by 
The Curious Bag
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The Uniform Commercial Code (UCC) is a vast collection of recommendations for interstate commerce laws, put forth by the private organization the National Conference of Commissioners on Uniform State Laws. States may adopt or modify this code as they choose, becoming state law.
States
All 50 states have adopted the UCC and have adjusted the code to meet statewide needs. Thus, the UCC is modified and passed by state legislatures and is not part of federal law.
UCC-1 Form
The UCC-1 is a financial statement filed by lenders of secured loans with a state's Secretary of State or Records Office and used to document collateral.
Public Information
All UCC-1 forms are filed in a state's UCC database and are made available to the public.
Sales
The UCC requires that any transaction in excess of $500 be accompanied by a written agreement between the buyer and seller.
Bank Transactions
The UCC establishes rules on how banks make transactions with each other as well as how banks do deposits and collections for their customers.
Documentation Standards
The UCC sets standards for documenting various financial agreements and transfers between buyers and sellers.
Source:
Resource:
Cornell University Law School
Smart Agreements.com
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