The Uniform Commercial Code

Article 1: General Provisions

• Scope and key definitions
• Pervasive polices of the UCC
• Drafting and litigation

Article 2: Sales

• Scope & Key definitions
• Contracts in general
• Specialized contracts
• Warranties
• Shipping terms and risk of loss
• Performance Obligations
• Breach, Repudiation and Excuse
• Remedies
• Key Provisions for Drafting Litigation

Article 2A: Leases

• Scope
• Similarities between Article 2 and Article 2A
• Key differences between Article 2 and Article 2A
• Transfers of leased property
• Tue lease vs. lease intended as security
• Finance leases

Article 7: Documents of Title

• Scope and Key Definitions
• Bill of Lading & Warehouse Receipts
• Electronic Documents of Title
• Negotiable and Nonnegotiable documents of title
• Negotiation of Tangible Documents of Title
• Negotiation of Electronic Documents of Title

Article 9: Secured Transactions

• Scope & Key definitions
• Enforceability, perfection, priority & assignments of security interest
• After-acquired collateral by debtor
• Filing of the financing statement
• Duration of financing statement; lapse

Article 3: Negotiable Instruments

• Scope and key definitions
• Negotiation of instruments
• Special and restrictive endorsements
• Person entitled to enforce instrument
• Holder in due course
• Obligations of parties
• Lost, stolen, or destroyed instruments
• Alteration, dishonor, & discharge of instruments

Article 4: Bank Deposits and Collections

• Scope and Key definitions
• Time of receipt of item
• Collection of items: depository and collecting banks
• Transfer and presentment warranties
• Collections of items: payor banks
• Relationship between bank and its customer
• Stop payment orders
• Collections of documentary drafts

Article 5: Letters of Credit

• Scope & Key definitions
• Letter of credit defined
• Formal requirements of letter of credit
• Issuance, amendment, cancellation & duration
• Issuer’s rights & obligations under letter of credit

Article 4A: Funds Transfers

• Scope & Keys definitions
• Fund transfers defined
• Security procedures
• Executions of sender’s payment order by receiving bank
• Manner, time & effect of payment order