What does UCC law mean?
The Uniform Commercial Code
Summary. The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniformly adopted state law. Uniformity of law is essential in this area for the interstate transaction of business.
How long is a UCC filing good for in Maine?
5 years
Except as otherwise provided in subsections (2), (5), (6) and (7), a filed financing statement is effective for a period of 5 years after the date of filing.
Does the UCC apply to all states?
Currently, all 50 states, the District of Columbia, and the U.S. Virgin Islands have adopted the UCC as state law, although some have not adopted every single provision contained within the code.
Is the UCC really necessary?
The Uniform Commercial Code (UCC) is important since it helps companies in different states to transact with each other by providing a standard legal and contractual framework. The UCC articles govern various types of transactions, including banking and loans.
What is an example of UCC?
The UCC applies to contracts for the sale of goods to or by a merchant. For example, Marge has contracted to sell her car to Paul. They both want to change some of the terms of the contract.
What happens when a UCC filing expires?
A UCC-1 filing is good for five years. After five years, it is considered lapsed and no longer valid. Should your debtor remain in debt to you and encounter financial difficulty or file for bankruptcy, you have no secured interest if your UCC-1 filing has lapsed.
What state does not use UCC?
Every U.S. state and the District of Columbia have adopted at least part of the UCC (though it has not been adopted as federal law). Each jurisdiction, however, may make its own modifications (Louisiana has never adopted Article 2), and may organize its version of the UCC differently.
Which states follow UCC?
UCC Article 1 (2001) has been adopted in 51 jurisdictions: Alabama[2], Alaska, Arizona2, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii2, Idaho2, Illinois2, Indiana2, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland2, Massachusetts, Michigan2, Minnesota.
What makes someone a merchant under the UCC?
(1) “Merchant” means a person who deals in goods of the kind or otherwise by his or her occupation holds himself or herself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed by his or her employment of an agent or broker …
What is the difference between common law and UCC?
Common law governs contractual transactions with real estate, services, insurance, intangible assets and employment. UCC governs contractual transactions with goods and tangible objects (such as a purchase of a car).
What is a UCC lien in Maine?
Maine UCC law is found in Title 11 Section 9A The UCC lien filed with the Secretary of State acts as a public notice by the ‘creditor’ of the creditor’s interest in the property. Liens on fixtures, timber to be cut, or extracted minerals, use UCC forms but are filed at the appropriate County Registry of Deeds.
Does the Maine Secretary of state accept UCC forms?
The Maine Secretary of State will only accept for filing the UCC forms that were most recently adopted by the International Association of Commercial Administrators. These forms are provided below in Acrobat (.PDF) format. If you wish to complete the forms on-screen, you need to download a version…
Where do I file a UCC lien?
The UCC lien filed with the Secretary of State acts as a public notice by the ‘creditor’ of the creditor’s interest in the property. Liens on fixtures, timber to be cut, or extracted minerals, use UCC forms but are filed at the appropriate County Registry of Deeds.
How do I get Started with UCC online services?
Welcome to the Department of Secretary of State’s UCC Online Services. Listed be low are the available services separated by function. Some fee-based services may require the use of a credit card or subscription with InforME. To get started, simply click on the desired service.