Uniform Commercial Code Research Paper

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Running head: UNIFORM COMMERICAL CODE 1 The History of the Uniform Commercial Code Dewayne L. Knowles Webster University UNIFORM COMMERCIAL CODE 2 Abstract The Uniform Commercial Code (UCC) has evolved over the years through revisions and amendments. Recently, in 2000 there were important revisions to Articles 1, 2, and 2A, which have been widely adopted. However, more recently proposed revisions have not been adopted by many individual states. The UCC covers a wide selection of topics: sales of goods and services, leases, negotiable instruments to bankruptcy, etc. The focus of this paper is to follow the growth and manifestation of UCC and what it has become…show more content…
These revisions affect many different sections of MCA §79-9–102 et seq. most of which pertain to the names and statuses of debtors and secured parties. Mississippi has adopted the following Articles of the UCC: Article 3: Negotiable instruments: UCC Article 3 applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 4A, or to securities governed by Article 8. If there is conflict between this Article and Article 4 or 9, Articles 4 and 9 govern. Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this Article to the extent of the inconsistency. Article 4: Bank Deposits and Collections: UCC Article 4 covers the liability of a bank for action or non-action with respect to an item handled by it for purposes of presentment, payment, or collection is governed by the law of the place where the bank is located. In the case of action or non-action by or at a branch or separate office of a bank, its liability is governed by the law of the place where the branch or separate office is located. Article 5: Letters of Credit: UCC Article 5 applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. Article 8: Investment Securities: UCC Article 8 applies to a share or similar equity interest issued by an entity that is registered as an investment company under the federal investment company laws, an interest in a unit investment trust that is so registered, or a face-amount certificate issued by a face-amount certificate company that is so registered. Investment company security does not include an insurance policy or endowment policy or annuity contract issued by an insurance

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