Uniform Commercial Code & Common Law

Save

The Uniform Commercial Code (UCC) is the law of making secured transactions. They apply to many aspects of the sale of goods and equipment, particularly with regard to commercial transactions. The law can also apply to the sale of personal items if sold in conjunction with residential real estate.

Articles

  • There are nine articles that pertain to UCC law. They include sales, leases, negotiable contracts, bank deposits, the transfer of funds, letters of credit, bulk transfers and sales, warehouse receipts and bills of lading, investment securities and Article 9, Secured Transactions.

Origins of UCC Code

  • In determining how UCC code is tied into common law, the origins of UCC law must be investigated. Laws can be enacted on any level of government, national, state or local (cities, counties and parishes). According to the Uniform Law Commission, the laws of business transactions have traditionally been the responsibility of the states (see link in Resources). It became necessary to adapt more consistent laws between the states because of the prevalence of interstate commerce. With the recommendation of the American Bar Association, the National Conference of Commissioners on Uniform State Law (NCCUSL) was established in 1892. Its main purpose was to debate and establish areas of law and to draft such acts as are necessary that will be used as model legislation by all states. States are not required to participate, because the UCC Code is not law in and of itself; but all of them, and a few U.S. territories, do participate.

Common Law

  • Because U.S. commercial law was devised out of a common necessity between the states, it does not have any direct ties or origins in English common or parliamentary law coming from Great Britain, as most U.S. laws do. There is a common notion that is said to be mythical, that states a man from Oregon originally promoted the theory that "commercial law" was the foundation for all law around the world. It is said that the nameless Oregonian drafted an "affidavit of truth" that would create a public lien against government officials. A common intention of the basic legal argument is to raise considerable flack in court about whether certain things, like traffic tickets and handling of goods confiscated in criminal proceedings or even IRS lien notices to levy taxes, are covered under UCC law.

UCC and Secret Treaties

  • There is a popular notion floating around that a 1930s secret treaty put the United States in bankruptcy with international bankers. The bankers apparently tossed the old common law and erected commercial law in its place, thus making then-President Franklin D. Roosevelt and his fellow conspirators parties to a plan to destroy common law, with lawyers swearing under oath to keep the alleged takeover a secret. Supposedly, because of these secret treaties, courts cannot cite commercial law cases that happened prior to 1938.

The Effects

  • In 1936, the Supreme Court made a decision that states and their underlying political subdivisions could never file for bankruptcy, so any “secret” treaty (which no one can find because it would not have been secret if it had been written down) to bankrupt the United States and turn over economic power to the banks and bankers on the international scene is null and void.

References

Promoted By Zergnet

Comments

You May Also Like

  • Common Law Contracts Vs. UCC Contracts

    Common law contracts and Uniform Commercial Code (UCC) contracts share much of the same requirements regarding formation. Under the common law and...

  • What Is a UCC Lien?

    Common Law Contracts Vs. UCC Contracts. Common law contracts and Uniform Commercial Code (UCC) contracts share much of the same requirements regarding...

  • Uniform Commercial Code and Its Application to Contract Law

    Uniform Commercial Code and Its Application to Contract Law. The Uniform Commercial Code ... Uniform Commercial Code & Common Law. The Uniform...

  • Differences Between Contract Law & Sales Law

    Common Law Contracts Vs. UCC Contracts. Common law contracts and Uniform Commercial Code (UCC) contracts share much of the same requirements regarding...

  • The Law on Obligations & Contracts

    Common Law Contracts Vs. UCC Contracts. Employment Laws for Terminations of Contracts. Employee Contract Labor Rights. Featured. Tax Break: Make the Most...

  • How to File a UCC Lien

    Cornell University Law School; Uniform Commercial Code Locator; March 2004; American Law Institute; Uniform Commercial Code -- Article 9; 2005;

  • Purpose of Uniform Commercial Code

    The Uniform Commercial Code, also known as the UCC, is a large body of laws pertaining to business transactions. ... Uniform Commercial...

  • What Are the Benefits of the Uniform Commercial Code?

    Common Law Contracts Vs. UCC Contracts. What Are the Benefits of the Uniform Commercial Code? The Uniform Commercial Code (UCC) is designed...

  • What is a Uniform Commercial Code Filing?

    The uniform commercial code (UCC) ... Uniform Commercial Code & Common Law. The Uniform Commercial Code (UCC) is the law of making...

  • How to Terminate a UCC

    A Uniform Commercial Code ... Common Law Contracts Vs. UCC Contracts. The Uniform Commercial Code (UCC) is designed to coordinate and harmonize...

Related Searches

Read Article

10 Most Needed Jobs in the Future

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!