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When a court resolves a particular dispute, the record of this decision is case law, which may be used as authority in a future case.

In future disputes, litigants may argue that their case is similar to a prior case and that the prior case law should be followed. Covers letters of credit issued by banks, usually used by business people to guarantee payment of obligations. Concerns the "bulk transfer" of all of a business’ inventory.

Often, to resolve a dispute, a court must interpret the "statutes" or codes created by the legislature. Article 7: Warehouse receipts, Bills of Lading and other documents of title. Covers security interests in all types of personal property, including accounts receivable, equipment and inventory. The UCC was intended as a Uniform Model Code that might be adopted by every state legislature.

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Appendix 6: Supplier Proposal A look at the Uniform Commercial Code (UCC) Table of Contents tells us that this subject is very broad.

No lawyer, business person or college professor knows all of the Uniform Commercial Code.

Business people cannot assume, therefore, that the law will be exactly the same in each state.

Nonetheless, the UCC has facilitated much greater uniformity of commercial laws.

UCC law, therefore, is derived from three places: For the purposes of this discussion, we will refer to the Uniform Commercial Code sections in the Model Code.

Code section text an numbers in each state will be identical or very similar.The UCC takes a very pragmatic and common sense approach to commercial transactions.It is usually not precise and does not provide exact rules.The UCC concerns a wide variety of commercial issues, including the sale of goods, banking and security interests. New articles are added over time, and specific sections of existing articles are revised. It is not law in any state unless and until a state legislature adopts it as the law of that state.The UCC does not apply to: The table of contents tells us that the UCC covers the following: Article 1: General Provisions. Any state can decide not to adopt the UCC or can decide to make revisions to the code that satisfies that state’s particular heritage or commercial needs.In fact, Court opinions interpreting the UCC could fill rooms.

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