Title 34.1, Title 34.1 — Uniform Commercial Code

Severability. If any provision or clause of this act or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this act which can be given effect without the invalid provision or application, and to this e…

Use of singular and plural; gender. (a) In this act, unless the statutory context otherwise requires: (i) Words in the singular number include the plural, and those in the plural include the singular; and (ii) Words of any gender also refer to any other gender.

Section captions. Section captions are part of this act.

Relation to electronic signatures in global and national commerce act. This article modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., except that nothing in this article modifies, limits, or sup…

Repealed and Recreated by Laws 2015, ch. 124, § 1. PART 2. GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION

General definitions. (a) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other articles of this act that apply to particular articles or parts thereof, have the meanings stated. (b) Subject to definiti…

Notice; knowledge. (a) Subject to subsection (f) of this section, a person has "notice" of a fact if the person: (i) Has actual knowledge of it; (ii) Has received a notice or notification of it; or (iii) From all the facts and circumstances known to the person at the time in ques…

Lease distinguished from security interest. (a) Whether a transaction in the form of a lease creates a lease or security interest is determined by the facts of each case. (b) A transaction in the form of a lease creates a security interest if the consideration that the lessee is …

Value. (a) Except as otherwise provided in articles 3, 4 and 5 of this title, a person gives value for rights if the person acquires them: (i) In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and w…

Reasonable time; seasonableness. (a) Whether a time for taking an action required by this act is reasonable depends on the nature, purpose, and circumstances of the action. (b) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at …

Presumptions. Whenever this act creates a "presumption" with respect to a fact, or provides that a fact is "presumed," the trier of fact must find the existence of the fact unless and until evidence is introduced that supports a finding of its nonexistence.

Applicability of other sections. Chapter 29, title 34, Wyoming statutes shall apply to this title. PART 3. TERRITORIAL APPLICABILITY AND GENERAL RULES

Territorial applicability; parties' power to choose applicable law. (a) Except as otherwise provided in this section, when a transaction bears a reasonable relation to this state and also to another state or nation the parties may agree that the law either of this state or of suc…

Variation by agreement. (a) Except as otherwise provided in subsection (b) of this section or elsewhere in this act, the effect of provisions of this act may be varied by agreement. (b) The obligations of good faith, diligence, reasonableness, and care prescribed by this act may …

Course of performance; course of dealing; usage of trade. (a) A "course of performance" is a sequence of conduct between the parties to a particular transaction that exists if: (i) The agreement of the parties with respect to the transaction involves repeated occasions for perfor…

Obligation of good faith. Every contract or duty within this act imposes an obligation of good faith in its performance and enforcement.

Remedies to be liberally administered. (a) The remedies provided by this act 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 fully performed but neither consequential or special damages nor penal damag…

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.

Prima facie evidence by third-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 authorized or required by the contract to be issued …

Performance or acceptance under reservation of rights. (a) 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 words as …

Option to accelerate at will. A term providing that one (1) 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 that…

Subordinated obligations. An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the per…