Section 57A-1-101 – Short title.
57A-1-101. Short title. (a) This title may be cited as the Uniform Commercial Code. (b) This chapter may be cited as Uniform Commercial Code–General Provisions. Source: SL 2008, ch 259, §1.
Section 57A-1-102 – Scope of chapter.
57A-1-102. Scope of chapter. This chapter applies to a transaction to the extent that it is governed by another chapter of Title 57A. Source: SL 2008, ch 259, §2.
Section 57A-1-103 – Construction of title to promote its purposes and policies–Applicability of supplemental principles of law.
57A-1-103. Construction of title to promote its purposes and policies–Applicability of supplemental principles of law. (a) This title 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 of commercial practices through custom, usage, and […]
Section 57A-1-104 – Construction against implied repeal.
57A-1-104. Construction against implied repeal. This title being a general act intended as a unified coverage of its subject matter, no part of it may be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided. Source: SL 2008, ch 259, §4.
Section 57A-1-105 – Severability.
57A-1-105. Severability. If any provision or clause of this title or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this title which can be given effect without the invalid provision or application, and to this end the provisions of this title are severable. […]
Section 57A-1-106 – Use of singular and plural–Gender.
57A-1-106. Use of singular and plural–Gender. In this title, 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: SL 2008, ch 259, §6.
Section 57A-1-107 – Section captions.
57A-1-107. Section captions. Section captions are part of this title. Source: SL 2008, ch 259, §7.
Section 57A-1-108 – Relation to Electronic Signatures in Global and National Commerce Act.
57A-1-108.Relation to Electronic Signatures in Global and National Commerce Act. This chapter 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 chapter modifies, limits, or supersedes Section 7001(c) of that Act or authorizes electronic delivery of any of […]
Section 57A-1-201 – General definitions.
57A-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 chapters of this title that apply to particular chapters or parts thereof, have the meanings stated. (b) Subject to definitions contained in other chapters of this title that apply to particular […]
Section 57A-1-202 – Notice–Knowledge.
57A-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 know that it exists. (b) “Knowledge” […]
Section 57A-1-203 – Lease distinguished from security interest.
57A-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 […]
Section 57A-1-204 – Value.
57A-1-204. Value. Except as otherwise provided in chapters 57A-3, 57A-4, and 57A-5, 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 in […]
Section 57A-1-205 – Reasonable time–Seasonableness.
57A-1-205. Reasonable time–Seasonableness. (a) Whether a time for taking an action required by this title 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 57A-1-206 – Presumptions.
57A-1-206. Presumptions. Whenever this title 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: SL 2008, ch 259, §14.
Section 57A-1-301 – Territorial applicability–Parties’ power to choose applicable law.
57A-1-301. Territorial applicability–Parties’ power to choose applicable law. (1) Except as provided hereafter 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 […]
Section 57A-1-302 – Variation by agreement.
57A-1-302. Variation by agreement. (a) Except as otherwise provided in subsection (b) or elsewhere in this title, the effect of provisions of this title may be varied by agreement. (b) The obligations of good faith, diligence, reasonableness, and care prescribed by this title may not be disclaimed by agreement. The parties, by agreement, may determine […]
Section 57A-1-303 – Course of performance, course of dealing, and usage of trade.
57A-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 (2)The other party, with knowledge […]
Section 57A-1-304 – Obligation of good faith.
57A-1-304. Obligation of good faith. Every contract or duty within this title imposes an obligation of good faith in its performance and enforcement. Source: SL 2008, ch 259, §18.
Section 57A-1-305 – Remedies to be liberally administered.
57A-1-305. Remedies to be liberally administered. (a) The remedies provided by this title 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 as specifically […]
Section 57A-1-306 – Waiver or renunciation of claim or right after breach.
57A-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: SL 2008, ch 259, §20.