Title 5 — Uniform Commercial Code
40 chapters · 413 sections in this title.
5 CMC § 4109 Process of Posting
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4109. Process of Posting. The “process of posting” means the usual procedure followed by a payor bank in determining to pay an item and in recording the payment including one or more of the following or …
5 CMC § 5101 Short Title
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5101. Short Title. This division may be cited as Uniform Commercial Code—Letters of Credit. Source: PL 3-56, § 1 (§ 5101).
5 CMC § 5102 Scope
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5102. Scope. (1) This division applies: (a) To a credit issued by a bank if the credit requires a documentary draft or a documentary demand for payment; and (b) To a credit issued by a person other than a bank if th…
5 CMC § 5103 Definitions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5103. Definitions. (1) In this division unless the context otherwise requires: (a) “Credit” or “letter of credit” means an engagement by a bank or other person made at the request of a customer and of a kind within …
5 CMC § 5104 Formal Requirements; Signing
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5104. Formal Requirements; Signing. (1) Except as otherwise required in 5 CMC § 5102(1)(c) on scope, no particular form of phrasing is required for a credit. A credit must be in writing and signed by the issuer and …
5 CMC § 5105 Consideration
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5105. Consideration. No consideration is necessary to establish a credit or to enlarge or otherwise modify its terms. Source: PL 3-56, § 1 (§ 5105).
5 CMC § 5106 Time and Effect of Establishment of Credit
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5106. Time and Effect of Establishment of Credit. (1) Unless otherwise agreed a credit is established: (a) As regards the customer as soon as a letter of credit is sent to him or the letter of credit or an authorize…
5 CMC § 5107 Advice of Credit; Confirmation; Error in Statement of Terms
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5107. Advice of Credit; Confirmation; Error in Statement of Terms. (1) Unless otherwise specified an advising bank by advising a credit issued by another bank does not assume any obligation to honor drafts drawn or …
5 CMC § 5108 "Notation Credit"; Exhaustion of Credit
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5108. “Notation Credit”; Exhaustion of Credit. (1) A credit which specifies that any person purchasing or paying drafts drawn or demands for payments made under it must note the amount of the draft or demand on the …
5 CMC § 5109 Issuer's Obligation to Its Customers
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5109. Issuer’s Obligation to Its Customer. (1) An issuer’s obligation to its customer includes good faith and observance of any general banking usage but unless otherwise agreed does not include liability or respons…
5 CMC § 5110 Availability of Credit in Portions; Presenter's Reservation of Lien or Claim
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5110. Availability of Credit in Portions; Presenter’s Reservation of Lien or Claim. (1) Unless otherwise specified a credit may be used in portions in the discretion of the beneficiary. (2) Unless otherwise specifie…
5 CMC § 5111 Warranties on Transfer and Presentment
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5111. Warranties on Transfer and Presentment. (1) Unless otherwise agreed the beneficiary by transferring or presenting a documentary draft or demand for payment warrants to all interested parties that the necessary…
5 CMC § 5112 Time Allowed for Honor or Rejection; Withholding Honor or Rejection by Consent; "Presenter."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5112. Time Allowed for Honor or Rejection; Withholding Honor or Rejection by Consent; “Presenter.” (1) A bank to which a documentary draft or demand for payment is presented under a credit may without dishonor of th…
5 CMC § 5113 Indemnities
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5113. Indemnities. (1) A bank seeking to obtain (whether for itself or another) honor, negotiation or reimbursement under a credit may give an indemnity to induce such honor, negotiation or reimbursement. (2) An ind…
5 CMC § 5114 Issuer's Duty and Privilege to Honor; Right to Reimbursement
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5114. Issuer’s Duty and Privilege to Honor; Right to Reimbursement. (1) An issuer must honor a draft or demand for payment which complies with the terms of the relevant credit regardless of whether the goods or docu…
5 CMC § 5115 Remedy for Improper Dishonor or Anticipatory Repudiation
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5115. Remedy for Improper Dishonor or Anticipatory Repudiation. (1) When an issuer wrongfully dishonors a draft or demand for payment presented under a credit the person entitled to honor has with respect to any doc…
5 CMC § 5116 Transfer and Assignment
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5116. Transfer and Assignment. (1) The right to draw under a credit can be transferred or assigned only when the credit is expressly designated as transferable or assignable. (2) Even though the credit specifically …
5 CMC § 5117 Insolvency of Bank Holding Funds for Documentary Credit
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 5: LETTERS OF CREDIT § 5117. Insolvency of Bank Holding Funds for Documentary Credit. (1) Where an issuer or an advising or confirming bank or a bank which has for a customer procured issuance of a credit by another bank becomes insolvent…
5 CMC § 6101 Short Title
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 6: BULK TRANSFERS § 6101. Short Title. This division may be cited as Uniform Commercial Code—Bulk Transfers. Source: PL 3-56, § 1 (§ 6101).
5 CMC § 6102 "Bulk Transfer"; Transfers of Equipment; Enterprises Subject to This Division; Bulk Transfer Subject to This Division
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 6: BULK TRANSFERS § 6102. “Bulk Transfers”; Transfers of Equipment; Enterprises Subject to This Division; Bulk Transfers Subject to This Division. (1) A “bulk transfer” is any transfer in bulk and not in the ordinary course of the transfe…
5 CMC § 6103 Transfers Excepted From This Division
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 6: BULK TRANSFERS § 6103. Transfers Excepted From This Division. The following transfers are not subject to this division: (1) Those made to give security for the performance of an obligation; (2) General assignments for the benefit of al…
5 CMC § 6104 Schedule of Property, List of Creditors
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 6: BULK TRANSFERS § 6104. Schedule of Property, List of Creditors. (1) Except as provided with respect to auction sales (5 CMC § 6108), a bulk transfer subject to this division is ineffective against any creditor of the transferor unless:…
5 CMC § 6105 Notice to Creditors
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 6: BULK TRANSFERS § 6105. Notice to Creditors. In addition to the requirements of 5 CMC § 6104, any bulk transfer subject to this division except one made by auction sale (5 CMC § 6108) is ineffective against any creditor of the transfero…
5 CMC § 6106 [Reserved.]
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 6: BULK TRANSFERS § 6106. [Reserved.]
5 CMC § 6107 The Notice
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 6: BULK TRANSFERS § 6107. The Notice. (1) The notice to creditors (5 CMC § 6105) shall state: (a) That a bulk transfer is about to be made; and (b) The names and business addresses of the transferor and transferee, and all other business …
5 CMC § 6108 Auction Sales; "Auctioneer."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 6: BULK TRANSFERS § 6108. Auction Sales; “Auctioneer.” (1) A bulk transfer is subject to this division even though it is by sale at auction, but only in the manner and with the results stated in this section. (2) The transferor shall furn…
5 CMC § 6109 What Creditors Protected
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 6: BULK TRANSFERS § 6109. What Creditors Protected. The creditors of the transferor mentioned in this division are those holding claims based on transactions or events occurring before the bulk transfer, but creditors who become such afte…
5 CMC § 6110 Subsequent Transfer
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 6: BULK TRANSFERS § 6110. Subsequent Transfers. When the title of a transferee to property is subject to a defect by reason of his non-compliance with the requirements of this division, then: (1) A purchaser of any of such property from s…
5 CMC § 6111 Limitation of Actions and Levies
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 6: BULK TRANSFERS § 6111. Limitation of Actions and Levies. No action under this division shall be brought nor levy made more than six months after the date on which the transferee took possession of the goods unless the transfer has been…
5 CMC § 7101 Short Title
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7101. Short Title. This division may be cited as Uniform Commercial Code—Documents of Title. Source: PL 3-56, § 1 (§ 7101).
5 CMC § 7102 Definitions and Index of Definitions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7102. Definitions and Index of Definitions. (1) In this division, unless the context otherwise requires: (a) “Bailee” means the person who by a warehouse receipt, bill of lading or other document of title ack…
5 CMC § 7103 Relation of Division to Treaty, Statute, Tariff, Classification or Regulation
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7103. Relation of Division to Treaty, Statute, Tariff, Classification or Regulation. To the extent that any treaty or statute of the United States, regulatory statute of this Commonwealth or tariff, classific…
5 CMC § 7104 Negotiable and Non-Negotiable Warehouse Receipt, Bill of Lading or Other Document Of Title
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7104. Negotiable and Non-Negotiable Warehouse Receipt, Bill of Lading or other Document of Title. (1) A warehouse receipt, bill of lading or other document of title is negotiable: (a) If by its terms the good…
5 CMC § 7105 Construction Against Negative Implication
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 7: WAREHOUSE RECEIPTS, ETC. § 7105. Construction Against Negative Implication. The omission from either chapter 2 [5 CMC § 7201 et seq.] or chapter 3 [5 CMC § 7301 et seq.] of this division of a provision corresponding to a provision made…
5 CMC § 8101 Short Title
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8101. Short Title. This division may be cited as Uniform Commercial Code—Investment Securities. Source: PL 3-56, § 1 (§ 8101).
5 CMC § 8102 Definitions and Index of Definitions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8102. Definitions and Index of Definitions. (1) In this division, unless the context otherwise requires: (a) A “certificated security” is a share, participation, or other interest in property of or an enterprise…
5 CMC § 8103 Issuer's Lien
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8103. Issuer’s Lien. A lien upon a security in favor of an issuer thereof is valid against a purchaser only if: (a) The security is certificated and the right of the issuer to the lien is noted conspicuously the…
5 CMC § 8104 Effect of Overissue; "Overissue."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8104. Effect of Overissue; “Overissue.” (1) The provisions of this division which validate a security or compel its issue or reissue do not apply to the extent that validation, issue, or reissue would result in …
5 CMC § 8105 Certificated Securities Negotiable; Statements and Instructions Not Negotiable; Presumptions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8105. Certificate Securities Negotiable; Statements and Instructions Not Negotiable; Presumptions. (1) Certificated securities governed by this division are negotiable instruments. (2) Statements (5 CMC § 8408),…
5 CMC § 8106 Applicability
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8106. Applicability. The law (including the conflict of laws rules) of the jurisdiction of organization of the issuer governs the validity of a security, the effectiveness of registration by the issuer, and the …
5 CMC § 8107 Securities Transferable; Action for Price
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8107. Securities Transferable; Action for Price. (1) Unless otherwise agreed and subject to any applicable law or regulation respecting short sales, a person obligated to transfer securities may transfer any cer…
5 CMC § 8108 Registration of Pledge and Release of Uncertificated Securities
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 8: INVESTMENT SECURITIES § 8108. Registration of Pledge and Release of Uncertificated Securities. A security interest in an uncertificated security may be evidenced by the registration of pledge to the secured party or a person designated…
5 CMC § 9101 Short Title
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9101. Short Title. This division may be cited as Uniform Commercial Code—Secured Transactions. Source: PL 3-56, § 1 (§ 9101).
5 CMC § 9102 Policy and Subject Matter of Division
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9102. Policy and Subject Matter of Division. (1) Except as otherwise provided in 5 CMC § 9104 on excluded transactions, this division applies: (a) To any transaction (regardless of its form) which is intend…
5 CMC § 9103 Perfection of Security Interest in Multiple State Transactions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9103. Perfection of Security Interest in Multiple State Transactions. (1) Documents, Instruments and Ordinary Goods. (a) This subsection applies to documents and instruments and to goods other than those co…
5 CMC § 9104 Transactions Excluded From Division
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9104. Transactions Excluded From Division. This division does not apply: (a) To a security interest subject to any statute of the United States, to the extent that such statute governs the rights of parties…
5 CMC § 9105 Definitions and Index of Definitions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9105. Definitions and Index of Definitions. (1) In this division unless the context otherwise requires: (a) “Account debtor” means the person who is obligated on an account, chattel paper or general intangi…
5 CMC § 9106 Definitions: "Account"; "General Intangibles."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9106. Definitions: “Account”; “General Intangibles.” “Account” means any right to payment for goods sold or leased or for services rendered which is not evidenced by an instrument or chattel paper, whether …
5 CMC § 9107 Definitions: "Purchase Money Security Interest."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9107. Definitions: “Purchase Money Security Interest.” A security interest is a “purchase money security interest” to the extent that it is: (a) Taken or retained by the seller of the collateral to secure a…
5 CMC § 9108 When After-Acquired Collateral Not Security for Antecedent Debt
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 9: SECURED TRANSACTIONS, ETC. § 9108. When After-Acquired Collateral Not Security for Antecedent Debt. Where a secured party makes an advance, incurs an obligation, releases a perfected security interest, or otherwise gives new value whic…