47-1201. 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 […]
47-1202. 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 […]
47-1203. 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 […]
47-1204. Value Except as otherwise provided in chapters 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 charge-back […]
47-1205. Reasonable time; " seasonably" 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 […]
47-1206. 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.
