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. Subject to definitions contained in other articles of this title that apply to particular articles or parts thereof: “Action”, […]
Subject to subsection (f) of this section, a person has “notice” of a fact if the person: Has actual knowledge of it; Has received a notice or notification of it; or From all the facts and circumstances known to the person at the time in question, has reason to know that it exists. “Knowledge” means […]
Whether a transaction in the form of a lease creates a lease or security interest is determined by the facts of each case. 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 of the […]
Except as otherwise provided in articles 3, 4, and 5 of this title, a person gives value for rights if the person acquires them: 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 […]
Whether a time for taking an action required by this title is reasonable depends on the nature, purpose, and circumstances of the action. 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. Source: L. 2006: Entire article […]
