Title 5 — Uniform Commercial Code
40 chapters · 413 sections in this title.
5 CMC § 10101 Effective Date
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 10: EFFECTIVE DATE AND REPEALER § 10101. Effective Date. This title shall become effective at 12:01 a.m. on June 1, 1983. It applies to transactions entered into and events occurring on or after that date. Source: PL 3-56, § 1 (§ 10101). …
5 CMC § 10102 Specific Repealer; Provision for Transition
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 10: EFFECTIVE DATE AND REPEALER § 10102. Specific Repealer; Provision for Transition. (1) The following laws and all other laws and parts of laws inconsistent herewith are hereby repealed: Title 57, part 1, Trust Territory Code. Title 71,…
5 CMC § 10103 General Repealer
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 10: EFFECTIVE DATE AND REPEALER § 10103. General Repealer. Except as provided in 5 CMC § 10104, all laws and parts of laws inconsistent with this title are hereby repealed. Source: PL 3-56, § 1 (§ 10103).
5 CMC § 10104 Laws Not Repealed
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 10: EFFECTIVE DATE AND REPEALER § 10104. Laws Not Repealed. The division on documents of title (division 7 of this title [5 CMC § 7101 et seq.]) does not repeal or modify any laws prescribing the form or contents of documents of title or …
5 CMC § 1101 Short Title
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1101. Short Title. This title may be cited as the Uniform Commercial Code of the Northern Mariana Islands. Source: PL 3-56, § 1 (§ 1101). Commission Comment: PL 3-56, which was enacted on May 23, 1983, but took eff…
5 CMC § 1102 Purposes; Rules of Construction; Variation by Agreement
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1102. Purposes; Rules of Construction; Variation by Agreement. (1) This title shall be liberally construed and applied to promote its underlying purposes and policies. (2) Underlying purposes and policies of this t…
5 CMC § 1103 Supplementary General Principles of Law Applicable
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1103. Supplementary General Principles of Law Applicable. Unless displaced by the particular provisions of this title, the principles of law and equity, including the law merchant and the law relative to capacity t…
5 CMC § 1104 Construction Against Implicit Repeal
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1104. Construction Against Implicit Repeal. This title being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if s…
5 CMC § 1105 Territorial Application of the Act; Parties' Power to Choose Applicable Law
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1105. Territorial Application of the Act; Parties’ Power to Choose Applicable Law. (1) Except as provided hereafter in this section, when a transaction bears a reasonable relation to this Commonwealth and also to a…
5 CMC § 1106 Remedies to Be Liberally Administered
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1106. Remedies to Be Liberally Administered. (1) The remedies provided by this title shall be liberally administered to the end that the aggrieved party may be put in as good a position as if the other party had fu…
5 CMC § 1107 Waiver or Renunciation of Claim or Right After Breach
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1107. Waiver or Renunciation of Claim or Right After Breach. Any claim or right arising out of an alleged breach can be discharged in whole or in part without consideration by a written waiver or renunciation signe…
5 CMC § 1108 Severability
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1108. Severability. If any provision or clause of this title or application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of the title whi…
5 CMC § 1109 Section Captions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 1: GENERAL PROVISIONS § 1109. Section Captions. Section captions are parts of this title. Source: PL 3-56, § 1 (§ 1109).
5 CMC § 2101 Short Title
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2101. Short Title. This division may be cited as Uniform Commercial Code—Sales. Source: PL 3-56, § 1 (§ 2101).
5 CMC § 2102 Scope; Certain Security and Other Transactions Excluded From This Division
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2102. Scope; Certain Security and Other Transactions Excluded From This Division. Unless the context otherwise requires, this division applies to transactions in goods; it does not apply to any transaction which although in the…
5 CMC § 2103 Definition and Index of Definitions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2103. Definitions and Index of Definitions. (1) In this division unless the context otherwise requires: (a) “Buyer” means a person who buys or contracts to buy goods. (b) “Good faith” in the case of a merchant means honesty in …
5 CMC § 2104 Definitions: "Merchant"; "Between Merchants"; "Financing Agency."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2104. Definitions: “Merchant”; “Between Merchants”; “Financing Agency.” (1) “Merchant” means a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the …
5 CMC § 2105 Definitions: Transferability; "Goods"; "Future" Goods; "Lot"; "Commercial Unit."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2105. Definitions: Transferability; “Goods”; “Future” Goods; “Lot”; “Commercial Unit.” (1) “Goods” means all things (including specially manufactured goods) which are movable at the time of identification to the contract for sa…
5 CMC § 2106 Definitions: "Contract"; "Agreement"; "Contract for Sale"; "Sale"; "Present Sale"; "Conforming" to Contract; "Termination"; "Cancellation."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2106. Definitions: “Contract”; “Agreement”; “Contract for Sale”; “Sale”; “Present Sale”; “Conforming” to Contract; “Termination”; “Cancellation.” (1) In this division unless the context otherwise requires “contract” and “agreem…
5 CMC § 2107 Goods to Be Severed from Realty: Recording
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2107. Goods to Be Severed From Realty: Recording. (1) A contract for the sale of minerals or the like (including oil and gas) or a structure or its materials to be removed from realty is a contract for the sale of goods within …
5 CMC § 3101 Short Title
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3101. Short Title. This division may be cited as Uniform Commercial Code—Commercial Paper. Source: PL 3-56, § 1 (§ 3101).
5 CMC § 3102 Definitions and Index of Definitions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3102. Definitions and Index of Definitions. (1) In this division unless the context otherwise requires: (a) “Issue” means the first delivery of an instrument to a holder or a remitter. (b) An “order” is a direction t…
5 CMC § 3103 Limitations on Scope of Division
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3103. Limitations on Scope of Division. (1) This division does not apply to money, documents of title or investment securities. (2) The provisions of this division are subject to the provisions of the division on ban…
5 CMC § 3104 Form of Negotiable Instruments; "Draft"; "Check"; "Certificate of Deposit"; "Note."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3104. Form of Negotiable Instruments; “Draft”; “Check”; “Certificate of Deposit”; “Note.” (1) Any writing to be a negotiable instrument within this division must: (a) Be signed by the maker or drawer; and (b) Contain…
5 CMC § 3105 When Promise or Order Unconditional
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3105. When Promise or Order Unconditional. (1) A promise or order otherwise unconditional is not made conditional by the fact that the instrument: (a) Is subject to implied or constructive conditions; or (b) States i…
5 CMC § 3106 Sum Certain
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3106. Sum Certain. (1) The sum payable is a sum certain even though it is to be paid: (a) With stated interest or by stated installments; or (b) With stated different rates of interest before and after default or a s…
5 CMC § 3107 Money
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3107. Money. (1) An instrument is payable in money if the medium of exchange in which it is payable is money at the time the instrument is made. An instrument payable in “currency” or “current funds” is payable in mo…
5 CMC § 3108 Payable on Demand
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3108. Payable on Demand. Instruments payable on demand include those payable at sight or on presentation and those in which no time for payment is stated. Source: PL 3-56, § 1 (§ 3108).
5 CMC § 3109 Definite Time
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3109. Definite Time. (1) An instrument is payable at a definite time if by its terms it is payable: (a) On or before a stated date or at a fixed period after a stated date; or (b) At a fixed period after sight; or (c…
5 CMC § 3110 Payable to Order
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3110. Payable to Order. (1) An instrument is payable to order when by its terms it is payable to the order or assigns of any person therein specified with reasonable certainty, or to him or his order, or when it is c…
5 CMC § 3111 Payable to Bearer
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3111. Payable to Bearer. An instrument is payable to bearer when by its terms it is payable to: (a) Bearer or the order of bearer; or (b) A specified person or bearer; or (c) “Cash” or the order of “cash,” or any oth…
5 CMC § 3112 Terms and Omissions Not Affecting Negotiability
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3112. Terms and Omissions Not Affecting Negotiability. (1) The negotiability of an instrument is not affected by: (a) The omission of a statement of any consideration or of the place where the instrument is drawn or …
5 CMC § 3113 Seal
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3113. Seal. An instrument otherwise negotiable is within this division even though it is under a seal. Source: PL 3-56, § 1 (§ 3113).
5 CMC § 3114 Date, Antedating, Postdating
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3114. Date, Antedating, Postdating. (1) The negotiability of an instrument is not affected by the fact that it is undated, antedated or postdated. (2) Where an instrument is antedated or postdated the time when it is…
5 CMC § 3115 Incomplete Instruments
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3115. Incomplete Instruments. (1) When a paper whose contents at the time of signing show that it is intended to become an instrument is signed while still incomplete in any necessary respect it cannot be enforced un…
5 CMC § 3116 Instruments Payable to Two or More Persons
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3116. Instruments Payable to Two or More Persons. An instrument payable to the order of two or more persons: (a) If in the alternative is payable to any one of them and may be negotiated, discharged or enforced by an…
5 CMC § 3117 Instruments Payable With Words of Description
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3117. Instruments Payable With Words of Description. An instrument made payable to a named person with the addition of words describing him: (a) As agent or officer of a specified person is payable to his principal b…
5 CMC § 3118 Ambiguous Terms and Rules of Construction
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3118. Ambiguous Terms and Rules of Construction. The following rules apply to every instrument: (a) Where there is doubt whether the instrument is a draft or a note the holder may treat it as either. A draft drawn on…
5 CMC § 3119 Other Writings Affecting Instruments
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3119. Other Writings Affecting Instrument. (1) As between the obligor and his immediate obligee or any transferee the terms of an instrument may be modified or affected by any other written agreement executed as a pa…
5 CMC § 3120 Instruments "Payable Through" Bank
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3120. Instruments “Payable Through” Bank. An instrument which states that it is “payable through” a bank or the like designates that bank as a collecting bank to make presentment but does not of itself authorize the …
5 CMC § 3121 Instruments Payable at Bank
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3121. Instruments Payable at Bank. A note or acceptance which states that it is payable at a bank is the equivalent of a draft drawn on the bank payable when it falls due out of any funds of the maker or acceptor in …
5 CMC § 3122 Accrual of Cause of Action
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3122. Accrual of Cause of Action. (1) A cause of action against a maker or an acceptor accrues: (a) In the case of a time instrument on the day after maturity; (b) In the case of a demand instrument upon its date or,…
5 CMC § 4101 Short Title
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4101. Short Title. This division may be cited as Uniform Commercial Code—Bank Deposits and Collections. Source: PL 3-56, § 1 (§ 4101).
5 CMC § 4102 Applicability
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4102. Applicability. (1) To the extent that items within this division are also within the scope of divisions 3 [5 CMC § 3101 et seq.] and 8 [5 CMC § 8101 et seq.] of this title, they are subject to the …
5 CMC § 4103 Variation by Agreement; Measure of Damages; Certain Action Constituting Ordinary Care
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4103. Variation by Agreement; Measure of Damages; Certain Action Constituting Ordinary Care. (1) The effect of the provisions of this division may be varied by agreement except that no agreement can disc…
5 CMC § 4104 Definitions and Index of Definitions
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4104. Definitions and Index of Definitions. (1) In this division unless the context otherwise requires: (a) “Account” means any account with a bank and includes a checking, time, interest or savings acco…
5 CMC § 4105 "Depositary Bank"; "Intermediary Bank"; "Collecting Bank"; "Payor Bank"; "Presenting Bank"; "Remitting Bank."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4105. “Depositary Bank”; “Intermediary Bank”; “Collecting Bank”; “Payor Bank”; “Presenting Bank”; “Remitting Bank.” In this division unless the context otherwise requires: (a) “Depositary bank” means the…
5 CMC § 4106 Separate Office of a Bank
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4106. Separate Office of a Bank. A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken o…
5 CMC § 4107 Time of Receipt of Items
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4107. Time of Receipt of Items. (1) For the purpose of allowing time to process items, prove balances and make the necessary entries on its books to determine its position for the day, a bank may fix an …
5 CMC § 4108 Delays
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 4: BANK DEPOSITS AND COLLECTIONS § 4108. Delays. (1) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment may, in the case of specific items and with or without the approval of any person involved, waive…