Section 1-108 – Relation to Electronic Signatures in Global and National Commerce Act
This title modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., except that nothing in this title modifies, limits, or supersedes § 7001(c) of that Act or authorizes electronic delivery of any of the notices described in § 7003(b) of that Act.
Section 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 titles of the Maryland Uniform Commercial Code that apply to particular titles or parts of titles of the Maryland Uniform Commercial Code, have the meanings stated. (b) Subject to definitions contained in other articles of the […]
Section 1-202 – Notice; Knowledge
(a) Subject to subsection (f) of this section, 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) “Knowledge” means […]
Section 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 of the […]
Section 1-204 – Value
Except as otherwise provided in §§ 3–303, 4–208, and 4–209 of this article, a person gives value for rights if the person acquires them: (1) In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge–back is provided for […]
Section 1-205 – Reasonable Time; Seasonableness
(a) Whether a time for taking an action required by the Maryland 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.
Section 1-206 – Presumptions
Whenever the Maryland 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.
Section 1-301 – Territorial Applicability; Parties’ Power to Choose Applicable Law
(a) 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 rights and duties. (b) In the absence of an agreement effective […]
Section 1-101 – Short Titles
(a) Titles 1 through 10 of this article may be cited as the Maryland Uniform Commercial Code. (b) This title may be cited as Maryland Uniform Commercial Code – General Provisions.
Section 1-102 – Scope of Title
This title applies to a transaction to the extent that it is governed by another title of the Maryland Uniform Commercial Code.