Section 382-A:1-101 – Short Titles.
382-A:1-101 Short Titles. – (a) This chapter may be cited as the Uniform Commercial Code. (b) This article may be cited as Uniform Commercial Code-General Provisions. Source. 2006, 169:1, eff. Jan. 1, 2007.
Section 382-A:1-102 – Scope of Article.
382-A:1-102 Scope of Article. – This article applies to a transaction to the extent that it is governed by another article of this chapter. Source. 2006, 169:1, eff. Jan. 1, 2007.
Section 382-A:1-103 – Construction of Uniform Commercial Code to Promote its Purposes and Policies; Applicability of Supplemental Principles of Law.
382-A:1-103 Construction of Uniform Commercial Code to Promote its Purposes and Policies; Applicability of Supplemental Principles of Law. – (a) This chapter shall be liberally construed and applied to promote its underlying purposes and policies, which are: (1) to simplify, clarify, and modernize the law governing commercial transactions; (2) to permit the continued expansion […]
Section 382-A:1-104 – Construction Against Implied Repeal.
382-A:1-104 Construction Against Implied Repeal. – Since this chapter is a general act intended to provide unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided. Source. 2006, 169:1, eff. Jan. 1, 2007.
Section 382-A:1-105 – Severability.
382-A:1-105 Severability. – If any provision or clause of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter […]
Section 382-A:1-106 – Use of Singular and Plural; Gender.
382-A:1-106 Use of Singular and Plural; Gender. – In this chapter, unless the statutory context otherwise requires: (1) words in the singular number include the plural, and those in the plural include the singular; and (2) words of any gender also refer to any other gender. Source. 2006, 169:1, eff. Jan. 1, 2007.
Section 382-A:1-107 – Section Captions.
382-A:1-107 Section Captions. – Section captions are part of the Uniform Commercial Code. Source. 2006, 169:1, eff. Jan. 1, 2007.
Section 382-A:1-108 – Relation to Electronic Signatures in Global and National Commerce Act.
382-A:1-108 Relation to 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 U.S.C. section 7001 et seq., except that nothing in this article modifies, limits, or supersedes 15 U.S.C. section 7001(c) or authorizes electronic delivery of any […]
Section 382-A:1-201 – General Definitions.
382-A: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 articles of this chapter that apply to particular articles or parts thereof, have the meanings stated. (b) Subject to definitions contained in other articles of this chapter that apply […]
Section 382-A:1-202 – Notice; Knowledge.
382-A:1-202 Notice; Knowledge. – (a) Subject to subsection (f), 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 […]
Section 382-A:1-203 – Lease Distinguished From Security Interest.
382-A: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 […]
Section 382-A:1-204 – Value.
[Introductory paragraph effective until January 1, 2023; see also introductory paragraph set out below.] 382-A:1-204 Value. – Except as otherwise provided in Articles 3, 4, and 5, a person gives value for rights if the person acquires them: Except as otherwise provided in Articles 3, 4, 5, 6, and 12, a person gives value […]
Section 382-A:1-205 – Reasonable Time; Seasonableness.
382-A:1-205 Reasonable Time; Seasonableness. – (a) Whether a time for taking an action required by this chapter 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 […]
Section 382-A:1-206 – Presumptions.
382-A:1-206 Presumptions. – Whenever this chapter 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. Source. 2006, 169:1, eff. Jan. 1, 2007.
Section 382-A:1-301 – Territorial Application of Chapter; Parties’ Power to Choose Applicable Law.
382-A:1-301 Territorial Application of Chapter; Parties’ Power to Choose Applicable Law. – (a) Except as provided in paragraph (b), if 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 […]
Section 382-A:1-302 – Variation by Agreement.
382-A:1-302 Variation by Agreement. – (a) Except as otherwise provided in subsection (b) or elsewhere in this chapter, the effect of provisions of this chapter may be varied by agreement. (b) The obligations of good faith, diligence, reasonableness, and care prescribed by this chapter may not be disclaimed by agreement. The parties, by agreement, […]
Section 382-A:1-303 – Course of Performance, Course of Dealing, and Usage of Trade.
382-A:1-303 Course of Performance, Course of Dealing, and Usage of Trade. – (a) A " course of performance " is a sequence of conduct between the parties to a particular transaction that exists if: (1) the agreement of the parties with respect to the transaction involves repeated occasions for performance by a party; and […]
Section 382-A:1-304 – Obligation of Good Faith.
382-A:1-304 Obligation of Good Faith. – Every contract or duty within this chapter imposes an obligation of good faith in its performance and enforcement. Source. 2006, 169:1, eff. Jan. 1, 2007.
Section 382-A:1-305 – Remedies to be Liberally Administered.
382-A:1-305 Remedies to be Liberally Administered. – (a) The remedies provided by this chapter shall 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 […]
Section 382-A:1-306 – Waiver or Renunciation of Claim or Right After Breach.
382-A:1-306 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. Source. 2006, 169:1, eff. Jan. 1, 2007.