An Historical Overview of UCC Article 9
Unedited text of chapter 3 in Louise Gullifer & Orkun Ackseli eds., SECURED TRANSACTIONS LAW REFORM: PRINCIPLES, POLICIES AND PRACTICE, Oxford: Hart Publishing Ltd, 2016
25 Pages Posted: 20 Jul 2016 Last revised: 26 Oct 2016
Date Written: 2016
This book chapter traces the history of Article 9 (Secured Transactions) of the U.S. Uniform Commercial Code. After setting out the pre-1940 legal setting in the United States for the use of movable property in secured transactions, the chapter studies three stages in the evolution of Article 9: (1) the drafting of the first “official” text (1947-1951), (2) the continuing revision of the text and its slow adoption by states (1952-1990), and (3) the thorough-going revision that lead to the present 1998 official text and subsequent minor amendments (1990-present). The chapter notes the growing complexity of the text and the importance of the institutional framework within which the text evolved.
Keywords: Uniform Commercial Code, UCC Article 9, Secured Transactions, U.S. Legal History, Commercial Law
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