UNIFORM COMMERCIAL CODE (UCC) Definition

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UNIFORM COMMERCIAL CODE (UCC) is a collection of modernized, codified, and standardized laws that apply to all commercial transactions with the exception of real property. Developed under the direction of the National Conference of Commissioners on Uniform State Laws, the American Law Institute, and the American Bar Association (ABA), it first became U.S. law in 1972. Since that time, it has undergone a process of constant revision.

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BILL OF SALE is a written statement attesting to the transfer (sale) of goods, possessions, or a business to a buyer.

3% RULE see THREE PERCENT RULE.

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