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 §1-1301. Territorial applicability; parties’ power to choose applicable law
§1-1301. Territorial applicability; parties’ power to choose applicable law (1). 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 of this State or of such other state or nation shall govern their […]
11 §1-1302. Variation by agreement
§1-1302. Variation by agreement (1). Except as otherwise provided in subsection (2) or elsewhere in the Uniform Commercial Code, the effect of provisions of the Uniform Commercial Code may be varied by agreement. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (2). The obligations of good […]
11 §1-1303. Course of performance, course of dealing and usage of trade
§1-1303. Course of performance, course of dealing and usage of trade (1). A “course of performance” is a sequence of conduct between the parties to a particular transaction that exists if: (a). The agreement of the parties with respect to the transaction involves repeated occasions for performance by a party; and [PL 2009, […]
11 §1-1304. Obligation of good faith
§1-1304. Obligation of good faith Every contract or duty within the Uniform Commercial Code imposes an obligation of good faith in its performance and enforcement. [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. […]
11 §1-1305. Remedies to be liberally administered
§1-1305. Remedies to be liberally administered (1). The remedies provided by the Uniform Commercial Code must 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 […]
11 §1-1306. Waiver or renunciation of claim or right after breach
§1-1306. 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. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, […]
11 §1-1307. Prima facie evidence by 3rd-party documents
§1-1307. Prima facie evidence by 3rd-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 3rd party is prima facie evidence of its own […]
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 §1-1309. 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 […]