The sometimes surprising practical implications of revised UCC article 1: article 1 of the Uniform Commercial Code articulates the principles that underlie the remaining articles - it is the basic or 'meta' article, in other words - and Illinois recently adopted revised article 1. As the author explains, that change has important and sometimes surprising practical implications for all lawyers whose practice touches upon the UCC.

A little over a year ago (on January 1, 2009, to be precise), a revision of the basic article of the Uniform Commercial Code ("UCC" or "the Code") became effective [...]