Business and Personal Finance Dictionary

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• UNIFORM COMMERCIAL CODE
  
  A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers. Security interests in chattels are created by an instrument known as a security agreement. To give notice of the security interest, a financing statement must be recorded. Article 6 of the code regulates bulk transfers--the sale of a business as a whole, including all fixtures, chattels and merchandise.
  
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