Title 5 — Uniform Commercial Code
40 chapters · 413 sections in this title.
5 CMC § 9109 Classification of Goods: "Consumer Goods"; "Equipment"; "Farm Products"; "Inventory."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9109. Classification of Goods; “Consumer Goods”; “Equipment”; “Farm Products”; “Inventory.” Goods are: (1) “Consumer goods” if they are used or bought for use primarily for personal, family or household pur…
5 CMC § 9110 Sufficiency of Description
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9110. Sufficiency of Description. For the purposes of this division any description of personal property or real estate is sufficient whether or not it is specific if it reasonably identifies what is descri…
5 CMC § 9111 Applicability of Bulk Transfer Laws
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9111. Applicability of Bulk Transfer Laws. The creation of a security interest is not a bulk transfer under division 6 of this title (see 5 CMC § 6103). Source: PL 3-56, § 1 (§ 9111).
5 CMC § 9112 Where Collateral Is Not Owned by Debtor
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9112. Where Collateral Is Not Owned by Debtor. Unless otherwise agreed, when a secured party knows that collateral is owned by a person who is not the debtor, the owner of the collateral is entitled to rece…
5 CMC § 9113 Security Interests Arising Under Division on Sales
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9113. Security Interests Arising Under Division on Sales. A security interest arising solely under the division on sales (division 2 of this title [5 CMC § 2101 et seq.]) is subject to the provisions of thi…
5 CMC § 9114 Consignment
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9114. Consignment. (1) A person who delivers goods under a consignment which is not a security interest and who would be required to file under this division by 5 CMC § 2326(3)(c) has priority over a secure…
5 CMC § 1201 General Definitions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1201. General Definitions. Subject to additional definitions contained in the subsequent divisions of this title which are applicable to specific divisions or chapters thereof, and unless the context otherwise requ…
5 CMC § 1202 Prima Facie Evidence by Third Party Documents
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1202. 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…
5 CMC § 1203 Obligation of Good Faith
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1203. Obligation of Good Faith. Every contract or duty within this title imposes an obligation of good faith in its performance or enforcement. Source: PL 3-56, § 1 (§ 1203).
5 CMC § 1204 Time; Reasonable Time; "Seasonably."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1204. Time; Reasonable Time; “Seasonably.” (1) Whenever this title requires any action to be taken within a reasonable time, any time which is not manifestly unreasonable may be fixed by agreement. (2) What is a re…
5 CMC § 1205 Course of Dealing and Usage of Trade
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1205. Course of Dealing and Usage of Trade. (1) A course of dealing is a sequence of previous conduct between the parties to a particular transaction which is fairly to be regarded as establishing a common basis of…
5 CMC § 1206 Statute of Frauds for Kinds of Personal Property Not Otherwise Covered
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1206. Statute of Frauds for Kinds of Personal Property Not Otherwise Covered. (1) Except in the cases described in subsection (2) of this section a contract for the sale of personal property is not enforceable by w…
5 CMC § 1207 Performance or Acceptance Under Reservation of Rights
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1207. Performance or Acceptance Under Reservation of Rights. A party who with explicit reservation of rights performs or promises performance or assents to performance in a manner demanded or offered by the other p…
5 CMC § 1208 Option to Accelerate at Will
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1208. Option to Accelerate at Will. A term providing that one party or his successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or “when he deems hims…
5 CMC § 1209 Subordinated Obligations
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1209. Subordinated Obligations. An obligation may be issued as subordinated to payment of another obligation of the person obligated, or a creditor may subordinate his right to payment of an obligation by agreement…
5 CMC § 2201 Formal Requirements; Statute of Frauds
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2201. Formal Requirements; Statute of Frauds. (1) Except as otherwise provided in this section a contract for the sale of goods for the price of $500 or more is not enforceable by way of action or defense unless there is some w…
5 CMC § 2202 Final Written Expression: Parol or Extrinsic Evidence
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2202. Final Written Expression: Parol or Extrinsic Evidence. Terms with respect to which the confirmatory memoranda of the parties agree or which are otherwise set forth in a writing intended by the parties as a final expressio…
5 CMC § 2203 Seals Inoperative
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2203. Seals Inoperative. The affixing of a seal to a writing evidencing a contract for sale or an offer to buy or sell goods does not constitute the writing a sealed instrument and the law with respect to sealed instruments doe…
5 CMC § 2204 Formation in General
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2204. Formation in General. (1) A contract for sale of goods may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of such a contract. (2) An agreement sufficie…
5 CMC § 2205 Firm Offers
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2205. Firm Offers. An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that it will be held open is not revocable, for lack of consideration, during the time stated or if no time i…
5 CMC § 2206 Offer and Acceptance in Formation of Contract
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2206. Offer and Acceptance in Formation of Contract. (1) Unless otherwise unambiguously indicated by the language or circumstances: (a) An offer to make a contract shall be construed as inviting acceptance in any manner and by …
5 CMC § 2207 Additional Terms in Acceptance or Confirmation
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2207. Additional Terms in Acceptance or Confirmation. (1) A definite and seasonable expression of acceptance or a written confirmation which is sent within a reasonable time operates as an acceptance even though it states terms…
5 CMC § 2208 Course of Performance or Practical Construction
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2208. Course of Performance or Practical Construction. (1) Where the contract for sale involves repeated occasions for performance by either party with knowledge of the nature of the performance and opportunity for objection to…
5 CMC § 2209 Modification, Rescission and Waiver
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2209. Modification, Rescission and Waiver. (1) An agreement modifying a contract within this division needs no consideration to be binding. (2) A signed agreement which excludes modification or rescission except by a signed wri…
5 CMC § 2210 Delegation of Performance; Assignment of Rights
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2210. Delegation of Performance; Assignment of Rights. (1) A party may perform his duty through a delegate unless otherwise agreed or unless the other party has a substantial interest in having his original promisor perform or …
5 CMC § 3201 Transfer: Right to Indorsement
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3201. Transfer: Right to Indorsement. (1) Transfer of an instrument vests in the transferee such rights as the transferor has therein, except that a transferee who has himself been a party to any fraud or illegality …
5 CMC § 3202 Negotiation
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3202. Negotiation. (1) Negotiation is the transfer of an instrument in such form that the transferee becomes a holder. If the instrument is payable to order it is negotiated by delivery with any necessary indorsement…
5 CMC § 3203 Wrong or Misspelled Name
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3203. Wrong or Misspelled Name. Where an instrument is made payable to a person under a misspelled name or one other than his own he may indorse in that name or his own or both; but signature in both names may be req…
5 CMC § 3204 Special Indorsement; Blank Indorsement
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3204. Special Indorsement; Blank Indorsement. (1) A special indorsement specifies the person to whom or to whose order it makes the instrument payable. Any instrument specially indorsed becomes payable to the order o…
5 CMC § 3205 Restrictive Indorsements
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3205. Restrictive Indorsements. An indorsement is restrictive which either: (a) Is conditional; or (b) Purports to prohibit further transfer of the instrument; or (c) Includes the words “for collection,” “for deposit…
5 CMC § 3206 Effect of Restrictive Indorsement
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3206. Effect of Restrictive Indorsement. (1) No restrictive indorsement prevents further transfer or negotiation of the instrument. (2) An intermediary bank, or a payor bank which is not the depositary bank, is neith…
5 CMC § 3207 Negotiation Effective Although It May Be Rescinded
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3207. Negotiation Effective Although It May Be Rescinded. (1) Negotiation is effective to transfer the instrument although the negotiation is: (a) Made by an infant, a corporation exceeding its powers, or any other p…
5 CMC § 3208 Reacquisition
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3208. Reacquisition. Where an instrument is returned to or reacquired by a prior party he may cancel any indorsement which is not necessary to his title and reissue or further negotiate the instrument, but any interv…
5 CMC § 4201 Presumption and Duration of Agency Status of Collecting Banks and Provisional Status of Credits; Applicability of Division; Item Indorsed "Pay Any Bank."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4201. Presumption and Duration of Agency Status of Collecting Banks and Provisional Status of Credits; Applicability of Division; Item Indorsed “Pay Any Bank.” (1) Unless a contrary intent clearly appear…
5 CMC § 4202 Responsibility for Collection; When Action Seasonable
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4202. Responsibility for Collection; When Action Seasonable. (1) A collecting bank must use ordinary care in: (a) Presenting an item or sending it for presentment; and (b) Sending notice of dishonor or n…
5 CMC § 4203 Effect of Instructions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4203. Effect of Instructions. Subject to the provisions of division 3 of this title concerning conversion of instruments (5 CMC § 3419) and the provisions of both division 3 of this title and this divisi…
5 CMC § 4204 Methods of Sending and Presenting; Sending Direct to Payor Bank
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4204. Methods of Sending and Presenting; Sending Direct to Payor Bank. (1) A collecting bank must send items by reasonably prompt method taking into consideration any relevant instructions, the nature of…
5 CMC § 4205 Supplying Missing Indorsement; No Notice from Prior Indorsement
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4205. Supplying Missing Indorsement; No Notice from Prior Indorsement. (1) A depositary bank which has taken an item for collection may supply any indorsement of the customer which is necessary to title …
5 CMC § 4206 Transfer Between Banks
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4206. Transfer Between Banks. Any agreed method which identifies the transferor bank is sufficient for the item’s further transfer to another bank. Source: PL 3-56, § 1 (§ 4206).
5 CMC § 4207 Warranties of Customer and Collecting Bank on Transfer or Presentment of Items; Time for Claim
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4207. Warranties of Customer and Collecting Bank on Transfer or Presentment of Items; Time for Claim. (1) Each customer or collecting bank who obtains payment or acceptance of an item and each prior cust…
5 CMC § 4208 Security Interest of Collecting Bank in Items, Accompanying Documents and Proceeds
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4208. Security Interest of Collecting Bank in Items, Accompanying Documents and Proceedings. (1) A bank has a security interest in an item and any accompanying documents or the proceeds of either: (a) In…
5 CMC § 4209 When Bank Gives Value for Purposes of Holder in Due Course
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4209. When Bank Gives Value for Purposes of Holder in Due Course. For purposes of determining its status as a holder in due course, the bank has given value to the extent that it has a security interest …
5 CMC § 4210 Presentment by Notice of Item Not Payable by, Through or at a Bank; Liability of Secondary Parties
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4210. Presentment by Notice of Item Not Payable by, Through or at a Bank; Liability of Secondary Parties. (1) Unless otherwise instructed, a collecting bank may present an item not payable by, through or…
5 CMC § 4211 Media of Remittance; Provisional and Final Settlement in Remittance Cases
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4211. Media of Remittance; Provisional and Final Settlement in Remittance Cases. (1) A collecting bank may take in settlement of an item: (a) A check of the remitting bank or of another bank on any bank …
5 CMC § 4212 Right of Charge-Back or Refund
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4212. Right of Charge-Back or Refund. (1) If a collecting bank has made provisional settlement with its customer for an item and itself fails by reason of dishonor, suspension of payments by a bank or ot…
5 CMC § 4213 Final Payment of Item by Payor Bank; When Provisional Debits and Credits Become Final; When Certain Credits Become Available for Withdrawal
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4213. Final Payment of Item by Payor Bank; When Provisional Debits and Credits Become Final; When Certain Credits Become Available for Withdrawal. (1) An item is finally paid by a payor bank when the ban…
5 CMC § 4214 Insolvency and Preference
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4214. Insolvency and Preference. (1) Any item in or coming into the possession of a payor or collecting bank which suspends payment and which item is not finally paid shall be returned by the receiver, t…
5 CMC § 7201 Who May Issue a Warehouse Receipt; Storage Under Government Bond
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7201. Who May Issue a Warehouse Receipt; Storage Under Government Bond. (1) A warehouse receipt may be issued by any warehouseman. (2) Where goods including distilled spirits and agricultural commodities are …
5 CMC § 7202 Form of Warehouse Receipt; Essential Terms; Optional Terms
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7202. Form of Warehouse Receipt; Essential Terms; Optional Terms. (1) A warehouse receipt need not be in any particular form. (2) Unless a warehouse receipt embodies within its written or printed terms each o…
5 CMC § 7203 Liability for Non-Receipt or Misdescription
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7203. Liability for Non-Receipt or Misdescription. A party to or purchaser for value in good faith of a document of title other than a bill of lading relying in either case upon the description therein of the…