Title 5 — Uniform Commercial Code
40 chapters · 413 sections in this title.
5 CMC § 8304 Notice to Purchaser of Adverse Claims
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8304. Notice to Purchaser of Adverse Claims. (1) A purchaser (including a broker for the seller or buyer, but excluding an intermediary bank) of a certificated security is charged with notice of adverse claims i…
5 CMC § 8305 Staleness as Notice of Adverse Claims
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8305. Staleness as Notice of Adverse Clams. An act or event that creates a right to immediate performance of the principal obligation represented by a certificated security or sets a date on or after which a cer…
5 CMC § 8306 Warranties on Presentment and Transfer of Certificated Securities; Warranties of Originators of Instructions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8306. Warranties on Presentment and Transfer of Certificated Securities; Warranties of Originators of Instructions. (1) A person who presents a certificated security for registration of transfer or for payment o…
5 CMC § 8307 Effect of Delivery Without Indorsement; Right to Compel Indorsement
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8307. Effect of Delivery Without Indorsement; Right to Compel Indorsement. If a certificated security in registered form has been delivered to a purchaser without a necessary indorsement he may become a bona fid…
5 CMC § 8308 Indorsements; Instructions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8308. Indorsement; Instructions. (1) An indorsement of a certificated security in registered form is made when an appropriate person signs on it or on a separate document an assignment or transfer of the securit…
5 CMC § 8309 Effect of Indorsement Without Delivery
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8309. Effect of Indorsement Without Delivery. An indorsement of a certificated security, whether special or in blank, does not constitute a transfer until delivery of the certificated security on which it appear…
5 CMC § 8310 Indorsement of Certificated Security in Bearer Form
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8310. Indorsement of Certificated Security in Bearer Form. An indorsement of a certificated security in bearer form may give notice of adverse claims (5 CMC § 8304) but does not otherwise affect any right to reg…
5 CMC § 8311 Effect of Unauthorized Indorsement or Instruction
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8311. Effect of Unauthorized Indorsement or Instruction. Unless the owner or pledgee has ratified an unauthorized indorsement or instruction or is otherwise precluded from asserting its ineffectiveness: (a) He m…
5 CMC § 8312 Effect of Guaranteeing Signature, Indorsement or Instruction
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8312. Effect of Guaranteeing Signature, Indorsement or Instruction. (1) Any person guaranteeing a signature of an indorser of a certificated security warrants that at the time of signing: (a) The signature was g…
5 CMC § 8313 When Transfer to Purchaser Occurs; Financial Intermediary as Bona Fide Purchaser; "Financial Intermediary."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8313. When Transfer to Purchaser Occurs; Financial Intermediary as Bona Fide Purchaser; “Financial Intermediary.” (1) Transfer of a security or a limited interest (including a security interest) therein to a pur…
5 CMC § 8314 Duty to Transfer, When Completed
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8314. Duty to Transfer, When Completed. (1) Unless otherwise agreed, if a sale of a security is made on an exchange or otherwise through brokers: (a) The selling customer fulfills his duty to transfer at the tim…
5 CMC § 8315 Action Against Transferee Based Upon Wrongful Transfer
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8315. Action Against Transferee Based Upon Wrongful Transfer. (1) Any person against whom the transfer of a security is wrongful for any reason, including his incapacity, as against anyone except a bona fide pur…
5 CMC § 8316 Purchaser's Right to Requisites for Registration of Transfer, Pledge, or Release on Books
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8316. Purchaser’s Right to Requisites for Registration of Transfer, Pledge, or Release on Books. Unless otherwise agreed, the transferor of a certificated security or the transferor, pledgor, or pledgee of an un…
5 CMC § 8317 Creditors' Rights
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8317. Creditors’ Rights. (1) Subject to the exceptions in subsections (3) and (4) of this section, no attachment or levy upon a certificated security or any share or other interest represented thereby which is o…
5 CMC § 8318 No Conversion by Good Faith Conduct
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8318. No Conversion by Good Faith Conduct. An agent or bailee who in good faith (including observance of reasonable commercial standards if he is in the business of buying, selling, or otherwise dealing with sec…
5 CMC § 8319 Statute of Frauds
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8319. Statute of Frauds. A contract for the sale of securities is not enforceable by way of action or defense unless: (a) There is some writing signed by the party against whom enforcement is sought or by his au…
5 CMC § 8320 Transfer or Pledge Within Central Depository System
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8320. Transfer or Pledge Within Central Depository System. (1) In addition to other methods, a transfer, pledge, or release of a security or any interest therein may be effected by the making of appropriate entr…
5 CMC § 8321 Enforceability, Attachment, Perfection and Termination of Security Interests
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8321. Enforceability, Attachment, Perfection and Termination of Security Interests. (1) A security interest in a security is enforceable and can attach only if it is transferred to the secured party or a person …
5 CMC § 9301 Persons Who Take Priority Over Unperfected Security Interests; Rights of "Lien Creditor."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9301. Persons Who Take Priority Over Unperfected Security Interests; Rights of “Lien Creditor.” (1) Except as otherwise provided in subsection (2) of this section, an unperfected security interest is subord…
5 CMC § 9302 When Filing is Required to Perfect Security Interest; Security Interests to Which Filing Provisions of This Division Do Not Apply
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9302. When Filing Is Required to Perfect Security Interest; Security Interests to Which Filing Provisions of This Division Do Not Apply. (1) A financing statement must be filed to perfect all security inter…
5 CMC § 9303 When Security Interest Is Perfected; Continuity of Perfection
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9303. When Security Interest Is Perfected; Continuity of Perfection. (1) A security interest is perfected when it has attached and when all of the applicable steps required for perfection have been taken. S…
5 CMC § 9304 Perfection of Security Interest in Instruments, Documents, and Goods Covered by Documents; Perfection by Permissive Filing; Temporary Perfection Without Filing or Transfer of Possession
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9304. Perfection of Security Interest in Instruments, Documents, and Goods Covered by Documents; Perfection by Permissive Filing; Temporary Perfection Without Filing or Transfer of Possession. (1) A securit…
5 CMC § 9305 When Possession by Secured Party Perfects Security Interest Without Filing
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9305. When Possession by Secured Party Perfects Security Interest Without Filing. A security interest in letters of credit and advices of credit (5 CMC § 5116(2)(a)), goods, instruments (other than certific…
5 CMC § 9306 "Proceeds"; Secured Party's Rights on Disposition of Collateral
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9306. “Proceeds”; Secured Party’s Rights on Disposition of Collateral. (1) “Proceeds” includes whatever is received upon the sale, exchange, collection or other disposition of collateral or proceeds. Insura…
5 CMC § 9307 Protection of Buyers of Goods
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9307. Protection of Buyers of Goods. (1) A buyer in ordinary course of business (5 CMC § 1201(9)) other than a person buying farm products from a person engaged in farming operations takes free of a securit…
5 CMC § 9308 Purchase of Chattel Paper and Instruments
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9308. Purchase of Chattel Paper and Instruments. A purchaser of chattel paper or an instrument who gives new value and takes possession of it in the ordinary course of his business has priority over a secur…
5 CMC § 9309 Protection of Purchasers of Instruments, Documents, and Securities
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9309. Protection of Purchasers of Instruments, Documents and Securities. Nothing in this division limits the rights of a holder in due course of a negotiable instrument (5 CMC § 3302) or a holder to whom a …
5 CMC § 9310 Priority of Certain Liens Arising by Operation of Law
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9310. Priority of Certain Liens Arising by Operation of Law. When a person in the ordinary course of his business furnishes services or materials with respect to goods subject to a security interest, a lien…
5 CMC § 9311 Alienability of Debtor's Rights: Judicial Process
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9311. Alienability of Debtor’s Rights: Judicial Process. The debtor’s rights in collateral may be voluntarily or involuntarily transferred (by way of sale, creation of a security interest, attachment, levy,…
5 CMC § 9312 Priorities Among Conflicting Security Interests in the Same Collateral
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9312. Priorities Among Conflicting Security Interests in the Same Collateral. (1) The rules of priority stated in other sections of this chapter and in the following sections shall govern when applicable: 5…
5 CMC § 9313 Priority of Security Interests in Fixtures
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9313. Priority of Security Interests in Fixtures. (1) In this section and in the provisions of chapter 4 of this division [5 CMC § 9401 et seq.] referring to fixture filing, unless the context otherwise req…
5 CMC § 9314 Accessions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9314. Accessions. (1) A security interest in goods which attaches before they are installed in or affixed to other goods takes priority as to the goods installed or affixed (called in this section “accessio…
5 CMC § 9315 Priority When Goods Are Commingled or Possessed
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9315. Priority When Goods Are Commingled or Processed. (1) If a security interest in goods was perfected and subsequently the goods or a part thereof have become part of a product or mass, the security inte…
5 CMC § 9316 Priority Subject to Subordination
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9316. Priority Subject to Subordination. Nothing in this division prevents subordination by agreement by any person entitled to priority. Source: PL 3-56, § 1 (§ 9316).
5 CMC § 9317 Secured Party Not Obligated on Contract of Debtor
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9317. Secured Party Not Obligated on Contract of Debtor. The mere existence of a security interest or authority given to the debtor to dispose of or use collateral does not impose contract or tort liability…
5 CMC § 9318 Defenses Against Assignee; Modification of Contract After Notification of Assignment; Term Prohibiting Assignment Ineffective: Identification and Proof of Assignment
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9318. Defenses Against Assignee; Modification of Contract After Notification of Assignment; Term Prohibiting Assignment Ineffective; Identification and Proof of Assignment. (1) Unless an account debtor has …