§ 8.1A-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 […]
§ 8.1A-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 […]
§ 8.1A-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 […]
§ 8.1A-304. Obligation of good faith
Every contract or duty within the Uniform Commercial Code imposes an obligation of good faith in its performance and enforcement. 1964, c. 219, § 8.1-203; 2003, c. 353.
§ 8.1A-305. Remedies to be liberally administered
(a) The remedies provided by the Uniform Commercial Code shall be liberally administered to the end that the aggrieved party may be put in as good a position as if the other party had fully performed but neither consequential or special damages nor penal damages may be had except as specifically provided in the Uniform […]
§ 8.1A-306. Waiver or renunciation of claim or right after breach
A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in an authenticated record. Code 1950, §§ 6-472, 6-473, 6-475; 1964, c. 219, § 8.1-107; 2003, c. 353.
§ 8.1A-307. Prima facie evidence by third-party documents
A document in due form purporting to be a bill of lading, policy or certificate of insurance, official weigher’s or inspector’s certificate, consular invoice, or any other document authorized or required by the contract to be issued by a third party is prima facie evidence of its own authenticity and genuineness and of the facts […]
§ 8.1A-205. Reasonable time; seasonableness
(a) Whether a time for taking an action required by the Uniform Commercial Code is reasonable depends on the nature, purpose, and circumstances of the action. (b) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time. 1964, […]
§ 8.1A-206. Presumptions
Whenever the Uniform Commercial Code creates a “presumption” with respect to a fact, or provides that a fact is “presumed,” the trier of fact must find the existence of the fact unless and until evidence is introduced that supports a finding of its nonexistence. 1964, c. 219, § 8.1-201 (31); 1973, c. 509; 1984, c. […]
§ 8.1A-301. Territorial applicability; parties’ power to choose applicable law
(a) This section applies to a transaction to the extent that it is governed by another title of the Uniform Commercial Code. (b) Except as otherwise provided in this section, when a transaction bears a reasonable relation to this state and also to another state or nation the parties may agree that the law either […]