Title 47, Commercial Instruments And Transactions

(a) This chapter applies to transactions involving loans made by mortgage lenders utilizing settlement agents, which loans shall be secured by deeds of trust or mortgages on real estate, on the following:(1) Dwellings containing not more than four (4) residential units, regardles…

(a) A mortgage lender, mortgage loan broker, mortgage loan servicer, or other person shall, at or before loan closing, cause disbursement of loan funds, in one (1) of the forms identified in § 47-32-102(3), to the settlement agent. (b) In any transaction in which the borrower may…

(a) No settlement agent shall disburse any funds from an escrow or settlement account in connection with a mortgage loan transaction identified in § 47-32-103(a), until:(1) Disbursement of loan funds, designated for said mortgage loan, has been received by the settlement agent;(2…

Failure to comply with this chapter shall not affect the validity or enforceability of any loan documents.

(a) Any party violating this chapter is liable to any other party suffering a loss due to such violation, for any actual damages sustained, plus reasonable attorneys' fees. In addition, any party in violation of this chapter shall pay to the other party or parties suffering a los…

This chapter is known and may be cited as the “LIBOR Discontinuance and Replacement Act.”

(1) As used in this chapter:(1) “Benchmark” means an index of interest rates or dividend rates that is used, in whole or in part, as the basis of, or as a reference for, calculating or determining a valuation, payment, or other measurement under or in respect of a contract, secur…

(a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, is the benchmark replacement for a contract, security, or instrument that uses LIBOR as a benchmark and:(1) Contains no fallback provisions; or(2) Contains fallback provisions that resu…

(a) The selection or use of a recommended benchmark replacement as a benchmark replacement under or in respect of a contract, security, or instrument by operation of § 47-33-103 constitutes:(1) A commercially reasonable replacement for and a commercially substantial equivalent to…

The use of seals in or upon written contracts or other instruments of writing, whether of persons or of corporations, is abolished, and the absence of such seal therefrom, or its addition thereto, shall not affect its character or validity or legal effect in any respect.

Bonds with collateral conditions, bills or notes for specific articles or the performance of any duty, nonnegotiable notes for money and accepted orders shall be assignable, and suit may be prosecuted by the assignee in the assignee's own name.

All contracts in writing signed by the party to be bound, or the party's authorized agent and attorney, are prima facie evidence of a consideration.

The want or failure, in whole or in part, of the consideration of a written contract, may be shown as a defense, total or partial, as the case may be, in an action on such contract, brought by anyone who is not an innocent and bona fide holder.

(a) When any person, by a nonnegotiable order in writing, signed by the person's proper hand, directs the payment of any money in the hands of another person, to any person whatsoever, or to the bearer, the money shall, by virtue thereof, be due and payable to the person to whom …

Upon any note or negotiable instrument, the holder may maintain a joint action against the maker and any one (1) or more of the sureties or endorsers; or a joint and several action against the maker and/or any one (1) or more of the sureties or endorsers.

Any person having a right to demand any sum of money due upon a protested bill of exchange may commence and prosecute an action for principal, interest, and charges of protest, against the drawer, endorsers, or other party, jointly, or against either of them separately.

(a) Whenever the legally constituted health authorities of any incorporated town or city, or the mayor, in the absence of a board of health, in this state, shall officially announce the prevalence, as an epidemic, within the limits of such town or city, of any contagious or infec…

It is unlawful for any person, by inducement, persuasion, misrepresentation, or other means, to induce or procure the breach or violation, refusal or failure to perform any lawful contract by any party thereto; and, in every case where a breach or violation of such contract is so…

(a) Every printed portion of the text of contract forms and papers attached thereto which are used for the purchase or lease of products to be extracted either from the earth or from beneath the earth shall be printed in a type style of common usage and in a type size of not less…

(a) It is unlawful for any person to duplicate for the purpose of sale, any manufactured item made by another without the permission of that other person using the direct molding process described in subsection (c). (b) It is unlawful for any person to sell an item duplicated in …

(a) All contracts, including, but not limited to, notes, security agreements, deeds of trust, and installment sales contracts, in writing and signed by the party to be bound, including endorsements thereon, shall be prima facie evidence that the contract contains the true intenti…

(a) When a vehicle is repossessed in this state, the individual, business or agency involved in the repossession may not abandon any personal property found in or on the vehicle for a period of fourteen (14) days following the repossession; provided further, that the individual, …

(a) As used in this section:(1) “Commission” means compensation accruing to a sales representative for payment by a principal, the rate of which is expressed as a percentage of the dollar amount of orders or sales;(2) “Principal” means a person who:(A) Manufactures, produces, imp…

(a) When a contract calls for one party to reimburse the other party for the federal manufacturer's excise tax levied by Part III of Subchapter A of Chapter 32 of the Internal Revenue Code, whether as a separate item or as part of the price, there shall exist for the party making…

(a) It is unlawful for any individual or entity to make reference to 911 service, as authorized under title 7, chapter 86, in any advertisement if such reference is false, misleading, or deceptive. As used in this section, “advertisement” means any representation disseminated in …

(a) When clothing is purchased that contains an anti-theft security tag and the tag is not removed at the time of purchase, and the customer resides more than a fifteen (15) minute commute from the retailer, the retailer shall reimburse the customer for mailing costs incurred by …

(a) Upon cancellation of any performance or event for which a ticket for admission is sold, the ticketing service company that contracts to sell tickets for such event or performance at retail ticket outlets shall refund to all ticket purchasers the purchase price of the ticket p…

(a) A reseller shall not utilize a tentative ticket policy, unless disclosed to a ticket purchaser at the outset of the transaction, under which the reseller sells tickets that are not:(1) Owned by the reseller;(2) Under contract or any other agreement to be transferred to the re…

(a) If a private entity, or its employees or contractors, is engaged in business with the public and accepts cash payments, or a financial institution provides currency in exchange for a payment instrument received, but does not have exact change available during a cash transacti…

(a) As used in this section:(1) “Entertainment”:(A) Means a form of diversion, recreation, or show; and(B) Includes:(i) Theatrical or operatic performances;(ii) Concerts;(iii) Motion pictures;(iv) Shows or events at fair grounds;(v) Amusement parks; and(vi) Athletic games or comp…