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General Laws of Massachusetts (Last Updated: January 16, 2020) |
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PART I ADMINISTRATION OF THE GOVERNMENT |
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TITLE XV. REGULATION OF TRADE |
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CHAPTER 106. UNIFORM COMMERCIAL CODE |
| ARTICLE 1. GENERAL PROVISIONS |
| SECTION 1-101. Short Titles |
| SECTION 1-102. Scope of Article |
| SECTION 1-103. Construction Of This Chapter To Promote Its Purposes And Policies; Applicability Of Supplemental Principles Of Law |
| SECTION 1-104 to 1-106. Repealed, 2013, 30, Sec. 2 |
| SECTION 1-107. Section Captions and Subsection Headings |
| SECTION 1-108. Relation To Electronic Signatures In Global And National Commerce Act |
| SECTION 1-109. Repealed, 2013, 30, Sec. 2 |
| SECTION 1-201. General Definitions |
| SECTION 1-202. Notice; Knowledge |
| SECTION 1-203. Lease Distinguished From Security Interest |
| SECTION 1-204. Value |
| SECTION 1-205. Reasonable Time; Seasonableness |
| SECTION 1-206. Presumptions |
| SECTION 1-207 to 1-209. Repealed, 2013, 30, Sec. 2 |
| SECTION 1-301. Territorial Applicability; Parties' Power To Choose Applicable Law |
| SECTION 1-302. Variation By Agreement |
| SECTION 1-303. Course Of Performance, Course Of Dealing, And Usage Of Trade |
| SECTION 1-304. Obligation Of Good Faith |
| SECTION 1-305. Remedies To Be Liberally Administered |
| SECTION 1-306. Waiver Or Renunciation Of Claim Or Right After Breach |
| SECTION 1-307. Prima Facie Evidence By Third-Party Documents |
| SECTION 1-308. Performance Or Acceptance Under Reservation Of Rights |
| SECTION 1-309. Option To Accelerate At Will |
| SECTION 1-310. Subordinated Obligations |
| ARTICLE 2. SALES |
| SECTION 2-101. Short title |
| SECTION 2-102. Scope; Certain Security and other Transactions Excluded from this Article |
| SECTION 2-103. Definitions and Index of Definitions |
| SECTION 2-104. Definitions: ''Merchant''; ''Between Merchants''; ''Financing Agency'' |
| SECTION 2-105. Definitions; Transferability; ''Goods''; ''Future'' Goods; ''Lot''; ''Commercial Unit'' |
| SECTION 2-106. Definitions: ''Contract''; ''Agreement''; ''Contract for Sale''; ''Sale''; ''Present Sale''; ''Conforming'' to Contract; ''Termination''; ''Cancellation'' |
| SECTION 2-107. Goods to be Severed from Realty; Recording |
| SECTION 2-201. Formal Requirements: Statute of Frauds |
| SECTION 2-202. Final Written Expression: Parol or Extrinsic Evidence |
| SECTION 2-203. Seals Inoperative |
| SECTION 2-204. Formation in General |
| SECTION 2-205. Firm Offers |
| SECTION 2-206. Offer and Acceptance in Formation of Contract |
| SECTION 2-207. Additional Terms in Acceptance or Confirmation |
| SECTION 2-208. Repealed, 2013, 30, Sec. 7 |
| SECTION 2-209. Modification, Rescission and Waiver |
| SECTION 2-210. Delegation of Performance; Assignment of Rights |
| SECTION 2-301. General Obligations of Parties |
| SECTION 2-302. Unconscionable Contract or Clause |
| SECTION 2-303. Allocation or Division of Risks |
| SECTION 2-304. Price Payable in Money, Goods, Realty, or Otherwise |
| SECTION 2-305. Open Price Term |
| SECTION 2-306. Output, Requirements and Exclusive Dealings |
| SECTION 2-307. Delivery in Single Lot or Several Lots |
| SECTION 2-308. Absence of Specified Place for Delivery |
| SECTION 2-309. Absence of Specific Time Provisions; Notice of Termination |
| SECTION 2-310. Open Time for Payment or Running of Credit; Authority to Ship under Reservation |
| SECTION 2-311. Options and Co-operation Respecting Performance |
| SECTION 2-312. Warranty of Title and Against Infringement; Buyer's Obligation Against Infringement |
| SECTION 2-313. Express Warranties by Affirmation, Promise, Description, Sample |
| SECTION 2-314. Implied Warranty: Merchantability; Usage of Trade |
| SECTION 2-315. Implied Warranty; Fitness for Particular Purpose |
| SECTION 2-316A. Limitation on Exclusion or Modification of Warranties |
| SECTION 2-316. Exclusion or Modification of Warranties |
| SECTION 2-317. Cumulation and Conflict of Warranties Express or Implied |
| SECTION 2-318. Lack of Privity in Actions Against a Manufacturer, Seller, Lessor or Supplier of Goods |
| SECTION 2-319. F.O.B. and F.A.S. Terms |
| SECTION 2-320. C.I.F. and C. & F. Terms |
| SECTION 2-321. C.I.F. or C. & F.: ''Net Landed Weights''; ''Payment on Arrival''; Warranty of Condition on Arrival |
| SECTION 2-322. Delivery ''Ex-Ship'' |
| SECTION 2-323. Form of Bill of Lading required in Overseas Shipment; ''Overseas'' |
| SECTION 2-324. ''No Arrival, No Sale'' Term |
| SECTION 2-325. ''Letter of Credit'' Term; ''Confirmed Credit'' |
| SECTION 2-326. Sale on Approval and Sale or Return; Rights of Creditors |
| SECTION 2-327. Special Incidents of Sale on Approval and Sale or Return |
| SECTION 2-328. Sale by Auction |
| SECTION 2-401. Passing of Title; Reservation for Security; Limited Application of this Section |
| SECTION 2-402. Rights of Seller's Creditors against Sold Goods |
| SECTION 2-403. Power to Transfer; Good Faith Purchase of Goods; ''Entrusting'' |
| SECTION 2-501. Insurable Interest in Goods; Manner of Identification of Goods |
| SECTION 2-502. Buyer's Right to Goods on Seller's Repudiation, Failure to Deliver, or Insolvency |
| SECTION 2-503. Manner of Seller's Tender of Delivery |
| SECTION 2-504. Shipment by Seller |
| SECTION 2-505. Seller's Shipment under Reservation |
| SECTION 2-506. Rights of Financing Agency |
| SECTION 2-507. Effect of Seller's Tender; Delivery on Condition |
| SECTION 2-508. Cure by Seller of Improper Tender or Delivery; Replacement |
| SECTION 2-509. Risk of Loss in the Absence of Breach |
| SECTION 2-510. Effect of Breach on Risk of Loss |
| SECTION 2-511. Tender of Payment by Buyer; Payment by Check |
| SECTION 2-512. Payment by Buyer before Inspection |
| SECTION 2-513. Buyer's Right to Inspection of Goods |
| SECTION 2-514. When Documents Deliverable on Acceptance; When on Payment |
| SECTION 2-515. Preserving Evidence of Goods in Dispute |
| SECTION 2-601. Buyer's Rights on Improper Delivery |
| SECTION 2-602. Manner and Effect of Rightful Rejection |
| SECTION 2-603. Merchant Buyer's Duties as to Rightfully Rejected Goods |
| SECTION 2-604. Buyer's Options as to Salvage of Rightfully Rejected Goods |
| SECTION 2-605. Waiver of Buyer's Objections by Failure to Particularize |
| SECTION 2-606. What Constitutes Acceptance of Goods |
| SECTION 2-607. Effect of Acceptance; Notice of Breach; Burden of Establishing Breach after Acceptance; Notice of Claim or Litigation to Person Answerable Over |
| SECTION 2-608. Revocation of Acceptance in Whole or in Part |
| SECTION 2-609. Right to Adequate Assurance of Performance |
| SECTION 2-610. Anticipatory Repudiation |
| SECTION 2-611. Retraction of Anticipatory Repudiation |
| SECTION 2-612. ''Installment Contract''; Breach |
| SECTION 2-613. Casualty to Identified Goods |
| SECTION 2-614. Substituted Performance |
| SECTION 2-615. Excuse by Failure of Presupposed Conditions |
| SECTION 2-616. Procedure on Notice Claiming Excuse |
| SECTION 2-701. Remedies for Breach of Collateral Contracts Not Impaired |
| SECTION 2-702. Seller's Remedies on Discovery of Buyer's Insolvency |
| SECTION 2-703. Seller's Remedies in General |
| SECTION 2-704. Seller's Right to Identify Goods to the Contract Notwithstanding Breach or to Salvage Unfinished Goods |
| SECTION 2-705. Seller's Stoppage of Delivery in Transit or Otherwise |
| SECTION 2-706. Seller's Resale Including Contract for Resale |
| SECTION 2-707. ''Person in the Position of a Seller'' |
| SECTION 2-708. Seller's Damages for Non-acceptance or Repudiation |
| SECTION 2-709. Action for the Price |
| SECTION 2-710. Seller's Incidental Damages |
| SECTION 2-711. Buyer's Remedies in General; Buyer's Security Interest in Rejected Goods |
| SECTION 2-712. ''Cover''; Buyer's Procurement of Substitute Goods |
| SECTION 2-713. Buyer's Damages for Non-Delivery or Repudiation |
| SECTION 2-714. Buyer's Damages for Breach in Regard to Accepted Goods |
| SECTION 2-715. Buyer's Incidental and Consequential Damages |
| SECTION 2-716. Buyer's Right to Specific Performance or Replevin |
| SECTION 2-717. Deduction of Damages from Price |
| SECTION 2-718. Liquidation or Limitation of Damages; Deposits |
| SECTION 2-719. Contractual Modification or Limitation of Remedy |
| SECTION 2-720. Effect of ''Cancellation'' or ''Rescission'' on Claims for Antecedent Breach |
| SECTION 2-721. Remedies for Fraud |
| SECTION 2-722. Who Can Sue Third Parties for Injury to Goods |
| SECTION 2-723. Proof of Market Price: Time and Place |
| SECTION 2-724. Admissibility of Market Quotations |
| SECTION 2-725. Statute of Limitations in Contracts For Sale |
| ARTICLE 2A. LEASES |
| SECTION 2A-101. Short Title |
| SECTION 2A-102. Scope |
| SECTION 2A-103. Definitions and Index of Definitions |
| SECTION 2A-104. Leases Subject to Other Law |
| SECTION 2A-105. Territorial Application of Article to Goods Covered by Certificate of Title |
| SECTION 2A-106. Limitation on Power of Parties to Consumer Lease to Choose Applicable Law and Judicial Forum |
| SECTION 2A-107. Waiver or Renunciation of Claim or Right After Default |
| SECTION 2A-108. Unconscionability |
| SECTION 2A-109. Option to Accelerate at Will |
| SECTION 2A-201. Statute of Frauds |
| SECTION 2A-202. Final Written Expression: Parol or Extrinsic Evidence |
| SECTION 2A-203. Seals Inoperative |
| SECTION 2A-204. Formation In General |
| SECTION 2A-205. Firm Offers |
| SECTION 2A-206. Offer and Acceptance in Formation of Lease Contract |
| SECTION 2A-207. Repealed, 2013, 30, Sec. 27 |
| SECTION 2A-208. Modification, Rescission and Waiver |
| SECTION 2A-209. Lessee Under Finance Lease as Beneficiary of Supply Contract |
| SECTION 2A-210. Express Warranties |
| SECTION 2A-211. Warranties Against Interference and Against Infringement; Lessee's Obligation Against Infringement |
| SECTION 2A-212. Implied Warranty of Merchantability |
| SECTION 2A-213. Implied Warranty of Fitness for Particular Purpose |
| SECTION 2A-214A. Limitation on Exclusion or Modification of Warranties |
| SECTION 2A-214. Exclusion or Modification of Warranties |
| SECTION 2A-215. Cumulation and Conflict of Warranties Express or Implied |
| SECTION 2A-216. Lack of Privity in Actions Against a Manufacturer, Supplier or Lessor of Goods |
| SECTION 2A-217. Identification |
| SECTION 2A-218. Insurance and Proceeds |
| SECTION 2A-219. Risk of Loss |
| SECTION 2A-220. Effect of Default on Risk of Loss |
| SECTION 2A-221. Casualty to Identified Goods |
| SECTION 2A-301. Enforceability of Lease Contract |
| SECTION 2A-302. Title To and Possession of Goods |
| SECTION 2A-303. Alienability of Party's Interest Under Lease Contract or of Lessor's Residual Interest in Goods; Delegation of Performance; Transfer of Rights |
| SECTION 2A-304. Subsequent Lease of Goods by Lessor |
| SECTION 2A-305. Sale or Sublease of Goods by Lessee |
| SECTION 2A-306. Priority of Certain Liens Arising by Operation of Law |
| SECTION 2A-307. Priority of Liens Arising by Attachment or Levy On, Security Interests In, and Other Claims to Goods |
| SECTION 2A-308. Special Rights of Creditors |
| SECTION 2A-309. Lessor's and Lessee's Rights When Goods Become Fixtures |
| SECTION 2A-310. Lessor's and Lessee's Rights When Goods Become Accessions. |
| SECTION 2A-311. Priority Subject to Subordination |
| SECTION 2A-401. Insecurity: Adequate Assurance of Performance |
| SECTION 2A-402. Anticipatory Repudiation |
| SECTION 2A-403. Retraction of Anticipatory Repudiation |
| SECTION 2A-404. Substituted Performance |
| SECTION 2A-405. Excused Performance |
| SECTION 2A-406. Procedure on Excused Performance |
| SECTION 2A-407. Irrevocable Promises: Finance Leases |
| SECTION 2A-501. Default: Procedure |
| SECTION 2A-502. Notice After Default |
| SECTION 2A-503. Modification or Impairment of Rights and Remedies |
| SECTION 2A-504. Liquidation of Damages |
| SECTION 2A-505. Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies |
| SECTION 2A-506. Statute of Limitations |
| SECTION 2A-507. Proof of Market Rent: Time and Place |
| SECTION 2A-508. Lessee's Remedies |
| SECTION 2A-509. Lessee's Rights on Improper Delivery; Rightful Rejection |
| SECTION 2A-510. Installment Lease Contracts: Rejection and Default |
| SECTION 2A-511. Merchant Lessee's Duties as to Rightfully Rejected Goods |
| SECTION 2A-512. Lessee's Duties as to Rightfully Rejected Goods |
| SECTION 2A-513. Cure by Lessor of Improper Tender or Delivery; Replacement |
| SECTION 2A-514. Waiver of Lessee's Objections |
| SECTION 2A-515. Acceptance of Goods |
| SECTION 2A-516. Effect of Acceptance of Goods; Notice of Default; Burden of Establishing Default After Acceptance; Notice of Claim or Litigation to Person Answerable Over |
| SECTION 2A-517. Revocation of Acceptance of Goods |
| SECTION 2A-518. Cover; Substitute Goods |
| SECTION 2A-519. Lessee's Damages for Non-Delivery, Repudiation, Default, and Breach of Warranty in Regard to Accepted Goods |
| SECTION 2A-520. Lessee's Incidental and Consequential Damages |
| SECTION 2A-521. Lessee's Right to Specific Performance or Replevin |
| SECTION 2A-522. Lessee's Right to Goods on Lessor's Insolvency |
| SECTION 2A-523. Lessor's Remedies |
| SECTION 2A-524. Lessor's Right to Identify Goods to Lease Contract |
| SECTION 2A-525. Lessor's Right to Possession of Goods |
| SECTION 2A-526. Lessor's Stoppage of Delivery in Transit or Otherwise |
| SECTION 2A-527. Lessor's Rights to Dispose of Goods |
| SECTION 2A-528. Lessor's Damages for Nonacceptance, Failure to Pay, Repudiation, or Other Default |
| SECTION 2A-529. Lessor's Action for the Rent |
| SECTION 2A-530. Lessor's Incidental Damages |
| SECTION 2A-531. Standing to Sue Third Parties for Injury to Goods |
| SECTION 2A-532. Lessor's Rights to Residual Interest |
| ARTICLE 3. NEGOTIABLE INSTRUMENTS |
| SECTION 3-101. Short title |
| SECTION 3-102. Subject Matter |
| SECTION 3-103. Definitions |
| SECTION 3-104. Negotiable Instrument |
| SECTION 3-105. Issue of Instrument |
| SECTION 3-106. Unconditional Promise or Order |
| SECTION 3-107. Instrument Payable in Foreign Money |
| SECTION 3-108. Payable on Demand or at Definite Time |
| SECTION 3-109. Payable to Bearer or to Order |
| SECTION 3-110. Identification of Person to Whom Instrument is Payable |
| SECTION 3-111. Place of Payment |
| SECTION 3-112. Interest |
| SECTION 3-113. Date of Instrument |
| SECTION 3-114. Contradictory Terms of Instrument |
| SECTION 3-115. Incomplete Instrument |
| SECTION 3-116. Joint and Several Liability; Contribution |
| SECTION 3-117. Other Agreements Affecting Instrument |
| SECTION 3-118. Statute of Limitations |
| SECTION 3-119. Notice of Right to Defend Action |
| SECTION 3-201. Negotiation |
| SECTION 3-202. Negotiation Subject to Rescission |
| SECTION 3-203. Transfer of Instrument; Rights Acquired by Transfer |
| SECTION 3-204. Indorsement |
| SECTION 3-205. Special Indorsement; Blank Indorsement; Anomalous Indorsement |
| SECTION 3-206. Restrictive Indorsement |
| SECTION 3-207. Reacquisition |
| SECTION 3-301. Person Entitled to Enforce Instrument |
| SECTION 3-302. Holder in Due Course |
| SECTION 3-303. Value and Consideration |
| SECTION 3-304. Overdue Instrument |
| SECTION 3-305. Defenses and Claims in Recoupment |
| SECTION 3-306. Claims to an Instrument |
| SECTION 3-307. Notice of Breach of Fiduciary Duty |
| SECTION 3-308. Proof of Signatures and Status as Holder in Due Course |
| SECTION 3-309. Enforcement of Lost, Destroyed, or Stolen Instrument |
| SECTION 3-310. Effect of Instrument on Obligation for which Taken |
| SECTION 3-311. Accord and Satisfaction by Use of Instrument |
| SECTION 3-312. Lost, Destroyed, or Stolen Cashier's Check, Teller's Check, or Certified Check |
| SECTION 3-401. Signature |
| SECTION 3-402. Signature by Representative |
| SECTION 3-403. Unauthorized Signature |
| SECTION 3-404. Impostors; Fictitious Payees |
| SECTION 3-405. Employer's Responsibility for Fraudulent Indorsement by Employee |
| SECTION 3-406. Negligence Contributing to Forged Signature or Alteration of Instrument |
| SECTION 3-407. Alteration |
| SECTION 3-408. Drawee not Liable on Unaccepted Draft |
| SECTION 3-409. Acceptance of Draft; Certified Check |
| SECTION 3-410. Acceptance Varying Draft |
| SECTION 3-411. Refusal to Pay Cashier's Checks, Teller's Checks, and Certified Checks |
| SECTION 3-412. Obligation of Issuer of Note or Cashier's Check |
| SECTION 3-413. Obligation of Acceptor |
| SECTION 3-414. Obligation of Drawer |
| SECTION 3-415. Obligation of Indorser |
| SECTION 3-416. Transfer Warranties |
| SECTION 3-417. Presentment Warranties |
| SECTION 3-418. Payment or Acceptance by Mistake |
| SECTION 3-419. Instruments Signed for Accommodation |
| SECTION 3-420. Conversion of Instrument |
| SECTION 3-501. Presentment |
| SECTION 3-502. Dishonor |
| SECTION 3-503. Notice of Dishonor |
| SECTION 3-504. Excused Presentment and Notice of Dishonor |
| SECTION 3-505. Evidence of Dishonor |
| SECTION 3-601. Discharge and Effect of Discharge |
| SECTION 3-602. Payment |
| SECTION 3-603. Tender of Payment |
| SECTION 3-604. Discharge by Cancellation or Renunciation |
| SECTION 3-605. Discharge of Indorsers and Accommodation Parties |
| ARTICLE 4. BANK DEPOSITS AND COLLECTIONS |
| SECTION 4-101. Short Title |
| SECTION 4-102. Applicability |
| SECTION 4-103. Variation by Agreement; Measure of Damages; Action Constituting Ordinary Care |
| SECTION 4-104. Definitions and Index of Definitions |
| SECTION 4-105. Bank; Depositary Bank; Payor Bank; Intermediary Bank; Collecting Bank; Presenting Bank |
| SECTION 4-106. Payable Through or Payable at Bank; Collecting Bank |
| SECTION 4-107. Separate Office of Bank |
| SECTION 4-108. Time of Receipt of Items |
| SECTION 4-109. Delays |
| SECTION 4-110. Electronic Presentment |
| SECTION 4-111. Statute of Limitations |
| SECTION 4-201. Status of Collecting Bank as Agent and Provisional Status of Credits; Applicability of Article; Item Indorsed Pay Any Bank |
| SECTION 4-202. Responsibility for Collection or Return; When Action Timely |
| SECTION 4-203. Effect of Instructions |
| SECTION 4-204. Methods of Sending and Presenting; Sending Direct to Payor Bank |
| SECTION 4-205. Depositary Bank Holder of Unindorsed Item |
| SECTION 4-206. Transfer Between Banks |
| SECTION 4-207. Transfer Warranties |
| SECTION 4-208. Presentment Warranties |
| SECTION 4-209. Encoding and Retention Warranties |
| SECTION 4-210. Security Interest of Collecting Bank in Items, Accompanying Documents and Proceeds |
| SECTION 4-211. When Bank Gives Value for Purposes of Holder in Due Course |
| SECTION 4-212. Presentment by Notice of Item not Payable by, through, or at Bank; Liability of Drawer or Indorser |
| SECTION 4-213. Medium and Time of Settlement by Bank |
| SECTION 4-214. Right of Charge-Back or Refund; Liability of Collecting Bank; Return of Item |
| SECTION 4-215. Final Payment of Item by Payor Bank; When Provisional Debits and Credits Become Final; When Certain Credits Become Available for Withdrawal |
| SECTION 4-216. Insolvency and Preference |
| SECTION 4-301. Deferred Posting; Recovery of Payment by Return of Items; Time of Dishonor; Return of Items by Payor Bank |
| SECTION 4-302. Payor Bank's Responsibility for Late Return of Item |
| SECTION 4-303. When Items Subject to Notice, Stop-Payment Order, Legal Process, or Setoff; Order in Which Items may be Charged or Certified |
| SECTION 4-401. When Bank May Charge Customer's Account |
| SECTION 4-402. Bank's Liability to Customer for Wrongful Dishonor; Time of Determining Insufficiency of Account |
| SECTION 4-403. Customer's Right to Stop Payment; Burden of Proof of Loss |
| SECTION 4-404. Bank Not Obliged to Pay Check More Than Six Months Old |
| SECTION 4-405. Death or Incompetence of Customer |
| SECTION 4-406. Customer's Duty to Discover and Report Unauthorized Signature or Alteration |
| SECTION 4-407. Payor Bank's Right to Subrogation on Improper Payment |
| SECTION 4-501. Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor |
| SECTION 4-502. Presentment of ''On Arrival'' Drafts |
| SECTION 4-503. Responsibility of Presenting Bank for Documents and Goods; Report of Reasons for Dishonor; Referee in Case of Need |
| SECTION 4-504. Privilege of Presenting Bank to Deal with Goods; Security Interest for Expenses |
| ARTICLE 4A. FUNDS TRANSFERS |
| SECTION 4A-101. Short Title |
| SECTION 4A-102. Subject Matter |
| SECTION 4A-103. Payment Order — Definitions |
| SECTION 4A-104. Funds Transfer — Definitions |
| SECTION 4A-105. Other Definitions |
| SECTION 4A-106. Time Payment Order Is Received |
| SECTION 4A-107. Federal Reserve Regulations and Operating Circulars |
| SECTION 4A-108. Relationship to Electronic Fund Transfer Act |
| SECTION 4A-201. Security Procedure |
| SECTION 4A-202. Authorized and Verified Payment Orders |
| SECTION 4A-203. Unenforceability of Certain Verified Payment Orders |
| SECTION 4A-204. Refund of Payment and Duty of Customer to Report with Respect to Unauthorized Payment Order |
| SECTION 4A-205. Erroneous Payment Orders |
| SECTION 4A-206. Transmission of Payment Order Through Funds Transfer or Other Communication System |
| SECTION 4A-207. Misdescription of Beneficiary |
| SECTION 4A-208. Misdescription of Intermediary Bank or Beneficiary's Bank |
| SECTION 4A-209. Acceptance of Payment Order |
| SECTION 4A-210. Rejection of Payment Order |
| SECTION 4A-211. Cancellation and Amendment of Payment Order |
| SECTION 4A-212. Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order |
| SECTION 4A-301. Execution and Execution Date |
| SECTION 4A-302. Obligations of Receiving Bank in Execution of Payment Order |
| SECTION 4A-303. Erroneous Execution of Payment Order |
| SECTION 4A-304. Duty of Sender to Report Erroneously Executed Payment Order |
| SECTION 4A-305. Liability for Late or Improper Execution or Failure to Execute Payment Order |
| SECTION 4A-401. Payment Date |
| SECTION 4A-402. Obligation of Sender to Pay Receiving Bank |
| SECTION 4A-403. Payment by Sender to Receiving Bank |
| SECTION 4A-404. Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary |
| SECTION 4A-405. Payment by Beneficiary's Bank to Beneficiary |
| SECTION 4A-406. Payment by Originator to Beneficiary; Discharge of Underlying Obligation |
| SECTION 4A-501. Variation by Agreement and Effect of Funds Transfer System Rule |
| SECTION 4A-502. Creditor Process Served on Receiving Bank; Setoff by Beneficiary's Bank |
| SECTION 4A-503. Injunction or Restraining Order with Respect to Funds Transfer |
| SECTION 4A-504. Order in Which Items and Payment Orders May Be Charged to Account; Order or Withdrawals from Account |
| SECTION 4A-505. Preclusion of Objection to Debit of Customer's Account |
| SECTION 4A-506. Rate of Interest |
| SECTION 4A-507. Choice of Law |
| ARTICLE 5. LETTERS OF CREDIT |
| SECTION 5-101. Short Title |
| SECTION 5-102. Definitions |
| SECTION 5-103. Scope |
| SECTION 5-104. Formal Requirements |
| SECTION 5-105. Consideration |
| SECTION 5-106. Issuance, Amendment, Cancellation, and Duration |
| SECTION 5-107. Confirmer, Nominated Person, and Adviser |
| SECTION 5-108. Issuer's Rights and Obligations |
| SECTION 5-109. Fraud and Forgery |
| SECTION 5-110. Warranties |
| SECTION 5-111. Remedies |
| SECTION 5-112. Transfer of Letter of Credit |
| SECTION 5-113. Transfer by Operation of Law |
| SECTION 5-114. Assignment of Proceeds |
| SECTION 5-115. Statute of Limitations |
| SECTION 5-116. Choice of Law and Forum |
| SECTION 5-117. Subrogation of Issuer, Applicant, and Nominated Person |
| SECTION 5-118. Security Interest of Issuer or Nominated Person |
| ARTICLE 7. DOCUMENTS OF TITLE |
| SECTION 7-101. Short Title |
| SECTION 7-102. Definitions and Index of Definitions |
| SECTION 7-103. Relation of Article to Treaty or Statute |
| SECTION 7-104. Negotiable and Nonnegotiable Document of Title |
| SECTION 7-105. Reissuance In Alternative Medium |
| SECTION 7-106. Control Of Electronic Document Of Title |
| SECTION 7-201. Person That May Issue A Warehouse Receipt; Storage Under Bond |
| SECTION 7-202. Form Of Warehouse Receipt; Effect Of Omission |
| SECTION 7-203. Liability For Nonreceipt Or Misdescription |
| SECTION 7-204. Duty Of Care; Contractual Limitation Of Warehouse's Liability |
| SECTION 7-205. Title Under Warehouse Receipt Defeated In Certain Cases |
| SECTION 7-206. Termination Of Storage At Warehouse Option |
| SECTION 7-207. Goods Must Be Kept Separate; Fungible Goods |
| SECTION 7-208. Altered Warehouse Receipts |
| SECTION 7-209. Lien of Warehouse |
| SECTION 7-210. Enforcement Of Warehouse's Lien |
| SECTION 7-301. Liability For Nonreceipt Or Misdescription; ''Said To Contain''; ''Shipper's Weight, Load And Count''; Improper Handling |
| SECTION 7-302. Through Bills Of Lading And Similar Documents Of Title |
| SECTION 7-303. Diversion; Reconsignment; Change Of Instructions |
| SECTION 7-304. Tangible Bills Of Lading In A Set |
| SECTION 7-305. Destination Bills |
| SECTION 7-306. Altered Bills Of Lading |
| SECTION 7-307. Lien Of Carrier |
| SECTION 7-308. Enforcement Of Carrier's Lien |
| SECTION 7-309. Duty Of Care; Contractual Limitation Of Carrier's Liability |
| SECTION 7-401. Irregularities In Issue Of Receipt Or Bill Or Conduct Of Issuer |
| SECTION 7-402. Duplicate Document Of Title; Overissue |
| SECTION 7-403. Obligation Of Bailee To Deliver; Excuse |
| SECTION 7-404. No Liability For Good-Faith Delivery Pursuant To Document Of Title |
| SECTION 7-501. Form Of Negotiation And Requirements Of Due Negotiation |
| SECTION 7-502. Rights Acquired By Due Negotiation |
| SECTION 7-503. Document Of Title To Goods Defeated In Certain Cases |
| SECTION 7-504. Rights Acquired In Absence Of Due Negotiation; Effect Of Diversion; Stoppage Of Delivery |
| SECTION 7-505. Indorser Not Guarantor For Other Parties |
| SECTION 7-506. Delivery Without Indorsement: Right To Compel Indorsement |
| SECTION 7-507. Warranties On Negotiations Or Delivery Of Document Of Title |
| SECTION 7-508. Warranties Of Collecting Bank As To Documents Of Title |
| SECTION 7-509. Adequate Compliance With Commercial Contract |
| SECTION 7-601. Lost, Stolen, Or Destroyed Documents Of Title |
| SECTION 7-602. Judicial Process Against Goods Covered By Negotiable Document Of Title |
| SECTION 7-603. Conflicting Claims; Interpleader |
| ARTICLE 8. INVESTMENT SECURITIES |
| SECTION 8-101. Short Title |
| SECTION 8-102. Definitions |
| SECTION 8-103. Rules for Determining Whether Certain Obligations and Interests are Securities or Financial Assets |
| SECTION 8-104. Acquisition of Security or Financial Asset or Interest Therein |
| SECTION 8-105. Notice of Adverse Claim |
| SECTION 8-106. Control |
| SECTION 8-107. Whether Indorsement, Instruction, or Entitlement Order is Effective |
| SECTION 8-108. Warranties in Direct Holding |
| SECTION 8-109. Warranties in Indirect Holding |
| SECTION 8-110. Applicability; Choice of Law |
| SECTION 8-111. Clearing Corporation Rules |
| SECTION 8-112. Creditor's Legal Process |
| SECTION 8-113. Statute of Frauds Inapplicable |
| SECTION 8-114. Evidentiary Rules Concerning Certificated Securities |
| SECTION 8-115. Securities Intermediary and Others Not Liable to Adverse Claimant |
| SECTION 8-116. Securities Intermediary as Purchaser for Value |
| SECTION 8-201. Issuer |
| SECTION 8-202. Issuer's Responsibility and Defenses; Notice of Defect or Defense |
| SECTION 8-203. Staleness as Notice of Defect or Defense |
| SECTION 8-204. Effect of Issuer's Restriction on Transfer |
| SECTION 8-205. Effect of Unauthorized Signature on Security Certificate |
| SECTION 8-206. Completion or Alteration of Security Certificate |
| SECTION 8-207. Rights and Duties of Issuer with Respect to Registered Owners |
| SECTION 8-208. Effect of Signature of Authenticating Trustee, Registrar, or Transfer Agent |
| SECTION 8-209. Issuer's Lien |
| SECTION 8-210. Overissue |
| SECTION 8-301. Delivery |
| SECTION 8-302. Rights of Purchaser |
| SECTION 8-303. Protected Purchaser |
| SECTION 8-304. Indorsement |
| SECTION 8-305. Instruction |
| SECTION 8-306. Effect of Guaranteeing Signature, Indorsement, or Instruction |
| SECTION 8-307. Purchaser's Right to Requisites for Registration of Transfer |
| SECTION 8-401. Duty of Issuer to Register Transfer |
| SECTION 8-402. Assurance that Indorsement or Instruction is Effective |
| SECTION 8-403. Demand that Issuer Not Register Transfer |
| SECTION 8-404. Wrongful Registration |
| SECTION 8-405. Replacement of Lost, Destroyed, or Wrongfully Taken Security Certificate |
| SECTION 8-406. Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully Taken Security Certificate |
| SECTION 8-407. Authenticating Trustee, Transfer Agent, and Registrar |
| SECTION 8-501. Securities Account; Acquisition of Security Entitlement from Securities Intermediary |
| SECTION 8-502. Assertion of Adverse Claim Against Entitlement Holder |
| SECTION 8-503. Property Interest of Entitlement Holder in Financial Asset Held by Securities Intermediary |
| SECTION 8-504. Duty of Securities Intermediary to Maintain Financial Asset |
| SECTION 8-505. Duty of Securities Intermediary with Respect to Payments and Distributions |
| SECTION 8-506. Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder |
| SECTION 8-507. Duty of Securities Intermediary to Comply with Entitlement Order |
| SECTION 8-508. Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Form of Security Holding |
| SECTION 8-510. Rights of Purchaser of Security Entitlement from Entitlement Holder |
| SECTION 8-511. Priority Among Security Interests and Entitlement Holders |
| ARTICLE 9. SECURED TRANSACTIONS |
| SECTION 9-101. Short Title |
| SECTION 9-102. Definitions and Index of Definitions |
| SECTION 9-103. Purchase-money Security Interest; Application of Payments; Burden of Establishing |
| SECTION 9-104. Control of Deposit Account |
| SECTION 9-105. Control of Electronic Chattel Paper |
| SECTION 9-106. Control of Investment Property |
| SECTION 9-107. Control of Letter-of-Credit Right |
| SECTION 9-108. Sufficiency of Description |
| SECTION 9-109. Scope |
| SECTION 9-110. Security Interests Arising Under Article 2 or 2A |
| SECTION 9-201. General Effectiveness of Security Agreement |
| SECTION 9-202. Title to Collateral Immaterial |
| SECTION 9-203. Attachment and Enforceability of Security Interest; Proceeds; Supporting Obligations; Formal Requisites |
| SECTION 9-204. After-Acquired Property; Future Advances |
| SECTION 9-205. Use or Disposition of Collateral Permissible |
| SECTION 9-206. Security Interest Arising in Purchase or Delivery of Financial Asset |
| SECTION 9-207. Rights and Duties of Secured Party Having Possession or Control of Collateral |
| SECTION 9-208. Additional Duties of Secured Party Having Control of Collateral |
| SECTION 9-209. Duties of Secured Party if Account Debtor has been Notified of Assignment |
| SECTION 9-210. Request for Accounting; Request Regarding List of Collateral or Statement of Account |
| SECTION 9-301. Law Governing Perfection and Priority of Security Interests |
| SECTION 9-302. Law Governing Perfection and Priority of Agricultural Liens |
| SECTION 9-303. Law Governing Perfection and Priority of Security Interests in Goods Covered by a Certificate of Title |
| SECTION 9-304. Law Governing Perfection and Priority of Security Interests in Deposit Accounts |
| SECTION 9-305. Law Governing Perfection and Priority of Security Interests in Investment Property |
| SECTION 9-306. Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights |
| SECTION 9-307. Location of Debtor |
| SECTION 9-308. When Security Interest or Agricultural Lien is Perfected; Continuity of Perfection |
| SECTION 9-309. Security Interest Perfected Upon Attachment |
| SECTION 9-310. When Filing Required to Perfect Security Interest or Agricultural Lien; Security Interests and Agricultural Liens to Which Filing Provisions Do Not Apply |
| SECTION 9-311. Perfection of Security Interests in Property Subject to Certain Statutes, Regulations, and Treaties |
| SECTION 9-313. When Possession by or Delivery to Secured Party Perfects Security Interest Without Filing |
| SECTION 9-314. Perfection by Control |
| SECTION 9-315. Secured Party's Rights on Disposition of Collateral and in Proceeds |
| SECTION 9-316. Continued Perfection of Security Interest Following Change in Governing Law |
| SECTION 9-317. Interests That Take Priority Over or Take Free of Security Interest or Agricultural Lien |
| SECTION 9-318. No Interest Retained in Right to Payment That is Sold; Rights and Title of Seller of Account or Chattel Paper With Respect to Creditors and Purchasers |
| SECTION 9-319. Rights and Title of Consignee with Respect to Creditors and Purchasers |
| SECTION 9-320. Buyer of Goods |
| SECTION 9-321. License of General Intangible and Lessee of Goods in Ordinary Course of Business |
| SECTION 9-322. Priorities Among Conflicting Security Interests in and Agricultural Liens on Same Collateral |
| SECTION 9-323. Future Advances |
| SECTION 9-324. Priority of Purchase-money Security Interests |
| SECTION 9-325. Priority of Security Interests in Transferred Collateral |
| SECTION 9-326. Priority of Security Interests Created by New Debtor |
| SECTION 9-327. Priority of Security Interests in Deposit Account |
| SECTION 9-328. Priority of Security Interests in Investment Property |
| SECTION 9-329. Priority of Security Interests in Letter-of-credit Right |
| SECTION 9-330. Priority of Purchaser of Chattel Paper or Instrument |
| SECTION 9-331. Priority of Rights of Purchasers of Instruments, Documents, and Securities Under Other Articles; Priority of Interests in Financial Assets and Security Entitlements Under Article 8 |
| SECTION 9-332. Transfer of Money; Transfer of Funds from Deposit Account |
| SECTION 9-333. Priority of Certain Liens Arising by Operation of Law |
| SECTION 9-334. Priority of Security Interests in Fixtures and Crops |
| SECTION 9-335. Accessions |
| SECTION 9-336. Commingled Goods |
| SECTION 9-337. Priority of Security Interests in Goods Covered by Certificate of Title |
| SECTION 9-338. Priority of Security Interest or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information |
| SECTION 9-339. Priority Subject to Subordination |
| SECTION 9-340. Effectiveness of Right of Recoupment or Set-off Against Deposit Account |
| SECTION 9-341. Bank's Rights and Duties with Respect to Deposit Account |
| SECTION 9-342. Bank's right to refuse to enter into or disclose existence of control agreement |
| SECTION 9-401. Alienability of Debtor's Rights |
| SECTION 9-402. Secured Party Not Obligated On Contract Of Debtor Or In Tort |
| SECTION 9-403. Agreement Not to Assert Defenses Against Assignee |
| SECTION 9-404. Rights Acquired by Assignee; Claims and Defenses Against Assignee |
| SECTION 9-405. Modification of Assigned Contract |
| SECTION 9-407. Restrictions on Creation or Enforcement of Security Interest in Leasehold Interest or in Lessor's Residual Interest |
| SECTION 9-408. Restrictions on Assignment of Promissory Notes, Health-Care-Insurance Receivables, and Certain General Intangibles Ineffective |
| SECTION 9-409. Restrictions on Assignment of Letter-of-Credit Rights Ineffective |
| SECTION 9-501. Filing Office |
| SECTION 9-502. Contents of Financing Statement; Record of Mortgage as Financing Statement; Time of Filing Financing Statement |
| SECTION 9-503. Name of Debtor and Secured Party |
| SECTION 9-504. Indication of Collateral |
| SECTION 9-505. Filing and Compliance With Other Statutes and Treaties for Consignments, Leases, Other Bailments, and Other Transactions |
| SECTION 9-506. Effect of Errors or Omissions |
| SECTION 9-507. Effect of Certain Events on Effectiveness of Financing Statement |
| SECTION 9-508. Effectiveness of Financing Statement if New Debtor Becomes Bound by Security Agreement |
| SECTION 9-509. Persons Entitled to File a Record |
| SECTION 9-510. Effectiveness of Filed Record |
| SECTION 9-511. Secured Party of Record |
| SECTION 9-512. Amendment of Financing Statement |
| SECTION 9-513. Termination Statement |
| SECTION 9-514. Assignment of Powers of Secured Party of Record |
| SECTION 9-515. Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement |
| SECTION 9-516. What Constitutes Filing; Effectiveness of Filing |
| SECTION 9-516A. Expired. See 2001, 26, Sec. 39 |
| SECTION 9-517. Effect of Indexing Errors |
| SECTION 9-518. Claim Concerning Inaccurate or Wrongfully Filed Record |
| SECTION 9-519. Numbering, Maintaining, and Indexing Records; Communicating Information Provided in Records |
| SECTION 9-520. Acceptance and Refusal to Accept Record |
| SECTION 9-520A. Expired. See 2001, 26, Sec. 39 |
| SECTION 9-521. Uniform Form of Written Financing Statement and Amendment |
| SECTION 9-522. Maintenance and Destruction of Records |
| SECTION 9-523. Information from Filing Office; Sale or License of Records |
| SECTION 9-524. Delay by Filing Office |
| SECTION 9-525. Fees |
| SECTION 9-526. Filing-Office Rules |
| SECTION 9-601. Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes |
| SECTION 9-602. Waiver and Variance of Rights and Duties |
| SECTION 9-603. Agreement on Standards Concerning Rights and Duties |
| SECTION 9-604. Procedure if Security Agreement Covers Real Property or Fixtures |
| SECTION 9-605. Unknown Debtor or Secondary Obligor |
| SECTION 9-606. Time of Default for Agricultural Lien |
| SECTION 9-607. Collection and Enforcement by Secured Party |
| SECTION 9-608. Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus |
| SECTION 9-609. Secured Party's Right to Take Possession After Default |
| SECTION 9-610. Disposition of Collateral After Default |
| SECTION 9-611. Notification Before Disposition of Collateral |
| SECTION 9-612. Timeliness of Notification Before Disposition of Collateral |
| SECTION 9-613. Contents and Form of Notification Before Disposition of Collateral: General |
| SECTION 9-614. Contents and Form of Notification Before Disposition of Collateral: Consumer-Goods Transaction |
| SECTION 9-615. Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus |
| SECTION 9-616. Explanation of Calculation of Surplus or Deficiency |
| SECTION 9-617. Rights of Transferee of Collateral |
| SECTION 9-618. Rights and Duties of Certain Secondary Obligors |
| SECTION 9-619. Transfer of Record or Legal Title |
| SECTION 9-620. Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral |
| SECTION 9-621. Notification of Proposal to Accept Collateral |
| SECTION 9-622. Effect of Acceptance of Collateral |
| SECTION 9-623. Right to Redeem Collateral |
| SECTION 9-624. Waiver |
| SECTION 9-625. Remedies for Secured Party's Failure to Comply with Article |
| SECTION 9-626. Action in Which Deficiency or Surplus is in Issue |
| SECTION 9-627. Determination of Whether Conduct was Commercially Reasonable |
| SECTION 9-628. Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor |
| SECTION 9-701. Effective Date |
| SECTION 9-702. Savings Clause |
| SECTION 9-703. Security Interest Perfected Before Effective Date |
| SECTION 9-704. Security Interest Unperfected Before Effective Date |
| SECTION 9-705. Effectiveness of Action Taken Before Effective Date |
| SECTION 9-706. When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement |
| SECTION 9-707. Amendment of Pre-effective-date Financing Statement |
| SECTION 9-708. Persons Entitled to File Initial Financing Statement or Continuation Statement |
| SECTION 9-709. Priority |
| SECTION 9-801. Effective Date |
| SECTION 9-802. Savings Clause |
| SECTION 9-803. Security Interest Perfected Before Effective Date |
| SECTION 9-804. Security Interest Unperfected Before Effective Date |
| SECTION 9-805. Effectiveness Of Action Taken Before Effective Date |
| SECTION 9-806. When Initial Financing Statement Suffices To Continue Effectiveness Of Financing Statement |
| SECTION 9-807. Amendment Of Pre-Effective Date Financing Statement |
| SECTION 9-808. Person Entitled To File Initial Financing Statement Or Continuation Statement |
| SECTION 9-809. Priority |