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.
Section 1-103 – Construction of Maryland Uniform Commercial Code; Applicability of Supplemental Principles of Law
(a) The Maryland Uniform Commercial Code shall be liberally construed and applied to promote its underlying purposes and policies. (b) The underlying purposes and policies of the Maryland Uniform Commercial Code are: (1) To simplify, clarify, and modernize the law governing commercial transactions; (2) To permit the continued expansion of commercial practices through custom, usage, and agreement of the […]