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The Uniform Commercial Code (UCC) is organized into nine substantive articles, each article governing a separate area of the law. UCC Article 3 governs negotiable instruments, including checks and notes. For further information about the UCC please contact the ULC at (312) 450-6600 or info@uniformlaws.org
Proposed amendments to UCC Articles 3, 4, and 4A relating to payments issues
The Uniform Commercial Code (UCC) is organized into nine substantive articles, each article governing a separate area of the law. These 2002 amendments to UCC Articles 3 and 4 provide rules for updated technology and modern practices used in payment systems. For further information about the UCC please contact the ULC at (312) 450-6600 or info@uniformlaws.org
This is a joint project with the American Law Institute and the Uniform Law Commission that will, on a fast track, study and potentially draft modifications to the rules of the Uniform Commercial Code (the “UCC”) Articles 3, 4, and 4A concerning allocation of losses resulting from fraudulent checks and wire transfers, and determine whether amendments or revisions to the Official Text of the UCC or its Official Comments, or new Commentaries or Reports of the PEB, are needed
#Memo #Agenda
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Uniform Law Commission The Uniform Law Commission (ULC, also known as the National Conference of Commissioners on Uniform State Laws), established in 1892, provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law.