Special Report on
Uniform Commercial Code definition
Uniform Commercial Code definition - Trends
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The Uniform Commercial Code (UCC) is a collection of recommended laws covering many different issues that arise during commercial transactions, such as sales contracts, leases, negotiable instruments, letters of credit, bank collections, and secured transactions. The impetus behind the creation of the UCC was the hope that each state would adopt it as a statute, thereby giving uniformity throughout the country to the area of commercial law. The first draft of the UCC was created in the fall of 1951 by an editorial board consisting of representatives from the National Conference of ...
The Fourth Circuit today settled a nationwide debate, in this Circuit anyway, about an important issue involving automobile loans in Chapter 13 proceedings. That's whether a lender can have a purchase money security interest for the portion of its financing which includes "negative equity" or other items associated with the loan, like "gap insurance." The answer, according to the Fourth Circuit in the case of In re Price , is "yes." The case drew amicus briefs from a group of bankruptcy law professors, the National Association of Consumer Bankruptcy Attorneys, and ... Read More
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