Uniform Commercial Code

Harmonizing the conduct on what is considered the standard of a good business should be the goal for every business. For that reason a set of laws that provide legal rules and regulations that governs both the commercial or the business dealings and transactions is established under the Uniform Commercial Code. [1] Seeking uniformity amongst the states, the Uniform Commercial Code regulates the transfer or sale of personal property without dealing in real property. [2]
The Uniform Commercial Code is one of the most important developments in American law that unfolded in the fall of 1951. [3] The first draft was created by an editorial board which housed representatives from the National Conference of Commissioners on Uniform State Laws (NCCUSL)
Devoted to secured transactions, sales of accounts, and chattel paper, it supplanted a number of earlier laws, including the Uniform Trust Receipts Act, the Uniform Conditional Sales Act, and the Uniform Chattel Mortgage Act. [11]
Because the Uniform Commercial Code is such a vital functioning part of the commercial business world within the United States it has contributed to the call for similar unification on the international basis and the creation of an “International Uniform Commercial Code.” [12] With the potential development of an international uniform commercial code, two areas must be talking into consideration. “The views of domestic constitutional scholars on the division of responsibilities between the state and federal governments and the view of international