Title 5 — Uniform Commercial Code
40 chapters · 413 sections in this title.
5 CMC § 9310 Priority of Certain Liens Arising by Operation of Law
0.5K chars
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
0.5K chars
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
4.2K chars
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
4.4K chars
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
2.5K chars
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
1.1K chars
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
0.2K chars
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
0.4K chars
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
2.1K chars
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 …
5 CMC § 2401 Passing of Title; Reservation for Security; Limited Application of This Section
2.6K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2401. Passing of Title; Reservation for Security; Limited Application of This Section. Each provision of this division with regard to the rights, obligations and remedies of the seller, the buyer, purchasers or other third part…
5 CMC § 2402 Rights of Seller's Creditors Against Sold Goods
1.5K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2402. Rights of Seller’s Creditors Against Sold Goods. (1) Except as provided in subsections (2) and (3) of this section, rights of unsecured creditors of the seller with respect to goods which have been identified to a contrac…
5 CMC § 2403 Power to Transfer; Good Faith Purchase of Goods; "Entrusting."
1.7K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2403. Power to Transfer; Good Faith Purchase of Goods; “Entrusting.” (1) A purchaser of goods acquires all title which his transferor had or had power to transfer except that a purchaser of a limited interest acquires rights on…
5 CMC § 3401 Signature
0.4K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3401. Signature. (1) No person is liable on an instrument unless his signature appears thereon. (2) A signature is made by use of any name, including any trade or assumed name, upon an instrument, or by any word or m…
5 CMC § 3402 Signature in Ambiguous Capacity
0.2K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3402. Signature in Ambiguous Capacity. Unless the instrument clearly indicates that a signature is made in some other capacity it is an indorsement. Source: PL 3-56, § 1 (§ 3402).
5 CMC § 3403 Signature by Authorized Representative
1.1K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3403. Signature by Authorized Representative. (1) A signature may be made by an agent or other representative, and his authority to make it may be established as in other cases of representation. No particular form o…
5 CMC § 3404 Unauthorized Signatures
0.6K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3404. Unauthorized Signatures. (1) Any unauthorized signature is wholly inoperative as that of the person whose name is signed unless he ratifies it or is precluded from denying it; but it operates as the signature o…
5 CMC § 3405 Impostors; Signature in Name of Payee
0.7K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3405. Impostors; Signature in Name of Payee. (1) An indorsement by any person in the name of a named payee is effective if: (a) An impostor by use of the mails or otherwise has induced the maker or drawer to issue th…
5 CMC § 3406 Negligence Contributing to Alteration or Unauthorized Signature
0.6K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3406. Negligence Contributing to Alteration or Unauthorized Signature. Any person who by his negligence substantially contributes to a material alteration of the instrument or to the making of an unauthorized signatu…
5 CMC § 3407 Alteration
1.1K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3407. Alteration. (1) Any alteration of an instrument is material which changes the contract of any party thereto in any respect, including any such change in: (a) The number or relations of the parties; or (b) An in…
5 CMC § 3408 Consideration
0.7K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3408. Consideration. Want or failure of consideration is a defense as against any person not having the rights of a holder in due course (5 CMC § 3305), except that no consideration is necessary for an instrument or …
5 CMC § 3409 Draft Not an Assignment
0.5K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3409. Draft not an Assignment. (1) A check or other draft does not of itself operate as an assignment of any funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument …
5 CMC § 3410 Definition and Operation of Assistance
0.7K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3410. Definition and Operation of Acceptance. (1) Acceptance is the drawee’s signed engagement to honor the draft as presented. It must be written on the draft, and may consist of his signature alone. It becomes oper…
5 CMC § 3411 Certification of a Check
0.5K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3411. Certification of a Check. (1) Certification of a check is acceptance. Where a holder procures certification the drawer and all prior indorsers are discharged. (2) Unless otherwise agreed a bank has no obligatio…
5 CMC § 3412 Acceptance Varying Draft
0.7K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3412. Acceptance Varying Draft. (1) Where the drawee’s proffered acceptance in any manner varies the draft as presented the holder may refuse the acceptance and treat the draft as dishonored in which case the drawee …
5 CMC § 3413 Contract of Maker, Drawer and Acceptor
0.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3413. Contract of Maker, Drawer and Acceptor. (1) The maker or acceptor engages that he will pay the instrument according to its tenor at the time of his engagement or as completed pursuant to 5 CMC § 3115 on incompl…
5 CMC § 3414 Contract of Indorser; Order of Liability
0.7K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3414. Contract of Indorser; Order of Liability. (1) Unless the indorsement otherwise specifies (as by such words as “without recourse”) every indorser engages that upon dishonor and any necessary notice of dishonor a…
5 CMC § 3415 Contract of Accommodation Party
1.0K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3415. Contract of Accommodation Party. (1) An accommodation party is one who signs the instrument in any capacity for the purpose of lending his name to another party to it. (2) When the instrument has been taken for…
5 CMC § 3416 Contract of Guarantor
1.3K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3416. Contract of Guarantor. (1) “Payment guaranteed” or equivalent words added to a signature mean that the signer engages that if the instrument is not paid when due he will pay it according to its tenor without re…
5 CMC § 3417 Warranties on Presentment and Transfer
2.6K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3417. Warranties on Presentment and Transfer. (1) Any person who obtains payment or acceptance and any prior transferor warrants to a person who in good faith pays or accepts that: (a) He has a good title to the inst…
5 CMC § 3418 Finality of Payment or Acceptance
0.5K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3418. Finality of Payment or Acceptance. Except for recovery of bank payments as provided in the division on bank deposits and collections (division 4 of this title [5 CMC § 4101 et seq.]) and except for liability fo…
5 CMC § 3419 Conversion of Instrument; Innocent Representative
1.5K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3419. Conversion of Instrument; Innocent Representative. (1) An instrument is converted when: (a) A drawee to whom it is delivered for acceptance refuses to return it on demand; or (b) Any person to whom it is delive…
5 CMC § 4401 When Bank May Charge Customer's Account
0.7K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4401. When Bank May Charge Customer’s Account. (1) As against its customer, a bank may charge against his account any item which is otherwise properly payable from that account even though the charge cre…
5 CMC § 4402 Bank's Liability to Customer for Wrongful Dishonor
0.6K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4402. Bank’s Liability to Customer for Wrongful Dishonor. A payor bank is liable to its customer for damages proximately caused by the wrongful dishonor of an item. When the dishonor occurs through mista…
5 CMC § 4403 Customer's Right to Stop Payment; Burden of Proof of Loss
0.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4403. Customer’s Right to Stop Payment; Burden of Proof of Loss. (1) A customer may by order to his bank stop payment of any item payable for his account but the order must be received at such time and i…
5 CMC § 4404 Bank Not Obligated to Pay Check More Than Six Months Old
0.4K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4404. Bank Not Obligated to Pay Check More Than Six Months Old. A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more…
5 CMC § 4405 Death or Incompetence of Customer
0.9K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4405. Death or Incompetence of Customer. (1) A payor or collecting bank’s authority to accept, pay or collect an item or to account for proceeds of its collection if otherwise effective is not rendered i…
5 CMC § 4406 Customer's Duty to Discover and Report Unauthorized Signature or Alteration
2.5K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4406. Customer’s Duty to Discover and Report Unauthorized Signature or Alteration. (1) When a bank sends to its customer a statement of account accompanied by items paid in good faith in support of the d…
5 CMC § 4407 Payor Bank's Right to Subrogation on Improper Payment
0.9K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4407. Payor Bank’s Right to Subrogation on Improper Payment. If a payor bank has paid an item over the stop payment order of the drawer or maker or otherwise under circumstances giving a basis for object…
5 CMC § 7401 Irregularities in Issue of Receipt or Bill or Conduct of Issuer
0.7K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7401. Irregularities in Issue of Receipt or Bill or Conduct of Issuer. The obligations imposed by this division on an issuer apply to a document of title regardless of the fact that: (a) The document may not …
5 CMC § 7402 Duplicate Receipt or Bill; Overissue
0.6K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7402. Duplicate Receipt or Bill; Overissue. Neither a duplicate nor any other document of title purporting to cover goods already represented by an outstanding document of the same issuer confers any right in…
5 CMC § 7403 Obligation of Warehouseman or Carrier to Deliver; Excuse
1.9K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7403. Obligation of Warehouseman or Carrier to Deliver; Excuse. (1) The bailee must deliver the goods to a person entitled under the document who complies with subsections (2) and (3) of this section, unless …
5 CMC § 7404 No Liability for Good Faith Delivery Pursuant to Receipt or Bill
0.7K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7404. No Liability for Good Faith Delivery Pursuant to Receipt or Bill. A bailee who in good faith including observance of reasonable commercial standards has received goods and delivered or otherwise dispose…
5 CMC § 8401 Duty of Issuer to Register Transfer, Pledge, or Release
1.3K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8401. Duty of Issuer to Register Transfer, Pledge, or Release. (1) If a certificated security in registered form is presented to the issuer with a request to register transfer or an instruction is presented to t…
5 CMC § 8402 Assurance that Indorsements and Instructions Are Effective
2.9K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8402. Assurance that Indorsements and Instructions Are Effective. (1) The issuer may require the following assurance that each necessary indorsement of a certificated security or each instruction (5 CMC § 8308) …
5 CMC § 8403 Issuer's Duty as to Adverse Claims
5.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8403. Issuer’s Duty as to Adverse Claims. (1) An issuer to whom a certificated security is presented for registration shall inquire into adverse claims if: (a) A written notification of an adverse claim is recei…
5 CMC § 8404 Liability and Non-Liability for Registration
1.6K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8404. Liability and Non-Liability for Registration. (1) Except as provided in any law relating to the collection of taxes, the issuer is not liable to the owner, pledgee, or any other person suffering loss as a …
5 CMC § 8405 Lost, Destroyed, and Stolen Certificated Securities
1.8K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8405. Lost, Destroyed, and Stolen Certificated Securities. (1) If a certificated security has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a …
5 CMC § 8406 Duty of Authenticating Trustee, Transfer Agent, or Registrar
1.1K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8406. Duty of Authenticating Trustee, Transfer Agent, or Registrar. (1) If a person acts as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of transfers of its…
5 CMC § 8407 Exchangeability of Securities
1.6K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8407. Exchangeability of Securities. (1) No issuer is subject to the requirements of this section unless it regularly maintains a system for issuing the class of securities involved under which both certificated…
5 CMC § 8408 Statements of Uncertificated Securities
6.5K chars
TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8408. Statements of Uncertificated Securities. (1) Within two business days after the transfer of an uncertificated security has been registered, the issuer shall send to the new registered owner and, if the sec…