Title 47 — Uniform Commercial Code

B. This chapter may be cited as uniform commercial code - general provisions.

This chapter applies to a transaction to the extent that it is governed by another chapter of this title.

A. This title 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; 2. To permit the continued expansion of commercial practices through custom, usage an…

This title being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.

If any provision or clause of this title or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this title that can be given effect without the invalid provision or application and to this end the provi…

In this title, unless the statutory context otherwise requires: 1. Words in the singular number include the plural and those in the plural include the singular; and 2. Words of any gender also refer to any other gender.

47-1107. Section captions Section captions are part of this title.

This chapter modifies, limits and supersedes the federal electronic signatures in global and national commerce act (P.L. 106-229; 114 Stat. 464; 15 United States Code sections 7001 through 7006, section 7021 and section 7031) but does not modify, limit or supersede section 101(c)…

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 othe…

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 that it exists. B. …

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 …

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 no…

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 reasonable time.

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.

B. In the absence of an agreement effective under subsection A of this section, and except as provided in subsection C of this section, this title applies to transactions bearing an appropriate relation to this state. C. To the extent that this title governs a transaction, if one…

A. Except as otherwise provided in subsection B or elsewhere in this title, the effect of provisions of this title may be varied by agreement. B. The obligations of good faith, diligence, reasonableness and care prescribed by this title may not be disclaimed by agreement. The par…

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 knowledge of …

Every contract or duty within this title imposes an obligation of good faith in its performance and enforcement.

A. The remedies provided by this title 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 pr…

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.

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 …

A. A party that with explicit reservation of rights performs or promises performance or assents to performance in a manner demanded or offered by the other party does not prejudice the rights reserved. Such words as "without prejudice", “under protest" or the like are sufficient.…

A term providing that one party or that party’s successor in interest may accelerate payment or performance or require collateral or additional collateral "at will" or when the party "deems itself insecure", or words of similar import, means that the party has power to do so only…

An obligation may be issued as subordinated to performance of another obligation of the person obligated or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated. Subordinatio…