What is the Uniform Commercial Code (UCC)?

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A code of laws governing various commercial transactions. The Uniform Commercial Code has eleven substantive articles. Article 9, Secured Transactions, may be the most important of the eleven. Article 9 provides the rules governing any transaction (other than a finance lease) that couples a debt with a creditor's interest in a debtor's personal property. If the debtor defaults, the creditor may repossess and sell the property (generally called collateral) to satisfy the debt. The creditor's interest in the personal property is called a "security interest." Article 9 also covers certain kinds of sales that look like a grant of a security interest.

UCC’s as referred to under Article 9 are liens placed on certain personal property (equipment, accounts receivable, etc.) that normally cannot be titled or deeded (automobiles, aircraft, boats, real estate, etc.). When filed properly, a UCC perfects the security interest of the secured party in personal property collateral.

Revised Article 9: Article 9 of the Uniform Commercial Code was recommended uniform language regarding secured transaction lien laws that was provided to all states. Although all state have adopted, not all states adopted by this date. Review UCC: Revised Article 9 / Judgment Lien Filings in FL for a complete overview of the revisions, adoption dates, and how to file UCCs nationally after the revisions to Article 9.