The Uniform Commercial Code (February 2014)

Article 1: General Provisions

  • Scope and key definitions
  • Pervasive polices of the UCC
  • Drafting and litigation

Article 2: Sales

  • Scope & Key definitions
  • Contracts in general
  • Specialized contracts
  • Warranties
  • Shipping terms and risk of loss
  • Performance Obligations
  • Breach, Repudiation and Excuse
  • Remedies
  • Key Provisions for Drafting Litigation

Article 2A: Leases

  • Scope
  • Similarities between Article 2 and Article 2A
  • Key differences between Article 2 and Article 2A
  • Transfers of leased property
  • Tue lease vs. lease intended as security
  • Finance leases

Article 7: Documents of Title

  • Scope and Key Definitions
  • Bill of Lading & Warehouse Receipts
  • Electronic Documents of Title
  • Negotiable and Nonnegotiable documents of title
  • Negotiation of Tangible Documents of Title
  • Negotiation of Electronic Documents of Title

Article 9: Secured Transactions

  • Scope & Key definitions
  • Enforceability, perfection, priority & assignments of security interest
  • After-acquired collateral by debtor
  • Filing of the financing statement
  • Duration of financing statement; lapse

Article 3: Negotiable Instruments

  • Scope and key definitions
  • Negotiation of instruments
  • Special and restrictive endorsements
  • Person entitled to enforce instrument
  • Holder in due course
  • Obligations of parties
  • Lost, stolen, or destroyed instruments
  • Alteration, dishonor, & discharge of instruments

Article 4: Bank Deposits and Collections

  • Scope and Key definitions
  • Time of receipt of item
  • Collection of items: depository and collecting banks
  • Transfer and presentment warranties
  • Collections of items: payor banks
  • Relationship between bank and its customer
  • Stop payment orders
  • Collections of documentary drafts

Article 5: Letters of Credit

  • Scope & Key definitions
  • Letter of credit defined
  • Formal requirements of letter of credit
  • Issuance, amendment, cancellation & duration
  • Issuer’s rights & obligations under letter of credit

Article 4A: Funds Transfers

  • Scope & Keys definitions
  • Fund transfers defined
  • Security procedures
  • Executions of sender’s payment order by receiving bank
  • Manner, time & effect of payment order

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