real estate

Uniform Commercial Code

A code of commercial law that has been accepted in the majority of states and that aims to make regulations related to business transactions, such as chattel mortgages and bulk transfers, consistent throughout the country. A security agreement is the legal document that establishes a party's right to a security interest in personal property. Bulk transfers, often known as the sale of a whole company together with all of its fixtures, chattels, and commodities, are governed by the provisions found in Article 6 of the law.