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Organization of the UCC

19 January, 2016 - 16:39

The UCC consists of nine major substantive articles; each deals with separate though related subjects. The articles are as follows:

  • Article 1: General Provisions
  • Article 2: Sales
  • Article 2A: Leases
  • Article 3: Commercial Paper
  • Article 4: Bank Deposits and Collections
  • Article 4A: Funds Transfers
  • Article 5: Letters of Credit
  • Article 6: Bulk Transfers
  • Article 7: Warehouse Receipts, Bills of Lading, and Other Documents of Title
  • Article 8: Investment Securities
  • Article 9: Secured Transactions

Article 2 deals only with the sale of goods, which the UCC defines as “all things…which are movable at the time of identification to the contract for sale other than the money in which the price is to be paid.” 1The only contracts and agreements covered by Article 2 are those relating to the present or future sale of goods.

Article 2 is divided in turn into six major parts: (1) Form, Formation, and Readjustment of Contract; (2) General Obligation and Construction of Contract; (3) Title, Creditors, and Good Faith Purchasers; (4) Performance; (5) Breach, Repudiation, and Excuse; and (6) Remedies.

Figure 8.1 Sources of Law