11 §1-1310. Subordinated obligations
§1-1310. 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 […]
11 §1-1106. Use of singular and plural; gender
§1-1106. Use of singular and plural; gender In the Uniform Commercial Code, unless the statutory context otherwise requires: [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (1). Words in the singular number include the plural and those in the plural include the singular; and [PL […]
11 §1-1308. Performance or acceptance under reservation of rights
§1-1308. Performance or acceptance under reservation of rights (1). 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. […]
11 §1-1107. Section captions
§1-1107. Section captions Section captions are part of the Uniform Commercial Code. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] SECTION HISTORY PL 2009, c. 325, Pt. A, §2 (NEW). PL 2009, c. 325, Pt. A, §4 (AFF).
11 §1-1309. Option to accelerate at will
§1-1309. 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 […]
11 §1-1108. Relation to electronic signatures in Electronic Signatures in Global and National Commerce Act
§1-1108. Relation to electronic signatures in Electronic Signatures in Global and National Commerce Act This Article modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 United States Code, Section 7001 et seq., except that nothing in this Article modifies, limits or supersedes Section 7001(c) of that Act or authorizes […]
11 §1-1201. General definitions
§1-1201. General definitions Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other Articles of the Uniform Commercial Code that apply to particular Articles or Parts thereof, have the meanings stated. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. […]
11 §1-1202. Notice; knowledge
§1-1202. Notice; knowledge (1). Subject to subsection (6), a person has “notice” of a fact if the person: (a). Has actual knowledge of it; [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (b). Has received a notice or notification of it; or [PL 2009, […]
11 §1-1203. Lease distinguished from security interest
§1-1203. Lease distinguished from security interest (1). Whether a transaction in the form of a lease creates a lease or security interest is determined by the facts of each case. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (2). A transaction in the form of a […]
11 §1-1204. Value
§1-1204. Value Except as otherwise provided in Articles 3‑A, 4 and 5‑A, a person gives value for rights if the person acquires them: [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (1). In return for a binding commitment to extend credit or for the extension of […]