§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. […]
§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, […]
§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 […]
§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 […]
§1-1205. Reasonable time; seasonableness (1). 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. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (2). An action is taken seasonably if it […]
§1-1206. 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. [PL 2009, c. 325, Pt. A, §2 (NEW); […]
