Title 5 — Uniform Commercial Code
40 chapters · 413 sections in this title.
5 CMC § 2501 Insurable Interest in Goods; Manner of Identification of Goods
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2501. Insurable Interest in Goods; Manner of Identification of Goods. (1) The buyer obtains a special property and an insurable interest in goods by identification of existing goods as goods to which the contract refers even th…
5 CMC § 2502 Buyer's Right to Goods on Seller's Insolvency
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2502. Buyer’s Right to Goods on Seller’s Insolvency. (1) Subject to subsection (2) of this section and even though the goods have not been shipped a buyer who has paid a part or all of the price of goods in which he has a speci…
5 CMC § 2503 Manner of Seller's Tender of Delivery
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2503. Manner of Seller’s Tender of Delivery. (1) Tender of delivery requires that the seller put and hold conforming goods at the buyer’s disposition and give the buyer any notification reasonably necessary to enable him to tak…
5 CMC § 2504 Shipment by Seller
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2504. Shipment by Seller. Where the seller is required or authorized to send the goods to the buyer and the contract does not require him to deliver them at a particular destination, then unless otherwise agreed he must: (a) Pu…
5 CMC § 2505 Seller's Shipment Under Reservation
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2505. Seller’s Shipment Under Reservation. (1) Where the seller has identified goods to the contract by or before shipment: (a) His procurement of a negotiable bill of lading to his own order or otherwise reserves in him a secu…
5 CMC § 2506 Rights of Financing Agency
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2506. Rights of Financing Agency. (1) A financing agency by paying or purchasing for value a draft which relates to a shipment of goods acquires to the extent of the payment or purchase and in addition to its own rights under t…
5 CMC § 2507 Effect of Seller's Tender; Delivery on Condition
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2507. Effect of Seller’s Tender; Delivery on Condition. (1) Tender of delivery is a condition to the buyer’s duty to accept the goods and, unless otherwise agreed, to his duty to pay for them. Tender entitles the seller to acce…
5 CMC § 2508 Cure by Seller of Improper Tender or Delivery; Replacement
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2508. Cure by Seller of Improper Tender or Delivery; Replacement. (1) Where any tender or delivery by the seller is rejected because nonconforming and the time for performance has not yet expired, the seller may seasonably noti…
5 CMC § 2509 Risk of Loss in the Absence of Breach
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2509. Risk of Loss in the Absence of Breach. (1) Where the contract requires or authorizes the seller to ship the goods by carrier: (a) If it does not require him to deliver them at a particular destination, the risk of loss pa…
5 CMC § 2510 Effect of Breach on Risk of Loss
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2510. Effect of Breach on Risk of Loss. (1) Where a tender or delivery of goods so fails to conform to the contract as to give a right of rejection the risk of their loss remains on the seller until cure or acceptance. (2) Wher…
5 CMC § 2511 Tender of Payment by Buyer; Payment by Check
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2511. Tender of Payment by Buyer; Payment by Check. (1) Unless otherwise agreed tender of payment is a condition to the seller’s duty to tender and complete any delivery. (2) Tender of payment is sufficient when made by any mea…
5 CMC § 2512 Payment by Buyer Before Inspection
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2512. Payment by Buyer Before Inspection. (1) Where the contract requires payment before inspection non-conformity of the goods does not excuse the buyer from so making payment unless: (a) The non-conformity appears without ins…
5 CMC § 2513 Buyer's Right to Inspection of Goods
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2513. Buyer’s Right to Inspection of Goods. (1) Unless otherwise agreed and subject to subsection (3) of this section, where goods are tendered or delivered or identified to the contract for sale, the buyer has a right before p…
5 CMC § 2514 When Documents Deliverable on Acceptance; When on Payment
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2514. When Documents Deliverable on Acceptance; When on Payment. Unless otherwise agreed documents against which a draft is drawn are to be delivered to the drawee on acceptance of the draft if it is payable more than three day…
5 CMC § 2515 Preserving Evidence of Goods in Dispute
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2515. Preserving Evidence of Goods in Dispute. In furtherance of the adjustment of any claim or dispute: (a) Either party on reasonable notification to the other and for the purpose of ascertaining the facts and preserving evid…
5 CMC § 3501 When Presentment, Notice of Dishonor, and Protest Necessary or Permissible
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3501. When Presentment, Notice of Dishonor, and Protest Necessary or Permissible. (1) Unless excused (5 CMC § 3511) presentment is necessary to charge secondary parties as follows: (a) Presentment for acceptance is n…
5 CMC § 3502 Unexcused Delay; Discharge
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3502. Unexcused Delay; Discharge. (1) Where without excuse any necessary presentment or notice of dishonor is delayed beyond the time when it is due: (a) Any indorser is discharged; and (b) Any drawer or the acceptor…
5 CMC § 3503 Time of Presentment
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3503. Time of Presentment. (1) Unless a different time is expressed in the instrument the time for any presentment is determined as follows: (a) Where an instrument is payable at or a fixed period after a stated date…
5 CMC § 3504 How Presentment Made
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3504. How Presentment Made. (1) Presentment is a demand for acceptance or payment made upon the maker, acceptor, drawee or other payor by or on behalf of the holder. (2) Presentment may be made: (a) By mail, in which…
5 CMC § 3505 Rights of Party to Whom Presentment Is Made
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3505. Rights of Party to Whom Presentment Is Made. (1) The party to whom presentment is made may without dishonor require: (a) Exhibition of the instrument; and (b) Reasonable identification of the person making pres…
5 CMC § 3506 Time Allowed for Acceptance or Payment
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3506. Time Allowed for Acceptance or Payment. (1) Acceptance may be deferred without dishonor until the close of the next business day following presentment. The holder may also in a good faith effort to obtain accep…
5 CMC § 3507 Dishonor; Holder's Right of Recourse; Term Allowing Re-Presentment
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3507. Dishonor; Holder’s Right of Recourse; Term Allowing RePresentment. (1) An instrument is dishonored when: (a) A necessary or optional presentment is duly made and due acceptance or payment is refused or cannot b…
5 CMC § 3508 Notice of Dishonor
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3508. Notice of Dishonor. (1) Notice of dishonor may be given to any person who may be liable on the instrument by or on behalf of the holder or any party who has himself received notice, or any other party who can b…
5 CMC § 3509 Protest; Noting for Protest
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3509. Protest; Noting for Protest. (1) A protest is a certificate of dishonor made under the hand and seal of a United States consul or vice consul or a notary public or other person authorized to certify dishonor by…
5 CMC § 3510 Evidence of Dishonor and Notice of Dishonor
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3510. Evidence of Dishonor and Notice of Dishonor. The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor therein shown: (a) A document regular in form as provided…
5 CMC § 3511 Waived or Excused Presentment, Protest or Notice of Dishonor or Delay Therein
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3511. Waived or Excused Presentment, Protest or Notice of Dishonor or Delay Therein. (1) Delay in presentment, protest or notice of dishonor is excused when the party is without notice that it is due or when the dela…
5 CMC § 4501 Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4501. Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor. A bank which takes a documentary draft for collection must present or send the draft and accompanyin…
5 CMC § 4502 Presentment of "On Arrival" Drafts
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4502. Presentment of “On Arrival” Drafts. When a draft or the relevant instructions require presentment “on arrival,” “when goods arrive” or the like, the collecting bank need not present until in its ju…
5 CMC § 4503 Responsibility of Presenting Bank for Documents and Goods; Report of Reasons for Dishonor; Referee in Case of Need
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4503. Responsibility of Presenting Bank for Documents and Goods; Report of Reasons for Dishonor; Referee in Case of Need. Unless otherwise instructed and except as provided in division 5 of this title [5…
5 CMC § 4504 Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4504. Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses. (1) A presenting bank which, following the dishonor of a documentary draft, has seasonably requested instructions bu…
5 CMC § 7501 Form of Negotiation and Requirements of "Due Negotiation."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7501. Form of Negotiation and Requirements of “Due Negotiation.” (1) A negotiable document of title running to the order of a named person is negotiated by his indorsement and delivery. After his indorsement …
5 CMC § 7502 Rights Acquired by Due Negotiation
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7502. Rights Acquired by Due Negotiation. (1) Subject to the 5 CMC § 7503 and to the provisions of 5 CMC § 7205 on fungible goods, a holder to whom a negotiable document of title has been duly negotiated acqu…
5 CMC § 7503 Document of Title to Goods Defeated in Certain Cases
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7503. Document of Title to Goods Defeated in Certain Cases. (1) A document of title confers no right in goods against a person who before issuance of the document had a legal interest or a perfected security …
5 CMC § 7504 Rights Acquired in the Absence of Due Negotiation; Effect of Diversion; Seller's Stoppage of Delivery
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7504. Rights Acquired in the Absence of Due Negotiation; Effect of Diversion; Seller’s Stoppage of Delivery. (1) A transferee of a document, whether negotiable or non-negotiable, to whom the document has been…
5 CMC § 7505 Indorser Not a Guarantor for Other Parties
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7505. Indorser Not a Guarantor for Other Parties. The indorsement of a document of title issued by a bailee does not make the indorser liable for any default by the bailee or by previous indorsers. Source: PL…
5 CMC § 7506 Delivery Without Indorsement: Right to Compel Indorsement
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7506. Delivery Without Indorsement: Right to Compel Indorsement. The transferee of a negotiable document of title has a specifically enforceable right to have his transferor supply any necessary indorsement b…
5 CMC § 7507 Warranties on Negotiation or Transfer of Receipt or Bill
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7507. Warranties on Negotiation or Transfer of Receipt or Bill. Where a person negotiates or transfers a document of title for value otherwise than as a mere intermediary under 5 CMC § 7508, then unless other…
5 CMC § 7508 Warranties of Collecting Bank as to Documents
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7508. Warranties of Collecting Bank as to Documents. A collecting bank or other intermediary known to be entrusted with documents on behalf of another or with collection of a draft or other claim against deli…
5 CMC § 7509 Receipt or Bill: When Adequate Compliance With Commercial Contract
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7509. Receipt or Bill: When Adequate Compliance With Commercial Contract. The question whether a document is adequate to fulfill the obligations of a contract for sale or the conditions of a credit is governe…
5 CMC § 9501 Default; Procedure when Security Agreement Covers Both Real and Personal Property
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9501. Default; Procedure when Security Agreement Covers Both Real and Personal Property. (1) When a debtor is in default under a security agreement, a secured party has the rights and remedies provided in t…
5 CMC § 9502 Collection Rights of Secured Party
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9502. Collection Rights of Secured Party. (1) When so agreed and in any event on default the secured party is entitled to notify an account debtor or the obligor on an instrument to make payment to him whet…
5 CMC § 9503 Secured Party's Right to Take Possession After Default
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9503. Secured Party’s Right to Take Possession After Default. Unless otherwise agreed a secured party has on default the right to take possession of the collateral. In taking possession a secured party may …
5 CMC § 9504 Secured Party's Right to Dispose of Collateral After Default; Effect of Disposition
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9504. Secured Party’s Right to Dispose of Collateral After Default; Effect of Disposition. (1) A secured party after default may sell, lease or otherwise dispose of any or all of the collateral in its then …
5 CMC § 9505 Compulsory Disposition of Collateral; Acceptance of the Collateral as Discharge of Obligation
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9505. Compulsory Disposition of Collateral; Acceptance of the Collateral as Discharge of Obligation. (1) If the debtor has paid 60 percent of the cash price in the case of a purchase money security interest…
5 CMC § 9506 Debtor's Right to Redeem Collateral
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9506. Debtor’s Right to Redeem Collateral. At any time before the secured party has disposed of collateral or entered into a contract for its disposition under 5 CMC § 9504 or before the obligation has been…
5 CMC § 9507 Secured Party's Liability for Failure to Comply With This Chapter
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9507. Secured Party’s Liability for Failure to Comply with This Chapter. (1) If it is established that the secured party is not proceeding in accordance with the provisions of this chapter disposition may b…