Uniform Commercial Code

We were taught that our state legislatures make our state laws. But what if that is only partially true? What if a third party were making the laws for your state? Would you be okay with that? Would you be concerned to learn that two private entities are drafting the laws your state uses for commerce?

The logic of the Uniform Commercial Code makes sense. How difficult would it be to do business across state lines if the rules for letters of credit or mortgages were different? Is the UCC the best — or even the legal — way to accomplish this end? Congress, not the Permanent Editorial Board of the UCC, has the legal authority to regulate interstate commerce. While the different acts of the UCC are not exactly interstate compacts, they come awfully close.

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