Title 5 — Uniform Commercial Code
40 chapters · 413 sections in this title.
5 CMC § 7204 Duty of Care; Contractual Limitation of Warehouseman's Liability
1.5K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7204. Duty of Care; Contractual Limitation of Warehouseman’s Liability. (1) A warehouseman is liable for damages for loss of or injury to the goods caused by his failure to exercise such care in regard to the…
5 CMC § 7205 Title Under Warehouse Receipt Defeated in Certain Cases
0.4K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7205. Title Under Warehouse Receipt Defeated in Certain Cases. A buyer in the ordinary course of business of fungible goods sold and delivered by a warehouseman who is also in the business of buying and selli…
5 CMC § 7206 Termination of Storage at Warehouseman's Option
2.2K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7206. Termination of Storage at Warehouseman’s Option. (1) A warehouseman may on notifying the person on whose account the goods are held and any other person known to claim an interest in the goods require p…
5 CMC § 7207 Goods Must Be Kept Separate; Fungible Goods
0.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7207. Goods Must Be Kept Separate; Fungible Goods. (1) Unless the warehouse receipt otherwise provides, a warehouseman must keep separate the goods covered by each receipt so as to permit at all times identif…
5 CMC § 7208 Altered Warehouse Receipts
0.4K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7208. Altered Warehouse Receipts. Where a blank in a negotiable warehouse receipt has been filled in without authority, a purchaser for value and without notice of the want of authority may treat the insertio…
5 CMC § 7209 Lien of Warehouseman
2.6K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7209. Lien of Warehouseman. (1) A warehouseman has a lien against the bailor on the goods covered by a warehouse receipt or on the proceeds thereof in his possession for charges for storage or transportation …
5 CMC § 7210 Enforcement of Warehouseman's Lien
4.4K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7210. Enforcement of Warehouseman’s Lien. (1) Except as provided in subsection (2) of this section, a warehouseman’s lien may be enforced by public or private sale of the goods in block or in parcels, at any …
5 CMC § 8201 "Issuer."
1.5K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8201. “Issuer.” (1) With respect to obligations on or defenses to a security, “issuer” includes a person who: (a) Places or authorizes the placing of his name on a certificated security (otherwise than as authen…
5 CMC § 8202 Issuer's Responsibility and Defenses; Notice of Defect or Defense
3.2K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8202. Issuer’s Responsibility and Defenses; Notice of Defect or Defense. (1) Even against a purchaser for value and without notice, the terms of a security include: (a) If the security is certificated, those sta…
5 CMC § 8203 Staleness as Notice of Defects or Defenses
1.2K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8203. Staleness as Notice of Defects or Defenses. (1) After an act or event creating a right to immediate performance of the principal obligation represented by a certificated security or that sets a date on or …
5 CMC § 8204 Effect of Issuer's Restrictions on Transfer
0.7K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8204. Effect of Issuer’s Restrictions on Transfer. A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against any person without actual knowledge of it unless…
5 CMC § 8205 Effect of Unauthorized Signature on Certificated Security or Initial Transaction Statement
1.1K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8205. Effect of Unauthorized Signature on Certificated Security or Initial Transaction Statement. An unauthorized signature placed on a certificated security prior to or in the course of issue or placed on an in…
5 CMC § 8206 Completion or Alteration of Certificated Security or Initial Transaction Statement
1.4K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8206. Completion or Alteration of Certificated Security or Initial Transaction Statement. (1) If a certificated security contains the signatures necessary to its issue or transfer but is incomplete in any other …
5 CMC § 8207 Rights and Duties of Issuer With Respect to Registered Owners and Registered Pledgees
2.7K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8207. Rights and Duties of Issuer With Respect to Registered Owners and Registered Pledgees. (1) Prior to due presentment for registration of transfer of a certificated security in registered form, the issuer or…
5 CMC § 8208 Effect of Signature of Authenticating Trustee, Registrar, or Transfer Agent
1.1K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8208. Effect of Signature of Authenticating Trustee, Registrar, or Transfer Agent. (1) A person placing his signature upon a certificated security or an initial transaction statement as authenticating trustee, r…
5 CMC § 9201 General Validity of Security Agreement
0.6K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9201. General Validity of Security Agreement. Except as otherwise provided by this title a security agreement is effective according to its terms between the parties, against purchasers of the collateral an…
5 CMC § 9202 Title to Collateral Immaterial
0.3K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9202. Title to Collateral Immaterial. Each provision of this division with regard to rights, obligations and remedies applies whether title to collateral is in the secured party or in the debtor. Source: PL…
5 CMC § 9203 Attachment and Enforceability of Security Interest; Proceeds; Formal Requisites
1.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9203. Attachment and Enforceability of Security Interest; Proceeds; Formal Requisites. (1) Subject to the provisions of 5 CMC § 4208 on the security interest of a collecting bank, 5 CMC § 8321 on security i…
5 CMC § 9204 After-Acquired Property; Future Advances
0.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9204. After-Acquired Property; Future Advances. (1) Except as provided in subsection (2) of this section, a security agreement may provide that any or all obligations covered by the security agreement are t…
5 CMC § 9205 Use or Disposition of Collateral Without Accounting Permissible
0.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9205. Use or Disposition of Collateral Without Accounting Permissible. A security interest is not invalid or fraudulent against creditors by reason of liberty in the debtor to use, commingle or dispose of a…
5 CMC § 9206 Agreement Not to Assert Defenses Against Assignee; Modification of Sales Warranties Where Security Agreement Exists
1.2K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9206. Agreement Not to Assert Defenses Against Assignee; Modification of Sales Warranties Where Security Agreement Exists. (1) Subject to any statute or decision which establishes a different rule for buyer…
5 CMC § 9207 Rights and Duties When Collateral is in Secured Party's Possession
1.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9207. Rights and Duties When Collateral is in Secured Party’s Possession. (1) A secured party must use reasonable care in the custody and preservation of collateral in his possession. In the case of an inst…
5 CMC § 9208 Request for Statement of Account or List of Collateral
1.9K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9208. Request for Statement of Account or List of Collateral. (1) A debtor may sign a statement indicating what he believes to be the aggregate amount of unpaid indebtedness as of a specified date and may s…
5 CMC § 2301 General Obligations of Parties
0.3K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2301. General Obligations of Parties. The obligation of the seller is to transfer and deliver and that of the buyer is to accept and pay in accordance with the contract. Source: PL 3-56, § 1 (§ 2301).
5 CMC § 2302 Unconscionable Contract or Clause
0.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2302. Unconscionable Contract or Clause. (1) If the court as a matter of law finds the contract or any clause of the contract to have been unconscionable at the time it was made the court may refuse to enforce the contract, or …
5 CMC § 2303 Allocation or Division of Risks
0.3K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2303. Allocation or Division of Risks. Where this division allocates a risk or a burden as between the parties “unless otherwise agreed,” the agreement may not only shift the allocation but may also divide the risk or burden. S…
5 CMC § 2304 Price Payable in Money, Goods, Realty, or Otherwise
0.6K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2304. Price Payable in Money, Goods, Realty, or Otherwise. (1) The price can be made payable in money or otherwise. If it is payable in whole or in part in goods each party is a seller of the goods which he is to transfer. (2) …
5 CMC § 2305 Open Price Term
1.2K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2305. Open Price Term. (1) The parties if they so intend can conclude a contract for sale even though the price is not settled. In such a case the price is a reasonable price at the time for delivery if: (a) Nothing is said as …
5 CMC § 2306 Output, Requirements and Exclusive Dealings
0.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2306. Output, Requirements and Exclusive Dealings. (1) A term which measures the quantity by the output of the seller or the requirements of the buyer means such actual output or requirements as may occur in good faith, except …
5 CMC § 2307 Delivery in Single Lot or Several Lots
0.4K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2307. Delivery in Single Lot or Several Lots. Unless otherwise agreed all goods called for by a contract for sale must be tendered in a single delivery and payment is due only on such tender but where the circumstances give eit…
5 CMC § 2308 Absence of Specified Place for Delivery
0.5K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2308. Absence of Specified Place for Delivery. Unless otherwise agreed: (a) The place for delivery of goods is the seller’s place of business or if he has none his residence; but (b) In a contract for sale of identified goods w…
5 CMC § 2309 Absence of Specific Time Provisions; Notice of Termination
0.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2309. Absence of Specific Time Provisions; Notice of Termination. (1) The time for shipment or delivery or any other action under a contract if not provided in this division or agreed upon shall be a reasonable time. (2) Where …
5 CMC § 2310 Open Time for Payment or Running of Credit; Authority to Ship Under Reservation
1.1K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2310. Open Time for Payment or Running of Credit; Authority to Ship Under Reservation. Unless otherwise agreed: (a) Payment is due at the time and place at which the buyer is to receive the goods even though the place of shipme…
5 CMC § 2311 Options and Cooperation Respecting Performance
1.3K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2311. Options and Cooperation Respecting Performance. (1) An agreement for sale which is otherwise sufficiently definite (5 CMC § 2204(3)) to be a contract is not made invalid by the fact that it leaves particulars of performan…
5 CMC § 2312 Warranty of Title and Against Infringment; Buyer's Obligation Against Infringement
1.2K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2312. Warranty of Title and Against Infringement; Buyer’s Obligation Against Infringement. (1) Subject to subsection (2) of this section there is in a contract for sale a warranty by the seller that: (a) The title conveyed shal…
5 CMC § 2313 Express Warranties by Affirmation, Promise, Description, Sample
1.1K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2313. Express Warranties by Affirmation, Promise, Description, Sample. (1) Express warranties by the seller are created as follows: (a) Any affirmation of fact or promise made by the seller to the buyer which relates to the goo…
5 CMC § 2314 Implied Warranty: Merchantability; Usage of Trade
1.2K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2314. Implied Warranty: Merchantability; Usage of Trade. (1) Unless excluded or modified (5 CMC § 2316), a warranty that the goods shall be merchantable is implied in a contract for their sale if the seller is a merchant with r…
5 CMC § 2315 Implied Warranty: Fitness for Particular Purpose
0.5K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2315. Implied Warranty: Fitness for Particular Purpose. Where the seller at the time of contracting has reason to know any particular purpose for which the goods are required and that the buyer is relying on the seller’s skill …
5 CMC § 2316 Exclusion or Modification of Warranties
2.0K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2316. Exclusion or Modification of Warranties. (1) Words or conduct relevant to the creation of an express warranty and words or conduct tending to negate or limit warranty shall be construed wherever reasonable as consistent w…
5 CMC § 2317 Cumulation and Conflict of Warranties Express or Implied
0.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2317. Cumulation and Conflict of Warranties Express or Implied. Warranties whether express or implied shall be construed as consistent with each other and as cumulative, but if such construction is unreasonable the intention of…
5 CMC § 2318 Third Party Beneficiaries of Warranties Express or Implied
0.5K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2318. Third Party Beneficiaries of Warranties Express or Implied. A seller’s warranty whether express or implied extends to any person who may reasonably be expected to use, consume or be affected by the goods and who is injure…
5 CMC § 2319 F.O.B. and F.A.S. Terms
2.4K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2319. F.O.B. and F.A.S. Terms. (1) Unless otherwise agreed the term F.O.B. (which means “free on board”) at a named place, even though used only in connection with the stated price, is a delivery term under which: (a) When the …
5 CMC § 2320 C.I.F. and C. & F. Terms
2.1K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2320. C.I.F. and C. & F. Terms. (1) The term C.I.F. means that the price includes in a lump sum the cost of the goods and the insurance and freight to the named destination. The term C. & F. or C.F. means that the price so incl…
5 CMC § 2321 C.I.F. or C. & F.: "Net Landed Weights"; "Payment on Arrival"; Warranty of Condition on Arrival
1.3K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2321. C.I.F. or C. & F.: “Net Landed Weights”; “Payment on Arrival”; Warranty of Condition on Arrival. Under a contract containing a term C.I.F. or C. & F.: (1) Where the price is based on or is to be adjusted according to “net…
5 CMC § 2322 Delivery "Ex-Ship."
0.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2322. Delivery “Ex-Ship.” (1) Unless otherwise agreed a term for delivery of goods “ex-ship” (which means from the carrying vessel) or in equivalent language is not restricted to a particular ship and requires delivery from a s…
5 CMC § 2323 Form of Bill of Lading Required in Overseas Shipment; "Overseas."
1.4K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2323. Form of Bill of Lading Required in Overseas Shipment; “Overseas.” (1) Where the contract contemplates overseas shipment and contains a term C.I.F. or C. & F. or F.O.B. vessel, the seller unless otherwise agreed must obtai…
5 CMC § 2324 "No Arrival, No Sale" Term
0.7K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2324. “No Arrival, No Sale” Term. Under a term “no arrival, no sale” or terms of like meaning, unless otherwise agreed: (a) The seller must properly ship conforming goods and if they arrive by any means he must tender them on a…
5 CMC § 2325 "Letter of Credit" Term; "Confirmed Credit."
0.9K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2325. “Letter of Credit” Term; “Confirmed Credit.” (1) Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale. (2) The delivery to seller of a proper letter of credit suspends…
5 CMC § 2326 Sale on Approval and Sale or Return; Consignment Sales and Rights of Creditors
2.0K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2326. Sale on Approval and Sale or Return; Consignment Sales and Rights of Creditors. (1) Unless otherwise agreed, if delivered goods may be returned by the buyer even though they conform to the contract, the transaction is: (a…
5 CMC § 2327 Special Incidents of Sale on Approval and Sale or Return
1.0K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2327. Special Incidents of Sale on Approval and Sale or Return. (1) Under a sale on approval unless otherwise agreed: (a) Although the goods are identified to the contract the risk of loss and the title do not pass to the buyer…