§ 1—101. Short titles

§ 1—101. Short titles (a) This title may be cited as the Uniform Commercial Code. (b) This article may be cited as Uniform Commercial Code—General Provisions. (2007, No. 99 (Adj. Sess.), § 2.)

§ 1—102. Scope of article

§ 1—102. Scope of article This article applies to a transaction to the extent that it is governed by another article of this title. (2007, No. 99 (Adj. Sess.), § 2.)

§ 1—103. Construction of this title to promote its purposes and policies; applicability of supplemental principles of law

§ 1—103. Construction of this title to promote its purposes and policies; applicability of supplemental principles of law (a) This title must 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 […]

§ 1—104. Construction against implied repeal

§ 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being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided. (2007, No. 99 (Adj. Sess.), § 2.)

§ 1—105. Severability

§ 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 […]

§ 1—106. Use of singular and plural; gender

§ 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. (Amended 2007, No. 99 (Adj. Sess.), § 2.)

§ 1—107. Section captions

§ 1—107. Section captions Section captions are parts of this title. (Amended 2007, No. 99 (Adj. Sess.), § 2.)

§ 1—108. Relation to electronic signatures in Global and National Commerce Act

§ 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. section 7001 et seq.), but does not modify, limit, or supersede section 101(c) of that act (15 U.S.C. section 7001(c)) or authorize electronic delivery of […]

§ 1—201. General definitions

§ 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 title that apply to particular articles or parts thereof, have the meanings stated. (b) Subject to definitions contained in other articles of this title that apply to […]

§ 1—202. Notice; knowledge

§ 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 […]

§ 1—203. Lease distinguished from security interest

§ 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 […]

§ 1—204. Value

§ 1—204. Value Except as otherwise provided in Articles 3, 4, and 5 of this title, 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 […]

§ 1—205. Reasonable time; seasonableness

§ 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 […]

§ 1—206. Presumptions

§ 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. (Added 2007, No. 99 (Adj. Sess.), § 2.)

§ 1—301. Territorial applicability; parties’ power to choose applicable law

§ 1—301. Territorial applicability; parties’ power to choose applicable law (a) 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 […]

§ 1—302. Variation by agreement

§ 1—302. Variation by agreement (a) Except as otherwise provided in subsection (b) of this section 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, […]

§ 1—303. Course of performance, course of dealing, and usage of trade

§ 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 […]

§ 1—304. Obligation of good faith

§ 1—304. Obligation of good faith Every contract or duty within this title imposes an obligation of good faith in its performance and enforcement. (Added 2007, No. 99 (Adj. Sess.), § 2.)

§ 1—305. Remedies to be liberally administered

§ 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 […]

§ 1—306. Waiver or renunciation of claim or right after breach

§ 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. (Added 2007, No. 99 (Adj. Sess.), § 2.)