The Uniform Commercial Code
The Uniform Commercial Code
By
Wesley Shropshire
Abstract
The Uniform Commercial Code has many requirements and laws that govern it not only in trading within our country but also in trading internationally. It has been brought into question if we as a nation need to make some serious changes or update some of the laws when it comes to trading internationally. If we leave it like it is then many problems can arise and make most big business discouraged or even stop trading internationally altogether. With this being the case it makes it very hard when deciding what the effect the U.C.C. has on international commerce and there will be many factors brought up on to which side it leans toward.
The Uniform Commercial Code
The Uniform Commercial Code (UCC), a comprehensive code addressing most aspects of commercial law, is generally viewed as one of the most important developments in American law. The UCC text and draft revisions are written by experts in commercial law and submitted as drafts for approval to the National Conference of Commissioners on Uniform State Laws (now referred to as the Uniform Law Commissioners), in collaboration with the American Law Institute. (Uniform Commercial Code, (n.d.). Attorneys, which are the Commissioners include federal and state judges also including law professors and legislators, are able to practice law throughout the U.S. These organizations decide and meet on whether to send drafts back for revision or if they should endorse them. Most of the time it does not involve only one revision but after deciding to endorse them the states are forced to adopt these rules by the Uniform Law Commissioners. Since the Uniform Commercial Code, which is a model code, does not always have jurisdiction in a legal effect unless the legislatures as statutes enact them. "Domestic transaction" means a transaction other than an international transaction. "International transaction" means a transaction that bears a
By
Wesley Shropshire
Abstract
The Uniform Commercial Code has many requirements and laws that govern it not only in trading within our country but also in trading internationally. It has been brought into question if we as a nation need to make some serious changes or update some of the laws when it comes to trading internationally. If we leave it like it is then many problems can arise and make most big business discouraged or even stop trading internationally altogether. With this being the case it makes it very hard when deciding what the effect the U.C.C. has on international commerce and there will be many factors brought up on to which side it leans toward.
The Uniform Commercial Code
The Uniform Commercial Code (UCC), a comprehensive code addressing most aspects of commercial law, is generally viewed as one of the most important developments in American law. The UCC text and draft revisions are written by experts in commercial law and submitted as drafts for approval to the National Conference of Commissioners on Uniform State Laws (now referred to as the Uniform Law Commissioners), in collaboration with the American Law Institute. (Uniform Commercial Code, (n.d.). Attorneys, which are the Commissioners include federal and state judges also including law professors and legislators, are able to practice law throughout the U.S. These organizations decide and meet on whether to send drafts back for revision or if they should endorse them. Most of the time it does not involve only one revision but after deciding to endorse them the states are forced to adopt these rules by the Uniform Law Commissioners. Since the Uniform Commercial Code, which is a model code, does not always have jurisdiction in a legal effect unless the legislatures as statutes enact them. "Domestic transaction" means a transaction other than an international transaction. "International transaction" means a transaction that bears a
References: Uniform Commercial Code, (n.d.) Retrieved from http://law.duke.edu UNIFORM COMMERCIAL CODE, (n.d) Retrieved from http://www.law.cornell.edu The Effect of Uniform Commercial Code, (n.d.) Retrieved from http://digitalcommons.lmu.edu Amelia H. Boss, (n.d.) The Future of the Uniform Commercial Code Process in an Increasingly International World