Uniform Commercial Code UCC

The UCC 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.

The Permanent Editorial Board for the UCC, a joint committee of ALI and the Uniform Law Commission, assists in attaining and maintaining uniformity in state statutes governing commercial transactions by discouraging non-uniform amendments to the UCC by the states, and by approving and promulgating amendments to the UCC when necessary. Visit the PEB page for recent PEB commentaries and other documents.

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    UCC 2017- 2018 Edition Official Text and Comments
    2000+ pages, 2017, #1UCCOTC17

    This book contains the complete text of the Uniform Commercial Code. It also includes appendices containing PEB commentaries and reports, past amendments, and pre-revision Articles.

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    PEB Report on Application of the UCC to Selected Issues Relating to Mortgage Notes
    17 pages, 2011, #1UCCNOV11E

    This report explains the application of UCC Articles 3 and 9 to provide guidance in (i) identifying the person who is entitled to enforce the payment obligation of the maker of a mortgage note, and to whom the maker owes that obligation; and (ii) determining who owns the rights represented by the note and mortgage.

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    Amendments to UCC Article 9, Secured Transactions
    129 pages, 2010, #1UCCPFTE

    This is the final version of the amendments to Article 9 of the UCC after approval by both the ALI and the ULC.

     

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    Tentative Draft No. 1
    Tentative Draft No. 1
    106 pages, 2018, #1UCC139TD1

    AMENDMENTS TO UNIFORM COMMERCIAL CODE

    ARTICLES 1, 3, 8, AND 9

     

    Prefatory Note................................................................................................................................. 1

    SECTION 1-201.  GENERAL DEFINITIONS............................................................................ 3

    SECTION 3-103.  DEFINITIONS................................................................................................. 6

    SECTION 3-104.  NEGOTIABLE INSTRUMENT..................................................................... 7

    SECTION 3-201.  NEGOTIATION.............................................................................................. 8

    SECTION 3-203.  TRANSFER OF INSTRUMENT; RIGHTS ACQUIRED BY TRANSFER. 9

    SECTION 3-301.  PERSON ENTITLED TO ENFORCE INSTRUMENT............................... 11

    SECTION 3-302.  HOLDER IN DUE COURSE....................................................................... 12

    SECTION 3-308.  PROOF OF SIGNATURES AND STATUS AS HOLDER IN DUE COURSE.        14

    SECTION 3-309.  ENFORCEMENT OF LOST, DESTROYED, OR STOLEN
    INSTRUMENT................................................................................................................. 15

    SECTION 3-412.  OBLIGATION OF ISSUER OF NOTE OR CASHIER’S CHECK........... 16

    SECTION 3-415.  OBLIGATION OF INDORSER................................................................... 17

    SECTION 3-416.  TRANSFER WARRANTIES........................................................................ 19

    SECTION 3-504.  EXCUSED PRESENTMENT AND NOTICE OF DISHONOR................. 21

    SECTION 3-602.  PAYMENT..................................................................................................... 22

    SECTION 3-604.  DISCHARGE BY CANCELLATION OR RENUNCIATION.................. 23

    SECTION 8-103.  RULES FOR DETERMINING WHETHER CERTAIN OBLIGATIONS AND INTERESTS ARE SECURITIES OR FINANCIAL ASSETS...................................... 25

    SECTION 9-102.  DEFINITIONS AND INDEX OF DEFINITIONS...................................... 25

    SECTION 9-105.  CONTROL OF ELECTRONIC CHATTEL PAPER; CONTROL OF ELECTRONIC MORTGAGE NOTE........................................................................................................ 28

    SECTION 9-108.  SUFFICIENCY OF DESCRIPTION............................................................ 30

    SECTION 9-203.  ATTACHMENT AND ENFORCEABILITY OF SECURITY INTEREST; PROCEEDS; SUPPORTING OBLIGATIONS; FORMAL REQUISITES......................................... 31

    SECTION 9-208.  ADDITIONAL DUTIES OF SECURED PARTY HAVING CONTROL OF COLLATERAL................................................................................................................ 32

    SECTION 9-301.  LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS............................................................................................................................................ 34

    SECTION 9-308.  WHEN SECURITY INTEREST OR AGRICULTURAL LIEN IS PERFECTED; CONTINUITY OF PERFECTION.................................................................................. 37

    SECTION 9-310.  WHEN FILING REQUIRED TO PERFECT SECURITY INTEREST OR AGRICULTURAL LIEN; SECURITY INTERESTS AND AGRICULTURAL LIENS TO WHICH FILING PROVISIONS DO NOT APPLY..................................................................... 38

    SECTION 9-312.  PERFECTION OF SECURITY INTERESTS IN CHATTEL PAPER, DEPOSIT ACCOUNTS, DOCUMENTS, GOODS COVERED BY DOCUMENTS, INSTRUMENTS, INVESTMENT PROPERTY, LETTER-OF-CREDIT RIGHTS, AND MONEY; PERFECTION BY PERMISSIVE FILING; TEMPORARY PERFECTION WITHOUT FILING OR TRANSFER OF POSSESSION................................................................................................................... 39

    SECTION 9-313.  WHEN POSSESSION BY OR DELIVERY TO SECURED PARTY PERFECTS SECURITY INTEREST WITHOUT FILING................................................................ 41

    SECTION 9-314.  PERFECTION BY CONTROL..................................................................... 43

    SECTION 9-322.  PRIORITIES AMONG CONFLICTING SECURITY INTERESTS IN AND AGRICULTURAL LIENS ON SAME COLLATERAL............................................... 43

    SECTION 9-330.  PRIORITY OF PURCHASER OF CHATTEL PAPER, ELECTRONIC MORTGAGE NOTE, OR INSTRUMENT............................................................................................. 44

    SECTION 9-406.  DISCHARGE OF ACCOUNT DEBTOR; NOTIFICATION OF ASSIGNMENT; IDENTIFICATION AND PROOF OF ASSIGNMENT; RESTRICTIONS ON ASSIGNMENT OF ACCOUNTS, CHATTEL PAPER, PAYMENT INTANGIBLES, AND PROMISSORY NOTES INEFFECTIVE................................................................................................................. 46

    SECTION 9-408.  RESTRICTIONS ON ASSIGNMENT OF PROMISSORY NOTES, HEALTH-CARE-INSURANCE RECEIVABLES, AND CERTAIN GENERAL INTANGIBLES INEFFECTIVE............................................................................................................................................. 47

    SECTION 9-619.  TRANSFER OF RECORD OR LEGAL TITLE.......................................... 50

     

     

    AMENDMENTS TOUNIFORM COMMERCIAL CODE

    SECTIONS 9-406 AND 9-408

     

     

    Memorandum................................................................................................................................ 51

     

    Amendments to Uniform Commercial Code Sections 9-406 and 9-408...................................... 52

     

     

     

    Appendix A. Definitions from the National Electronic Mortgage Repository Act of 2018 (draft of March 30, 2018)............................................................................................................................ 57

     

    Appendix B. Draft National Mortgage Note Repository Act of 2018..................................... 59

     

               

     

    Tentative Draft No. 1 includes Amendments to Articles 1, 3, 8, and 9 (electronic mortgage notes); and Amendments to Sections 9-406 and 9-408 (anti-assignment overrides). The draft was approved by the membership at the 2018 Annual Meeting, subject to the discussion at the Meeting and the usual editorial prerogative. The Amendments are subject to approval by the Uniform Law Commission at its annual meeting in July 2018.

    106 pages, 2018, #1UCC139TD1E

    AMENDMENTS TO UNIFORM COMMERCIAL CODE

    ARTICLES 1, 3, 8, AND 9

     

    Prefatory Note................................................................................................................................. 1

    SECTION 1-201.  GENERAL DEFINITIONS............................................................................ 3

    SECTION 3-103.  DEFINITIONS................................................................................................. 6

    SECTION 3-104.  NEGOTIABLE INSTRUMENT..................................................................... 7

    SECTION 3-201.  NEGOTIATION.............................................................................................. 8

    SECTION 3-203.  TRANSFER OF INSTRUMENT; RIGHTS ACQUIRED BY TRANSFER. 9

    SECTION 3-301.  PERSON ENTITLED TO ENFORCE INSTRUMENT............................... 11

    SECTION 3-302.  HOLDER IN DUE COURSE....................................................................... 12

    SECTION 3-308.  PROOF OF SIGNATURES AND STATUS AS HOLDER IN DUE COURSE.        14

    SECTION 3-309.  ENFORCEMENT OF LOST, DESTROYED, OR STOLEN
    INSTRUMENT................................................................................................................. 15

    SECTION 3-412.  OBLIGATION OF ISSUER OF NOTE OR CASHIER’S CHECK........... 16

    SECTION 3-415.  OBLIGATION OF INDORSER................................................................... 17

    SECTION 3-416.  TRANSFER WARRANTIES........................................................................ 19

    SECTION 3-504.  EXCUSED PRESENTMENT AND NOTICE OF DISHONOR................. 21

    SECTION 3-602.  PAYMENT..................................................................................................... 22

    SECTION 3-604.  DISCHARGE BY CANCELLATION OR RENUNCIATION.................. 23

    SECTION 8-103.  RULES FOR DETERMINING WHETHER CERTAIN OBLIGATIONS AND INTERESTS ARE SECURITIES OR FINANCIAL ASSETS...................................... 25

    SECTION 9-102.  DEFINITIONS AND INDEX OF DEFINITIONS...................................... 25

    SECTION 9-105.  CONTROL OF ELECTRONIC CHATTEL PAPER; CONTROL OF ELECTRONIC MORTGAGE NOTE........................................................................................................ 28

    SECTION 9-108.  SUFFICIENCY OF DESCRIPTION............................................................ 30

    SECTION 9-203.  ATTACHMENT AND ENFORCEABILITY OF SECURITY INTEREST; PROCEEDS; SUPPORTING OBLIGATIONS; FORMAL REQUISITES......................................... 31

    SECTION 9-208.  ADDITIONAL DUTIES OF SECURED PARTY HAVING CONTROL OF COLLATERAL................................................................................................................ 32

    SECTION 9-301.  LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS............................................................................................................................................ 34

    SECTION 9-308.  WHEN SECURITY INTEREST OR AGRICULTURAL LIEN IS PERFECTED; CONTINUITY OF PERFECTION.................................................................................. 37

    SECTION 9-310.  WHEN FILING REQUIRED TO PERFECT SECURITY INTEREST OR AGRICULTURAL LIEN; SECURITY INTERESTS AND AGRICULTURAL LIENS TO WHICH FILING PROVISIONS DO NOT APPLY..................................................................... 38

    SECTION 9-312.  PERFECTION OF SECURITY INTERESTS IN CHATTEL PAPER, DEPOSIT ACCOUNTS, DOCUMENTS, GOODS COVERED BY DOCUMENTS, INSTRUMENTS, INVESTMENT PROPERTY, LETTER-OF-CREDIT RIGHTS, AND MONEY; PERFECTION BY PERMISSIVE FILING; TEMPORARY PERFECTION WITHOUT FILING OR TRANSFER OF POSSESSION................................................................................................................... 39

    SECTION 9-313.  WHEN POSSESSION BY OR DELIVERY TO SECURED PARTY PERFECTS SECURITY INTEREST WITHOUT FILING................................................................ 41

    SECTION 9-314.  PERFECTION BY CONTROL..................................................................... 43

    SECTION 9-322.  PRIORITIES AMONG CONFLICTING SECURITY INTERESTS IN AND AGRICULTURAL LIENS ON SAME COLLATERAL............................................... 43

    SECTION 9-330.  PRIORITY OF PURCHASER OF CHATTEL PAPER, ELECTRONIC MORTGAGE NOTE, OR INSTRUMENT............................................................................................. 44

    SECTION 9-406.  DISCHARGE OF ACCOUNT DEBTOR; NOTIFICATION OF ASSIGNMENT; IDENTIFICATION AND PROOF OF ASSIGNMENT; RESTRICTIONS ON ASSIGNMENT OF ACCOUNTS, CHATTEL PAPER, PAYMENT INTANGIBLES, AND PROMISSORY NOTES INEFFECTIVE................................................................................................................. 46

    SECTION 9-408.  RESTRICTIONS ON ASSIGNMENT OF PROMISSORY NOTES, HEALTH-CARE-INSURANCE RECEIVABLES, AND CERTAIN GENERAL INTANGIBLES INEFFECTIVE............................................................................................................................................. 47

    SECTION 9-619.  TRANSFER OF RECORD OR LEGAL TITLE.......................................... 50

     

     

    AMENDMENTS TOUNIFORM COMMERCIAL CODE

    SECTIONS 9-406 AND 9-408

     

     

    Memorandum................................................................................................................................ 51

     

    Amendments to Uniform Commercial Code Sections 9-406 and 9-408...................................... 52

     

     

     

    Appendix A. Definitions from the National Electronic Mortgage Repository Act of 2018 (draft of March 30, 2018)............................................................................................................................ 57

     

    Appendix B. Draft National Mortgage Note Repository Act of 2018..................................... 59

     

               

     

    Tentative Draft No. 1 includes Amendments to Articles 1, 3, 8, and 9 (electronic mortgage notes); and Amendments to Sections 9-406 and 9-408 (anti-assignment overrides). The draft was approved by the membership at the 2018 Annual Meeting, subject to the discussion at the Meeting and the usual editorial prerogative. The Amendments are subject to approval by the Uniform Law Commission at its annual meeting in July 2018.