Title 4 — Business and Commercial Law
88 chapters · 1,044 sections in this title.
Ark. Code Ann. § 4-1-101 Short titles
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(a) This subtitle may be cited as the Uniform Commercial Code. (b) This chapter may be cited as Uniform Commercial Code — General Provisions.
Ark. Code Ann. § 4-1-102 Scope of subtitle
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This chapter applies to a transaction to the extent that it is governed by another chapter of this subtitle.
Ark. Code Ann. § 4-1-103 Construction of subtitle to promote its purposes and policies — Applicability of supplemental principles of law
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(1) This subtitle shall be liberally construed and applied to promote its underlying purposes and policies, which are:(a) to simplify, clarify, and modernize the law governing commercial transactions;(b) to permit the continued expansion of commercial practices through custom, us…
Ark. Code Ann. § 4-1-104 Construction against implicit repeal
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This subtitle being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.
Ark. Code Ann. § 4-1-105 Severability
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If any provision or clause of this subtitle or its application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of the subtitle which can be given effect without the invalid provision or application, and to th…
Ark. Code Ann. § 4-1-106 Use of singular and plural — Gender
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(1) In this subtitle, 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. (1) Words in the singular number include the plural,…
Ark. Code Ann. § 4-1-107 Section captions
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Section captions are part of this subtitle.
Ark. Code Ann. § 4-1-108 Relation to Electronic Signatures in Global and National Commerce Act
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This subtitle modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., except that nothing in this subtitle modifies, limits, or supersedes 15 U.S.C. § 7001(c) or authorizes electronic delivery of any of the…
Ark. Code Ann. § 4-1-109 [Transferred.]
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A.C.A. § 4-1-109Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 4-1-201 General definitions. [Effective until September 1, 2026.]
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(a) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other chapters of this subtitle that apply to particular chapters or parts thereof, have the meanings stated. (b) Subject to definitions contained in…
Ark. Code Ann. § 4-1-202 Notice — Knowledge
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(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. …
Ark. Code Ann. § 4-1-203 Lease distinguished from security interest
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(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 possessio…
Ark. Code Ann. § 4-1-204 Value. [Effective until September 1, 2026.]
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(1) Except as otherwise provided in Chapters 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 charg…
Ark. Code Ann. § 4-1-205 Reasonable time — Seasonableness
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(a) Whether a time for taking an action required by this subtitle 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.…
Ark. Code Ann. § 4-1-206 Presumptions
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Whenever this subtitle 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.
Ark. Code Ann. § 4-1-301 Territorial application of the subtitle — Parties' power to choose applicable law. [Effective until September 1, 2026.]
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(1) Except as provided 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 and duties. Failing such ag…
Ark. Code Ann. § 4-1-302 Variation by agreement
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(a) Except as otherwise provided in subsection (b) or elsewhere in this subtitle, the effect of provisions of this subtitle may be varied by agreement. (b) The obligations of good faith, diligence, reasonableness, and care prescribed by this subtitle may not be disclaimed by agre…
Ark. Code Ann. § 4-1-303 Course of performance — Course of dealing — Usage of trade
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(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…
Ark. Code Ann. § 4-1-304 Obligation of good faith
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Every contract or duty within this subtitle imposes an obligation of good faith in its performance and enforcement.
Ark. Code Ann. § 4-1-305 Remedies to be liberally administered
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(a) The remedies provided by this subtitle 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 specificall…
Ark. Code Ann. § 4-1-306 Waiver or renunciation of claim or right after breach. [Effective until September 1, 2026.]
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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.
Ark. Code Ann. § 4-1-307 Prima facie evidence by third-party documents
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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…
Ark. Code Ann. § 4-1-308 Performance or acceptance under reservation of rights
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(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 thereby prejudice the rights reserved. Such words as “without prejudice,” “under protest,” or the like are s…
Ark. Code Ann. § 4-1-309 Option to accelerate at will
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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…
Ark. Code Ann. § 4-1-310 Subordinated obligations
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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. Subordinati…