The term UCC is an acronym for Uniform Commercial Code. The Uniform Commercial Code is a comprehensive set of laws governing commercial transactions. These transactions include borrowing money, leases, contracts and the sale of goods. The UCC is not a federal law, but a product of the National Conference of Commissioners on Uniform State Laws and the American Law institute, private organizations that recommend the adoption of the UCC by state governments. State legislatures may either adopt the UCC verbatim or may modify to meet the state’s needs. Once a State’s Legislature adopts and enacts the UCC it becomes a state law and is codified in the state’s statutes. All 50 states and U.S. territories have enacted some version of the UCC.