Title 6A, Title 6A Commercial Code

A security interest that is an unperfected security interest immediately before the amendatory act takes effect becomes a perfected security interest: (1) Without further action, when the amendatory act takes effect if the applicable requirements for perfection under this chapter…

(a) Pre-effective-date filing effective. The filing of a financing statement before the amendatory act takes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this chapter as amended by the a…

(a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in § 6A-9-501 continues the effectiveness of a financing statement filed before the amendatory act takes effect if: (1) The filing of an initial…

(a) Pre-effective-date financing statement. In this section, “pre-effective-date financing statement” means a financing statement filed before the amendatory act takes effect. (b) Applicable law. After the amendatory act takes effect, a person may add or delete collateral covered…

A person may file an initial financing statement or a continuation statement under this part if: (1) The secured party of record authorizes the filing; and (2) The filing is necessary under this part: (i) To continue the effectiveness of a financing statement filed before the ame…

The amendatory act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before the amendatory act took effect, then this chapter, as it existed before the amendatory act took effect determines priority.

This chapter shall be known and may be cited as “Transitional Provisions for Uniform Commercial Code Amendments (2022)”.

(a) Chapter 11 of title 6A definitions. In this chapter: (1) “Adjustment date” means July 1, 2025. (2) “Amendatory act” means the public law by which this chapter is added to this title. (3) “Chapter 12” means chapter 12 of this title. (4) “Chapter 12 property” means a controllab…

Except as provided in Part 3 of this chapter, a transaction validly entered into before January 1, 2024 and the rights, duties, and interests flowing from the transaction remain valid thereafter and may be terminated, completed, consummated, or enforced as required or permitted b…

(a) Pre-effective-date transaction, lien, or interest. Except as provided in this part, chapter 9 of this title as amended by the amendatory act and chapter 12 of this title apply to a transaction, lien, or other interest in property, even if the transaction, lien, or interest wa…

(a) Continuing perfection: perfection requirements satisfied. A security interest that is enforceable and perfected immediately before January 1, 2024, is a perfected security interest under the amendatory act if, on January 1, 2024, the requirements for enforceability and perfec…

A security interest that is enforceable immediately before January 1, 2024, but is unperfected at that time: (1) Remains an enforceable security interest until the adjustment date; (2) Remains enforceable thereafter if the security interest becomes enforceable under § 6A-9-203, a…

(a) Pre-effective-date action; attachment and perfection before adjustment date. If action, other than the filing of a financing statement, is taken before January 1, 2024, and the action would have resulted in perfection of the security interest had the security interest become …

(a) Determination of priority. Subject to subsections (b) and (c) of this section, the amendatory act determines the priority of conflicting claims to collateral. (b) Established priorities. Subject to subsection (c) of this section, if the priorities of claims to collateral were…

(a) Determination of priority. Subject to subsections (b) and (c) of this section, chapter 12 of this title determines the priority of conflicting claims to chapter 12 of this title property when the priority rules of chapter 9 of this title as amended by the amendatory act do no…

It is the intention of the general assembly that the official comments to the Uniform Commercial Code Amendments (2022) as approved and recommended for enactment in all the States by the National Conference of Commissioners on Uniform State Laws in 2022 represent the express legi…

This chapter shall be known and may be cited as “Uniform Commercial Code—Controllable Electronic Records.”

(a) Chapter 12 of title 6A definitions. In this chapter: (1) “Controllable electronic record” means a record stored in an electronic medium that can be subjected to control under § 6A-12-105. The term does not include a controllable account, a controllable payment intangible, a d…

(a) Chapter 9 of this title governs in case of conflict. If there is conflict between this chapter and Chapter 9 of this title, Chapter 9 of this title governs. (b) Applicable consumer law and other laws. A transaction subject to this chapter is subject to: (1) Any applicable rul…

(a) Applicability of section to controllable account and controllable payment intangible. This section applies to the acquisition and purchase of rights in a controllable account or controllable payment intangible, including the rights and benefits under subsections (c), (d), (e)…

(a) General rule: control of controllable electronic record. A person has control of a controllable electronic record if the electronic record, a record attached to or logically associated with the electronic record, or a system in which the electronic record is recorded: (1) Giv…

(a) Discharge of account debtor. An account debtor on a controllable account or controllable payment intangible may discharge its obligation by paying: (1) The person having control of the controllable electronic record that evidences the controllable account or controllable paym…

(a) Governing law: general rule. Except as provided in subsection (b) of this section, the local law of a controllable electronic record’s jurisdiction governs a matter covered by this chapter. (b) Governing law: § 6A-12-106. For a controllable electronic record that evidences a …

This chapter shall be known and may be cited as the Uniform Commercial Code — Leases.

(1) This chapter applies to any transaction, regardless of form, that creates a lease and, in the case of a hybrid lease, it applies to the extent provided in subsection (2) of this section. (2) In a hybrid lease: (a) If the lease-of goods aspects do not predominate: (i) Only the…

(1) In this chapter unless the context otherwise requires: (a) “Buyer in ordinary course of business” means a person who in good faith and without knowledge that the sale to him or her is in violation of the ownership rights or security interest or leasehold interest of a third p…

(1) A lease, although subject to this chapter, is also subject to any applicable: (a) Certificate of title statute of this state, including, without limitation, the Motor Vehicle Certificate of Title Act, § 31-3.1-1, et seq., and the Uniform Boat Title Act, § 46-22.1-1, et seq.; …

Subject to the provisions of §§ 6A-2.1-304(3) and 6A-2.1-305(3), with respect to goods covered by a certificate of title issued under a statute of this state or of another jurisdiction, compliance and the effect of compliance or noncompliance with a certificate of title statute a…

(1) If the law chosen by the parties to a consumer lease is that of a jurisdiction other than a jurisdiction in which the lessee resides at the time the lease agreement becomes enforceable or within 30 days thereafter in which the goods are to be used, or in which the lease is ex…

Any claim or right arising out of an alleged default or breach of warranty may be discharged in whole or in part without consideration by a waiver or renunciation in a signed record delivered by the aggrieved party.

(1) If the court as a matter of law finds a lease contract or any clause of a lease contract to have been unconscionable at the time it was made the court may refuse to enforce the lease contract, or it may enforce the remainder of the lease contract without the unconscionable cl…

(1) A term providing that one party or his or her successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or “when he or she deems himself or herself insecure” or in words of similar import must be construed to mean tha…

(1) A lease contract is not enforceable by way of action or defense unless: (a) The total payments to be made under the lease contract, excluding payments for options to renew or buy, are less than $ 1,000; or (b) There is a record, signed by the party against whom enforcement is…

Terms with respect to which the confirmatory memoranda of the parties agree or which are otherwise set forth in a record intended by the parties as a final expression of their agreement with respect to such terms as are included therein may not be contradicted by evidence of any …

The affixing of a seal to a record evidencing a lease contract or an offer to enter into a lease contract does not render the record a sealed instrument, and the law with respect to sealed instruments does not apply to the lease contract or offer.

(1) A lease contract may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of a lease contract. (2) An agreement sufficient to constitute a lease contract may be found although the moment of its making is undeterm…

An offer by a merchant to lease goods to or from another person in a signed record that by its terms gives assurance it will be held open is not revocable, for lack of consideration, during the time stated or, if no time is stated, for a reasonable time, but in no event may the p…

(1) Unless otherwise unambiguously indicated by the language or circumstances, an offer to make a lease contract must be construed as inviting acceptance in any manner and by any medium reasonable in the circumstances. (2) If the beginning of a requested performance is a reasonab…

(1) An agreement modifying a lease contract needs no consideration to be binding. (2) A signed lease agreement that excludes modification or rescission except by a signed record may not be otherwise modified or rescinded, but, except as between merchants, such a requirement on a …

(1) The benefit of a supplier’s promises to the lessor under the supply contract and of all warranties, whether express or implied, including those of any third party provided in connection with or as part of the supply contract, extends to the lessee to the extent of the lessee’…

(1) Express warranties by the lessor are created as follows: (a) Any affirmation of fact or promise made by the lessor to the lessee which relates to the goods and becomes part of the basis of the bargain creates an express warranty that the goods will conform to the affirmation …

(1) There is in a lease contract a warranty that for the lease term no person holds a claim to or interest in the goods that arose from an act or omission of the lessor, other than a claim by way of infringement or the like, which will interfere with the lessee’s enjoyment of its…

(1) Except in a finance lease, a warranty that the goods will be merchantable is implied in a lease contract if the lessor is a merchant with respect to goods of that kind. (2) Goods to be merchantable must be at least such as: (a) Pass without objection in the trade under the de…

Except in a finance lease, if the lessor at the time the lease contract is made has reason to know of any particular purpose for which the goods are required and that the lessee is relying on the lessor’s skill or judgment to select or furnish suitable goods, there is in the leas…

(1) Words or conduct relevant to the creation of an express warranty and words or conduct tending to negate or limit a warranty must be construed wherever reasonable as consistent with each other; but, subject to the provisions of § 6A-2.1-202 on parol or extrinsic evidence, nega…

Warranties, whether express or implied, must be construed as consistent with each other and as cumulative, but if that construction is unreasonable, the intention of the parties determines which warranty is dominant. In ascertaining that intention the following rules apply: (a) E…