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3 Cards in this Set
- Front
- Back
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STRUCTURE OF THE UCC |
UCC COVERS: 1) SALES 2)NEGOTIABLE INSTRUMENTS 3) BANK DEPOSITS & COLLECTIONS 4) FUNDS TRANSFERS 5) BULK SALES 6) SECURED TRANSACTIONS |
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UCC IN CONTEXT |
1) PARTIES CAN MAKE OWN AGREEMENT THRU: a) express agreement; b) their actions; c) course of dealing; d) custom/usage of trade 2) STATE LAWS CAN SUPERSEDE 3) FED. LAWS CAN SUPPLEMENT OR PREEMPT 4) COMMON LAW WHEN UCC DOES NOT SPEAK |
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OBJECTIVES OF THE UCC |
1) SIMPLIFY, CLARIFY, MODERNIZE LAW OF COMM. TRANSACTIONS 2) ALLOW EXPANSION OF COMM. PRACTICES THROUGH CUSTOM, USAGE, & AGREEMENT B/W PARTIES |
