Chapter 401, UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS

21 sections in this chapter.

21 sectionsFiltered byCh 401

Wis. Stat. § 401.101 Short titles
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401.101 Short titles. (1) Chapters 401 to 411 may be cited as the uniform commercial code. (2) This chapter may be cited as uniform commercial code — general provisions.
Wis. Stat. § 401.102 Scope of chapter
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401.102 Scope of chapter. This chapter applies to a transaction to the extent that it is governed by another chapter in chs. 402 to 411. History: 2009 a. 320. 401.103 Construction of uniform commercial code to promote its purposes and policies; applicability of supplemental princ…
Wis. Stat. § 401.103 Construction of uniform commercial code to promote its purposes and policies; applicability of supplemental principles of law
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401.103 Construction of uniform commercial code to promote its purposes and policies; applicability of supplemental principles of law. SUBCHAPTER II GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION SUBCHAPTER I GENERAL PROVISIONS SUBCHAPTER III TERRITORIAL APPLICABILITY AND G…
Wis. Stat. § 401.104 Construction against implied repeal
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401.104 Construction against implied repeal. Chapters 401 to 411 being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided. History: 200…
Wis. Stat. § 401.106 Use of singular and plural; gender
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401.106 Use of singular and plural; gender. In chs. 401 to 411, unless the statutory context otherwise requires, all of the following apply: SUBCHAPTER II GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION
Wis. Stat. § 401.107 Captions
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401.107 Captions. Section captions are part of chs. 401 to 411, notwithstanding s. 990.001 (6). History: 2009 a. 320. History: 2009 a. 320.
Wis. Stat. § 401.201 General definitions
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401.201 General definitions. (1) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in chs. 402 to 411 that apply to particular chapters or subchapters thereof, have the meanings stated. (2) Subject to defin…
Wis. Stat. § 401.202 Notice; knowledge
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401.202 Notice; knowledge. (1) Subject to sub. (6), a person has “notice” of a fact if the person satisfies any of the following: (a) Has actual knowledge of it. (b) Has received a notice or notification of it. (c) From all the facts and circumstances known to the person at the t…
Wis. Stat. § 401.203 Lease distinguished from security interest
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401.203 Lease distinguished from security interest. (1) Whether a transaction in the form of a lease creates a lease or security interest is determined by the facts of each case. (2) A transaction in the form of a lease creates a security interest if the consideration that the le…
Wis. Stat. § 401.204 Value
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401.204 Value. Except as otherwise provided in chs. 403, 404, and 405, a person gives value for rights if the person acquires them under any of the following circumstances: (1) In return for a binding commitment to extend credit or for the extension of immediately available credi…
Wis. Stat. § 401.205 Reasonable time; seasonableness
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401.205 Reasonable time; seasonableness. (1) Whether a time for taking an action required by chs. 401 to 411 is reasonable depends on the nature, purpose, and circumstances of the action. (2) An action is taken seasonably if it is taken at or within the time agreed or, if no time…
Wis. Stat. § 401.301 Territorial applicability; parties’ power to choose applicable law
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401.301 Territorial applicability; parties’ power to choose applicable law. (1) Except as otherwise provided in this section, when a transaction bears a reasonable relation to this state and to another state or nation the parties may agree that the law either of this state or of …
Wis. Stat. § 401.302 Variation by agreement
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401.302 Variation by agreement. (1) Except as otherwise provided in sub. (2) or elsewhere in chs. 401 to 411, the effect of provisions of chs. 401 to 411 may be varied by agreement. (2) The obligations of good faith, diligence, reasonableness, and care prescribed by chs. 401 to 4…
Wis. Stat. § 401.303 Course of performance, course of dealing, and usage of trade
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401.303 Course of performance, course of dealing, and usage of trade. (1) A “course of performance” is a sequence of conduct between the parties to a particular transaction that exists if any of the following apply: (a) The agreement of the parties with respect to the transaction…
Wis. Stat. § 401.304 Obligation of good faith
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401.304 Obligation of good faith. Every contract or duty within chs. 401 to 411 imposes an obligation of good faith in its performance and enforcement. History: 2009 a. 320. This section does not support an independent cause of action for failure to act in good faith under a cont…
Wis. Stat. § 401.305 Remedies to be liberally administered
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401.305 Remedies to be liberally administered. (1) The remedies provided by chs. 401 to 411 must be liberally administered to the end that the aggrieved party may be put in as good a position as if the other party had fully performed but neither consequential or special damages n…
Wis. Stat. § 401.306 Waiver or renunciation of claim or right after breach
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401.306 Waiver or renunciation of claim or right after breach. A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in an authenticated record. History: 2009 a. 320.
Wis. Stat. § 401.307 Prima facie evidence by 3rd-party documents
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401.307 Prima facie evidence by 3rd-party documents. A document in due form purporting to be a bill of lading, policy or certificate of insurance, official weigher’s or inspector’s certificate, consular invoice, or any other document au- UCC — GENERAL PROVISIONS 401.310 thorized …
Wis. Stat. § 401.308 Performance or acceptance under reservation of rights
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401.308 Performance or acceptance under reservation of rights. (1) A party that with explicit reservation of rights performs or promises performance or assents to performance in a manner demanded or offered by the other party does not thereby prejudice the rights reserved. Such w…
Wis. Stat. § 401.309 Option to accelerate at will
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401.309 Option to accelerate at will. A term providing that one party or that party’s successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or when the party “deems itself insecure,” or words of similar import, means …
Wis. Stat. § 401.310 Subordinated obligations
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401.310 Subordinated obligations. (1) Words in the singular number include the plural, and those in the plural include the singular. (2) Words of any gender also refer to any other gender. History: 2009 a. 320.