UCC. Set of laws regulating commercial transactions, especially ones involving the sale of goods and secured transactions. The code was first published in 1952 (after approximately 10 years of development), and has been revised numerous time throughout the years. These laws have been adopted by all 50 states, which is helpful especially as many commercial transactions nowadays involve multiple states (including where a product is made, where it is sold, where it is delivered to, etc). The main subjects of the code include Sales, Leases, Bank Deposits, Letters of Credit, Bills of Lading, and more.

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