Title 5, Uniform Commercial Code

Admissibility of Market Quotations. Whenever the prevailing price or value of any goods regularly bought and sold in any established commodity market is in issue, reports in official publications or trade journals or in newspapers or periodicals of general circulation published a…

Statute of Limitations in Contracts for Sale. (1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may n…

Letter of Advice of International Sight Draft. (1) A “letter of advice” is a drawer’s communication to the drawee that a described draft has been drawn. (2) Unless otherwise agreed when a bank receives from another bank a letter of advice of an international sight draft the drawe…

Drafts in a Set. (1) Where a draft is drawn in a set of parts, each of which is numbered and expressed to be an order only if no other part has been honored, the whole of the parts constitutes one draft but a taker of any part may become a holder in due course of the draft. (2) A…

Effect of Instrument on Obligation for Which It Is Given. (1) Unless otherwise agreed where an instrument is taken for an underlying obligation: (a) The obligation is pro tanto discharged if a bank is drawer, maker or acceptor of the instrument and there is no recourse on the ins…

Notice to Third Party. Where a defendant is sued for breach of an obligation for which a third person is answerable over under this division he may give the third person written notice of the litigation, and the person notified may then give similar notice to any other person who…

Lost, Destroyed or Stolen Instruments. The owner of an instrument which is lost, whether by destruction, theft or otherwise, may maintain an action in his own name and recover from any party liable thereon upon due proof of his ownership, the facts which prevent his production of…

Instruments Not Payable to Order or to Bearer. This division applies to any instrument whose terms do not preclude transfer and which is otherwise negotiable within this division but which is not payable to order or to bearer, except that there can be no holder in due course of s…