Short Titles. (a) Sections 1-101 through 11-107 of this title shall be known and may be cited as the “Uniform Commercial Code”. (b) This article shall be known and may be cited as “Uniform Commercial Code – General Provisions”. Added by Laws 1961, p. 69, § 1-101. Amended by Laws 1988, c. 86, § 79, […]
Scope of Article. This article applies to a transaction to the extent that it is governed by another article of the Uniform Commercial Code. Added by Laws 1961, p. 69, § 1-102. Amended by Laws 2005, c. 139, § 2, eff. Jan. 1, 2006.
Construction of Uniform Commercial Code to Promote Its Purposes and Policies; Applicability of Supplemental Principles of Law. (a) The Uniform Commercial Code shall 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 practices […]
Construction Against Implicit 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being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided. Added by Laws 1961, p. 69, § 1-104. Amended by Laws 2005, c. […]
Use of Singular and Plural; Gender. In the Uniform Commercial Code, unless the statutory context otherwise requires: (1) words in the singular number include the plural, and in the plural include the singular; and (2) words of any gender include any other gender. Added by Laws 1961, p. 70, § 1-106. Amended by Laws 2005, […]
Section Captions. Section captions are part of the Uniform Commercial Code. Added by Laws 1961, p. 70, § 1-107. Amended by Laws 2005, c. 139, § 6, eff. Jan. 1, 2006.
Article 1 of the Uniform Commercial Code modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C., Section 7001 et seq., except that nothing in this article modifies, limits or supersedes Section 7001(c) of that Act or authorizes electronic delivery of any of the notices described in Section 7003(b) […]
General Definitions and Principles of Interpretation. (a) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other articles of the Uniform Commercial Code that apply to particular articles or parts thereof, have the meanings stated. (b) Subject to definitions contained in other articles of the […]
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 reason to know that it […]
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 creates a security interest if the consideration that the lessee is to pay the lessor for the right to possession and use of […]
“Value”. Except as otherwise provided in Articles 3, 4 and 5 of the Uniform Commercial Code, 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 […]
Reasonable Time; Seasonableness. (a) Whether a time for taking an action required by the Uniform Commercial Code 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 […]
Presumptions. Whenever the Uniform Commercial Code 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 by Laws 1961, p. 74, § 1-206. Amended by […]
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 their rights […]
Variation by Agreement. (a) Except as otherwise provided in subsection (b) of this section or elsewhere in the Uniform Commercial Code, the effect of the Uniform Commercial Code may be varied by agreement. (b) The obligations of good faith, diligence, reasonableness, and care prescribed by the Uniform Commercial Code may not be disclaimed by agreement. […]
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 party, with […]
Obligation of Good Faith. Every contract of duty within the Uniform Commercial Code imposes an obligation of good faith in its performance and enforcement. Breach of the obligation of good faith imposed by this section shall not give rise to a separate tort cause of action. Added by Laws 2005, c. 139, § 17, eff. […]
Remedies to Be Liberally Administered. (a) The remedies provided by the Uniform Commercial Code 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 nor penal damages may be had except as specifically […]
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 by Laws 2005, c. 139, § 19, eff. Jan. 1, 2006.
Prima Facie Evidence by Third-Party Documents. A document in due form purporting to be a bill of lading, policy or certificate of insurance, official weigher’s or inspector’s certificate, consular invoice, or any other document authorized or required by the contract to be issued by a third party is prima facie evidence of its own authenticity […]
