Cornell Law School, Ithaca, New York; Hamilton F. Potter, Jr., New York, New York; Carlyle C. Ring, Jr., Washington, D. C.; Blair C. Shick, Cambridge, Massachusetts.

The 1987 revisions adding Article 2A were developed by a Drafting Committee of the National Conference of Commissioners on Uniform State Laws under the chairmanship of Edward I. Cutler of Tampa. The Reporter was Ronald DeKoven of New York City.

Members of the Drafting Committee were: Marion W. Benfield, Jr., Champaign, Illinois; William E. Hogan, New York, New York; Stanley M. Johnston, Springfield, Illinois; Peter F. Langrock, Middlebury, Vermont; Morris W. Macey, Atlanta, Georgia; Frederick H. Miller, Norman, Oklahoma; Donald Osheim, Watertown, South Dakota; Howard J. Swibel, Chicago, Illinois; Phillip Carroll, Little Rock, Arkansas, President, National Conference; William J. Pierce, Ann Arbor, Michigan, Executive Director, National Conference; Harvey Bartle III, Philadelphia, Pennsylvania, Chairman, Division C.

Ronald M. Bayer of Los Angeles was the ABA Adviser, Section of Corporation, Banking, and Business Law; William J. Toomajian of Cleveland, Ohio, was the ABA Adviser, Section of Taxation.

The 1989 revisions adding Article 4A were drafted by a committee consisting of:

Reporters: Robert L. Jordan, Los Angeles, California; William D. Warren, Los Angeles, California.

Drafting Committee: Robert Haydock, Boston, Massachusetts, Co-Chairman; Carlyle C. Ring, Jr., Alexandria, Virginia, Co-Chairman; Boris Auerbach, Cincinnati, Ohio; Richard F. Dole, Houston, Texas; William E. Hogan, New York, New York; Charles W. Joiner, Ann Arbor, Michigan; Frederick H. Miller, Norman, Oklahoma; Donald J. Rapson, Livingston, New Jersey, American Law Institute Representative.

Ex Officio Members: Neal Ossen, Hartford, Connecticut, Chairman, Division C; William J. Pierce, Ann Arbor, Michigan, Executive Director, National Conference; Michael P. Sullivan, Minneapolis, Minnesota, President, National Conference.

The 1989 revisions to Article 6 were drafted by a committee consisting of:

Reporters: Steven L. Harris, Champaign, Illinois; William D. Hawkland, Baton Rouge, Louisiana, ULC Reporter.

Drafting Committee: Gerald L. Bepko, Indianapolis, Indiana, Chairman; Millard H. Rudd, Austin, Texas, Drafting Liaison; William D. Hawkland, Baton Rouge, Louisiana; William C. Hillman, Providence, Rhode Island; Frederick H. Miller, Norman, Oklahoma; Raymond P. Pepe, Harrisburg, Pennsylvania; Donald J. Rapson, Livingston, New Jersey, American Law Institute Representative; Curtis R. Reitz, Philadelphia, Pennsylvania; Hiroshi Sakai, Honolulu, Hawaii.

The 1990 revisions to Articles 3 and 4 were drafted by a committee consisting of:

Reporters: Robert L. Jordan, Los Angeles, California; William D. Warren, Los Angeles, California.

Drafting Committee: Robert Haydock, Jr., Boston, Massachusetts, Co-Chairman; Carlyle C. Ring, Jr., Alexandria, Virginia, Co-Chairman; Boris Auerbach, Cincinnati, Ohio; William M. Burke, Los Angeles, California; William E. Hogan, New York, New York; Charles W. Joiner, Ann Arbor, Michigan; Frederick H. Miller, Norman, Oklahoma; Donald J. Rapson, Livingston, New Jersey, American Law Institute Representative.

Ex Officio Members: Lawrence J. Bugge, Madison, Wisconsin; Neal Ossen, Hartford, Connecticut, Chairman, Division C; William J. Pierce, Ann Arbor, Michigan, Executive Director, National Conference.

The 1994 revisions to Article 8 were drafted by a committee consisting of:

Reporter: James Steven Rogers, Newton, Massachusetts.

Drafting Committee: Curtis R. Reitz, Philadelphia, Pennsylvania, Chair; Ann E. Conaway Anker, Wilmington, Delaware; John Fox Arnold, St. Louis, Missouri; Robert J. Desiderio, Albuquerque, New Mexico; Egon Guttman, Washington, District of Columbia, American Law Institute Representative; Stephen G. Johnakin, Falls Church, Virginia; Howard T. Rosen, Newark, New Jersey; Richard B. Smith, New York, New York, American Law Institute Representative; Howard J. Swibel, Chicago, Illinois; Justin L. Vigdor, Rochester, New York.

Ex Officio Members: Richard C. Hite, Wichita, Kansas, President, National Conference; K. King Burnett, Salisbury, Maryland, Chair, Division A.

Executive Director, National Conference: Frederick H. Miller, Norman, Oklahoma, Executive Director; William J. Pierce, Ann Arbor, Michigan, Executive Director Emeritus.

The 1995 revisions to Article 5 were drafted by a committee consisting of:

Reporter: James J. White, Ann Arbor, Michigan.

Drafting Committee: Carlyle C. Ring, Jr., Vienna, Virginia, Chair; Marion W. Benfield, Jr., Winston-Salem, North Carolina; John P. Burton, Santa Fe, New Mexico, National Conference and American Law Institute Representative; Bruce A. Coggeshall, Portland, Maine; William C. Hillman, Boston, Massachusetts; Edwin E. Huddleson III, Washington, District of Columbia, American Law Institute Representative; Jeremiah Marsh, Chicago, Illinois; Richard L. Morningstar, Washington, District of Columbia; Edwin E. Smith, Boston, Massachusetts; Sandra S. Stern, Scarsdale, New York.

Ex Officio Members: Richard C. Hite, Wichita, Kansas, President, National Conference; Neal Ossen, Hartford, Connecticut, Chair, Division C.

Executive Director, National Conference: Frederick H. Miller, Norman, Oklahoma, Executive Director; William J. Pierce, Ann Arbor, Michigan, Executive Director Emeritus.

The 1999 revisions to Article 9 were drafted by a committee consisting of:

Co-Reporters: Steven L. Harris, Chicago-Kent College of Law, Illinois Institute of Technology, Chicago, Illinois; Charles W. Mooney, Jr., University of Pennsylvania Law School, Philadelphia, Pennsylvania.

Drafting Committee: William M. Burke, Hong Kong, China, Chair; Marion W. Benfield, Jr., The University of Texas School of Law, New Braunfels, Texas; Neil B. Cohen, Brooklyn Law School, Brooklyn, New York, The American Law Institute Representative; Dale G. Higer, Boise, Idaho; William C. Hillman, United States Bankruptcy Court for the District of Massachusetts, Boston, Massachusetts; Michael Houghton, Wilmington, Delaware; Randal C. Picker, University of Chicago Law School, Chicago, Illinois; Donald J. Rapson, Livingston, New Jersey, The American Law Institute Representative; Harry C. Sigman, Los Angeles, California, The American Law Institute Representative; Bradley Y. Smith, New York, New York, The American Law Institute Representative; Edwin E. Smith, Boston, Massachusetts; Sandra S. Stern, New York, New York.

Ex Officio Members: Gene N. Lebrun, Rapid City, South Dakota, President, NCCUSL**; Henry Marshall Kittleson, Lakeland, Florida, Chair, Division E, NCCUSL.**

American Bar Association Advisers: Steven O. Weise, Los Angeles, California; Robert Bauer, Arlington, Virginia, Intellectual Property Law Section; Richard E. Cherin, Newark, New Jersey, Business Law Section; Richard R. Goldberg, Philadelphia, Pennsylvania, Real Property, Probate & Trust Law Section; Lawrence A. Manzanares, Denver, Colorado, Judicial Administration Division, National Conference of Special Court Judges.

Executive Director, NCCUSL**: Frederick H. Miller, University of Oklahoma Law Center, Norman, Oklahoma, Executive Director; William J. Pierce, Ann Arbor, Michigan, Executive Director Emeritus.

UCC Annual Meeting Drafts and Reports

Article 1

*Discussion Draft: Revised Article 1. General Provisions xx, 38 pp., 2000, Order Code 1UCC1DD, $15 -- Order this item

* Proposed Final Draft: Revised Article 1. General Provisions xvii, 68 pp. (included in one volume with Tentative Draft: Proposed Amendments to Article 2. Sales xxii, 152 pp., and Tentative Draft: Proposed Amendments to Article 2A. Leases xvii, 72 pp.); iii, 292 pp., 2001, Order Code 1UCC122A01, $35 -- Order this item

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Article 2

*Discussion Draft: Revised Article 2. Sales xxxii, 196 pp.,1997, Order Code 6062, $20 -- Order this item

*Proposed Final Draft: Revised Article 2. Sales xxxi, 225 pp., 1999, Order Code 6140, $20 -- Order this item

*Discussion Draft: [New]Revised Article 2. Sales xxiv, 142 pp., 2000, Order Code 1UCC2DD, $25 -- Order this item

* Tentative Draft: Proposed Amendments to Article 2. Sales xxii, 152 pp. (included in one volume with Proposed Final Draft: Revised Article 1. General Provisions xvii, 68 pp., and Tentative Draft: Proposed Amendments to Article 2A. Leases xvii, 72 pp.); iii, 292 pp., 2001, Order Code 1UCC122A01, $35 -- Order this item

*Proposed Final Draft: Proposed Amendments to Article 2. Sales xvi, 288 pp. (included in one volume with Proposed Final Draft: Proposed Amendments to Article 2A. Leases xv, 118 pp., and Proposed Final Draft: Amendments to Article 7. Documents of Title (with conforming amendments to Articles 1, 2, 2A, 4, 5, 8, and 9) xv, 122 pp.); ii, 528 pp., 2003, Order Code 1UCC22A703, $40 -- Order this item

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Article 2A

Proposed Final Draft: Article 2A. Leases (with Conforming Amendments to Articles 1 and 9) Part 1. General Provisions; Part 2. Formation and Construction of Lease Contract; Part 3, Effect of Lease Contract; Part 4. Performance of Lease Contract; Part 5. Default xvi, 188 pp., 1987, Order Code 5861, $20 -- Order this item

*Proposed Final Draft: Revised Article 2A. Leases xxxii, 182 pp., 1999, Order Code 6142, $20 -- Order this item

Please note: Revised Article 2. Sales, Proposed Final Draft (6140) and Revised Article 2A. Leases (6142) are available together, Order Code 6140K, at a special price of $30, a $10 savings. These two books have been superseded by later versions, but they have historical value. -- Order this item

* Tentative Draft: Proposed Amendments to Article 2A. Leases xvii, 72 pp. (included in one volume with Proposed Final Draft: Revised Article 1. General Provisions xvii, 68 pp., and Tentative Draft: Proposed Amendments to Article 2. Sales xxii, 152 pp.); iii, 292 pp., 2001, Order Code 1UCC122A01, $35 -- Order this item

*Proposed Final Draft: Proposed Amendments to Article 2. Sales xvi, 288 pp. (included in one volume with Proposed Final Draft: Proposed Amendments to Article 2A. Leases xv, 118 pp., and Proposed Final Draft: Amendments to Article 7. Documents of Title (with conforming amendments to Articles 1, 2, 2A, 4, 5, 8, and 9) xv, 122 pp.); ii, 528 pp., 2003, Order Code 1UCC22A703, $40 -- Order this item

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Article 2B

Article 2B has been withdrawn from the UCC and promulgated by NCCUSL as the Uniform Computer Information Transactions Act (UCITA); for information about UCITA call NCCUSL at 312-915-0195.

Discussion Draft: Article 2B. Licenses xviii, 197 pp., 1997, Order Code 6063, $20 -- Order this item

Tentative Draft: Article 2B. Licenses xx, 175 pp., 1998, Order Code 6118, $20 -- Order this item

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Articles 3, 4, and 4A

* Tentative Draft: Proposed Revisions to Articles 3 (Negotiable Instruments) and 4 (Bank Deposits and Collections) xiv, 58 pp., 2002, Order Code 1UCC34TD, $15 -- Order this item

Proposed Final Draft—Article 3. Negotiable Instruments (Revised); Article 4. Bank Deposits and Collections (Selected Amendments) xvi, 195 pp., April 12, 1990, Order Code 5988, $25 -- Order this item

Proposed Final Draft—Article 1. General Provisions (Selected Amendments); Article 3—Negotiable Instruments (Revised); Article 4—Bank Deposits and Collections (Selected Amendments) vi, 216 pp., Revised May 10, 1990, Order Code 5282, $25 -- Order this item

Proposed Final Draft: Article 4A. Funds Transfers xxii, 91 pp., 1989, Order Code 5975, $20 -- Order this item

1988 Progress Reports: Amendments to Articles 3 and 4 (including proposed Article 4A)—Current Payment Methods; Revision of Article 6—Bulk Sales xi, 56 pp., 1988, Order Code 5933, $10 -- Order this item

* Official text not yet published.

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Article 5

Proposed Final Draft: Revised Article 5. Letters of Credit xxviii, 58 pp., 1995, Order Code 5530, $15 -- Order this item

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Article 6

Proposed Final Draft: Repealer of Article 6—Bulk Transfers and (Revised) Article 6—Bulk Sales (States to Select One Alternative) xiii, 62 pp., 1989, Order Code 5974, $15 -- Order this item

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Article 7

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Article 8

Discussion Draft: Revised Article 8. Securities and Securities Entitlements (With conforming amendments to Articles 1 and 9) xxxvii, 104 pp., 1993, Order Code 5435, $20 -- Order this item

Proposed Final Draft: Revised Article 8. Investment Securities (With amendments to Article 9. Secured Transactions) xvi, 169 pp., 1994, Order Code 5471, $25 -- Order this item

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Article 9

Preliminary Draft No. 2: Proposals for Changes in Article 9 of the Uniform Commercial Code and Related Changes in Other Articles with Reasons Therefor x, 106 pp., 1970, Order Code 5565, $3 -- Order this item

Discussion Draft: Revised Article 9. Secured Transactions; Sales of Accounts, Chattel Paper, and Payment Intangibles; Consignments (With conforming amendments to Articles 1, 2, and 5) xxxix, 121 pp., 1996, Order Code 5554, $20 -- Order this item

Proposed Final Draft: Revised Article 9. Secured Transactions (With conforming amendments to Articles 1, 2, 5, and 8) xlviii, 211 pp., 1998, Order Code 6119, $20 -- Order this item

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Permanent Editorial Board for the Uniform Commercial Code

Article 2

Study Group Preliminary Report v, 247 pp., 1990, Order Code 5281, $10 -- Order this item

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The Preliminary Report on Article 2 was drafted by a Study Group consisting of:

Project Director: Richard Speidel, Northwestern University School of Law, Chicago, Illinois.

Advisers: Glenn Arendsen, Dearborn, Michigan; Amelia H. Boss, Temple University School of Law, Philadelphia, Pennsylvania; Steven L. Harris, University of Illinois College of Law, Champaign, Illinois; Frederick H. Miller, University of Oklahoma Law Center, Norman, Oklahoma; Charles W. Mooney, Jr., University of Pennsylvania Law School, Philadelphia, Pennsylvania; John E. Murray, Jr., Duquesne University, Pittsburgh, Pennsylvania; Robert W. Weeks, Moline, Illinois; James J. White, University of Michigan Law School, Ann Arbor, Michigan.

Ex Officio Members: Roswell B. Perkins, New York, New York; Geoffrey C. Hazard, Jr., New Haven, Connecticut.

Article 9

Study Group Report xii, 249 pp., December 1, 1992, Order Code 5423, $20 -- Order this item

Appendices to the Article 9 Report approx. 600 pp., December 1, 1992, Order Code 5424, $30 -- Order this item

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** NCCUSL is the National Conference of Commissioners on Uniform State Laws.

*Official text not yet published.

PEB Commentary

The Permanent Editorial Board (PEB) for the Uniform Commercial Code (UCC) acts under the authority of The American Law Institute and the National Conference of Commissioners on Uniform State Laws. In March 1987, the PEB resolved to issue from time to time supplementary commentary on the UCC to be known as PEB Commentary. These PEB Commentaries seek to further the underlying policies of the UCC by affording guidance in interpreting and resolving issues raised by the UCC or the Official Comments. To date, the PEB has issued 15 such Commentaries. These Commentaries are published in the official text of the Uniform Commercial Code, but are separately available upon request without charge from The American Law Institute Executive Office.

Commentaries 1-7 (March 10, 1990)

1. Right of Reclamation (� 2-507(2))

2. Rights of "Lien Creditor" (� 9-301(4))

3. Rights on Disposition of Collateral (�� 9-306(2), 9-402(7))

4. Distributions to Registered Owners (� 8-207(1))

5. Retention of Priority (� 9-306(5))

6. Shelter Principle (� 9-301(1))

7. Priorities of Security Interests (�� 9-309, 9-312)

Commentary No. 8 (December 10, 1991) Chattel Paper (� 9-308)

Commentary No. 9 (June 25, 1992) Lease Rentals as Proceeds (� 9-306(1))

Commentary No. 10 (February 10, 1994) Good Faith (� 1-203)

Commentary No. 11 (February 10, 1994) Suretyship (�� 3-116, 3-305, 3-415, 3-419, 3-605)

Commentary No. 12 (February 10, 1994) Security Interest (� 9-302)

Commentary No. 13 (February 10, 1994) Electronic Funds Transfers (Article 4A)

Commentary No. 14 (June 10, 1994) Transfer of Accounts or Chattel Paper (� 9-102(1)(b))

Commentary No. 15 (July 16, 1996) Electronic Filing Under Article 9 (� 9-402)

The present members of the Permanent Editorial Board of the Uniform Commercial Code are:

Chair: Frederick H. Miller, Norman, Oklahoma, Executive Director, NCCUSL*.

ALI Designees: Lance Liebman, New York, New York, Director, ALI; Amelia H. Boss, Philadelphia, Pennsylvania; Donald J. Rapson, Deal, New Jersey; Curtis R. Reitz, Philadelphia, Pennsylvania; Linda J. Rusch, St. Paul, Minnesota; Steven O. Weise, Los Angeles, California.

NCCUSL Designees*: Boris Auerbach, Cincinnati, Ohio; Gerald L. Bepko, Indianapolis, Indiana; Patricia Brumfield Fry, Columbia, Missouri; Carlyle C. Ring, Jr., Washington, District of Columbia; James J. White, Ann Arbor, Michigan.

Emeritus Members: Marion W. Benfield, Jr., New Braunfels, Texas; Lawrence J. Bugge, Madison, Wisconsin; Geoffrey C. Hazard, Jr., Philadelphia, Pennsylvania; William J. Pierce, Ann Arbor, Michigan.

Counselor Emeritus: Martin J. Aronstein, Philadelphia, Pennsylvania.

Director of Research: Neil B. Cohen, Brooklyn, New York.

ABA Liaison: Edwin E. Smith, Boston, Massachusetts.

ABA Section of Business Law Liaison: George A. Hisert, San Francisco, California.

* NCCUSL is the National Conference of Commissioners on Uniform State Laws.