Uniform Commercial Code

A set of statutes enacted by the various States to provide consistency among the States' commercialProvides coverage for liability, physical damage, and other exposures for automobiles owned or leased laws. It includes negotiableCapable of being negotiated, assignable or transferable in the ordinary course of business. instruments, sales, stockAn instrument that signifies an ownership position in a corporation. transfers, trustA trust exists when one person holds property for the benefit of another. and warehouse receipts, and bills of lading.

Uniform Commercial Code

Establishes a unified and comprehensiveProvides coverage for any direct and accidental loss of, or damage to, YOUR covered automobile and its method for regulationSupervision of business practices by a governmental entity. Regulation of insurance companies is through of securityThe property that will be pledged as collateral for a loan. transactions in personal propertyProperty that is not real is personal. Identifiable portable and tangible objects, e.g., furnishings,, superseding the existing statutes on chattelPersonal property which is tangible and movable. (The word "chattel" evolved from the word "cattle", mortgages, conditional sales, trustA trust exists when one person holds property for the benefit of another. receipts, assignmentYour signed authorization to your doctor or hospital (medical provider) assigning payment to be made of accounts receivable and others in this field.