Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions contained in the subsequent articles of this title which are applicable to specific articles or parts thereof, and unless the context otherwise requires, in this title: (1) “Action,” in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in equity, and any […]
Section 7-1-202 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 […]
Section 7-1-203 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 […]
Section 7-1-204 Value. Except as otherwise provided in Articles 3, 4, and 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 […]
Section 7-1-205 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 […]
Section 7-1-206 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. (Prior version of this section added by Acts 1965, No. […]
Section 7-1-207 Performance or acceptance under reservation of rights. Repealed Act 2004-524, p. 1070, §1, effective January 1, 2005. (Acts 1965, No. 549, p. 811; Acts 1995, No. 95-668, p. 1381, §4.)
Section 7-1-208 Option to accelerate at will. Repealed Act 2004-524, p. 1070, §1, effective January 1, 2005. (Acts 1965, No. 549, p. 811.)
