Uniform Commercial Code investment & finance definition

A coordinated code of laws governing the legal aspects of business and financial transactions in the United States, excluding Louisiana. The UCC regulates the sale of goods, and also regulates financial transactions, such as bank deposits and collections, letters of credit, bulk transfers, and the delivery of title documents. It defines the rights and responsibilities of each party in a commercial transaction and provides a statutory definition of commonly used business practices. The National Conference of Commissions of Uniform State Laws wrote the UCC.