§ 4-1-308. Performance or acceptance under reservation of rights
(a) A party that with explicit reservation of rights performs or promises performance or assents to performance in a manner demanded or offered by the other party does not thereby prejudice the rights reserved. Such words as “without prejudice,” “under protest,” or the like are sufficient. (b) Subsection (a) does not apply to an accord […]
§ 4-1-309. Option to accelerate at will
A term providing that one party or that party’s successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or when the party “deems itself insecure,” or words of similar import, means that the party has power to do so only if that party in good faith believes that […]
§ 4-1-310. Subordinated obligations
An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated. Subordination does not create a security interest as against either the common debtor […]
§ 4-1-201. General definitions
(a) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other chapters of this subtitle that apply to particular chapters or parts thereof, have the meanings stated. (b) Subject to definitions contained in other chapters of this subtitle that apply to particular chapters or parts […]
§ 4-1-202. Notice — Knowledge
(a) Subject to subsection (f), a person has “notice” of a fact if the person: (1) has actual knowledge of it; (2) has received a notice or notification of it; or (3) from all the facts and circumstances known to the person at the time in question, has reason to know that it exists. (b) […]
§ 4-1-203. Lease distinguished from security interest
(a) Whether a transaction in the form of a lease creates a lease or security interest is determined by the facts of each case. (b) A transaction in the form of a lease creates a security interest if the consideration that the lessee is to pay the lessor for the right to possession and use […]
§ 4-1-101. Short titles
(a) This subtitle may be cited as the Uniform Commercial Code. (b) This chapter may be cited as Uniform Commercial Code — General Provisions. History. Acts 1961, No. 185, § 1-101; reen. 1967, No. 303, § 1 (1-101); A.S.A. 1947, § 85-1-101; Acts 2005, No. 856, § 1.
§ 4-1-102. Scope of subtitle
This chapter applies to a transaction to the extent that it is governed by another chapter of this subtitle. History. Acts 1961, No. 185, § 1-102; reen. 1967, No. 303, § 1 (1-102); A.S.A. 1947, § 85-1-102; Acts 2005, No. 856, § 2.
§ 4-1-103. Construction of subtitle to promote its purposes and policies — Applicability of supplemental principles of law
(a) This subtitle shall be liberally construed and applied to promote its underlying purposes and policies, which are: (1) to simplify, clarify, and modernize the law governing commercial transactions; (2) to permit the continued expansion of commercial practices through custom, usage, and agreement of the parties; and (3) to make uniform the law among the […]
§ 4-1-104. Construction against implicit repeal
This subtitle being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided. History. Acts 1961, No. 185, § 1-104; reen. 1967, No. 303, § 1 (1-104); A.S.A. 1947, § 85-1-104.