Uniform-commercial-code 2011 Ucc

UNIFORM COMMERCIAL CODE 2010-2011 Edition Issued in December 2010 The American Law Institute National Conference of Commissioners on Uniform State Laws OFFICIAL TEXT AND 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) Article 10 (E
ective Date and Repealer) Article 11 (E
ective Date and Transition Provisions) APPENDICES INDEX The Executive Oce The American Law Institute 4025 Chestnut Street Philadelphia, Pennsylvania 19104 National Conference of Commissioners on Uniform State Laws 111 N. Wabash Ave., Suite 1010 Chicago, Illinois 60602 For Customer Assistance Call 1-800-328-4880 Mat #40838620 TEXT AND NOTES COPYRIGHT © 1948-1950, 1952, 1958, 1959, 1963, 1972, 1978, 1987-1991, 1994-1996, 1999-2005, 2007-2010 THE AMERICAN LAW INSTITUTE and NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS COPYRIGHT © 2010 By THE AMERICAN LAW INSTITUTE and NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS INDEX COPYRIGHT © 2010 By Thomson Reuters TEXT OF UNIFORM COMMERCIAL CODE AND OFFICIAL COMMENTS REPRINTED WITH PERMISSION OF THE AMERICAN LAW INSTITUTE AND THE NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS. This publication was created to provide you with accurate and authoritative information concerning the subject matter covered; however, this publication was not necessarily prepared by persons licensed to practice law in a particular jurisdiction. The publisher is not engaged in rendering legal or other professional advice and this publication is not a substitute for the advice of an attorney. If you require legal or other expert advice, you should seek the services of a competent attorney or other professional. PREFACE This Pamphlet contains the text of the Uniform Commercial Code prepared under the joint sponsorship of The American Law Institute and the National Conference of Commissioners on Uniform State Laws, current through December, 2010. 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. The Code was originally approved by its sponsors and the American Bar Association in 1952, and it has been amended a number of times in succeeding years. An e
ort to modernize and update the Code was begun in 1987 when new Article 2A was approved. New Article 4A (Funds Transfers) was approved in 1989, and Article 6 (formerly Bulk Transfers, now Bulk Sales) was revised that same year. In 1990, substantial amendments were made to Article 2A (Leases). Article 3 (formerly Commercial Paper, now Negotiable Instruments) was also revised in 1990. Article 8 (Investment Securities) was revised in 1994, and Article 5 (Letters of Credit) was revised in 1995. Revised Article 9 (Secured Transactions) was promulgated in 1998 with subsequent amendments and modications in 1999, 2000, and 2001. Article 1 (General Provisions) was revised in 2001. Article 7 (renamed Documents of Title) was revised in 2003. Article 2 (Sales) and Article 2A (Leases) were amended in 2003 and 2005. This 2009 edition of the Pamphlet contains Permanent Editorial Board Commentary No. 16 (2009) regarding sections 4A-502(d) and 4A-503. The Comme