§46-1-101. Short Titles
§46-1-101. 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.
§46-1-102. Scope of Article
This article applies to a transaction to the extent that it is governed by another article of this chapter.
§46-1-103. Construction of Uniform Commercial Code to Promote Its Purposes and Policies; Applicability of Supplemental Principles of Law
(a) This chapter 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;
§46-1-104. Construction Against Implied Repeal
The Uniform Commercial Code being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.
§46-1-105. 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 are severable.
§46-1-106. 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
§46-1-107. Section Captions
Section captions are part of this chapter.
§46-1-108. 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.) 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 any of the notices described in Section 103(b) of that act (15 […]
§46-1-201. General Definitions
§46-1-201. 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 to particular […]
§46-1-202. Notice; Knowledge
(a) Subject to subsection (f), a person has "notice" of a fact if the person: (1) Has actual knowledge of it;
§46-1-203. 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 […]
§46-1-204. Value
Except as otherwise provided in articles 3, 4, and 5 of this chapter, 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 […]
§46-1-205. 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 a reasonable time.
§46-1-206. 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.
§46-1-301. Territorial Applicability; Parties' Power to Choose Applicable Law
§46-1-301. 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 […]
§46-1-302. 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, may determine the standards by which […]
§46-1-303. 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
§46-1-304. Obligation of Good Faith
Every contract or duty within this chapter imposes an obligation of good faith in its performance and enforcement.
§46-1-305. Remedies to Be Liberally Administered
(a) The remedies provided by this chapter 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 provided in this chapter or by […]
§46-1-306. 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.