Short title This Title 11 shall be known as and may be cited as the 'Uniform Commercial Code.' ...

Purposes; rules of construction; variation by agreement (1) This title shall be liberally construed and applied to promote its underlying purposes and policies. ...

Supplementary general principles of law applicable Unless displaced by the particular provisions of this title, the principles of law and equity, including the law merchant and ...

Construction against implicit repeal This title being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed ...

Territorial application of the title; parties´ power to choose applicable law (1) Except as provided hereafter in this Code section, when a transaction bears a reasonable ...

Remedies to be liberally administered (1) The remedies provided by this title shall be liberally administered to the end that the aggrieved party may be put ...

Waiver or renunciation of claim or right after breach Any claim or right arising out of an alleged breach can be discharged in whole or in ...

Severability If any provision or clause of this title or application thereof to any person or circumstances is held invalid, such invalidity shall not affect other ...

Section captions Section captions are parts of this title. ...

General definitions Subject to additional definitions contained in the subsequent articles of this title which are applicable to specific articles or parts thereof, and unless the ...

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 ...

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

Time; reasonable time; 'seasonably.' (1) Whenever this title requires any action to be taken within a reasonable time, any time which is not manifestly unreasonable may ...

Course of dealing and usage of trade (1) A course of dealing is a sequence of previous conduct between the parties to a particular transaction which ...

Statute of frauds for kinds of personal property not otherwise covered (1) Except in the cases described in subsection (2) of this Code section a contract ...

Performance or acceptance under reservation of rights (1) A party who, with explicit reservation of rights, performs or promises performance or assents to performance in a ...

Option to accelerate at will A term providing that one party or his successor in interest may accelerate payment or performance or require collateral or additional ...

Subordinated obligations An obligation may be issued as subordinated to payment of another obligation of the person obligated, or a creditor may subordinate his right to ...

Short title This article shall be known and may be cited as 'Uniform Commercial Code — Leases.' ...

Scope This article applies to any transaction, regardless of form, that creates a lease. ...

Definitions and index of definitions (1) In this article unless the context otherwise requires: (a) 'Buyer in ordinary course of business' means a ...

Leases subject to other law (1) A lease, although subject to this article, is also subject to any applicable: (a) Certificate of title statute ...

Territorial application of article to goods covered by certificate of title Subject to the provisions of Code Sections 11-2A-304(3) and 11-2A-305(3), with respect to goods covered ...

Limitation on power of parties to consumer lease to choose applicable law and judicial forum (1) If the law chosen by the parties to a consumer ...

Waiver or renunciation of claim or right after default Any claim or right arising out of an alleged default or breach of warranty may be discharged ...

Unconscionability (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 ...

Option to accelerate at will (1) A term providing that one party or his successor in interest may accelerate payment or performance or require collateral or ...

Statute of frauds (1) A lease contract is not enforceable by way of action or defense unless: (a) The total payments to be made ...

Final written expression: Parole or extrinsic evidence Terms with respect to which the confirmatory memoranda of the parties agree or which are otherwise set forth in ...

Seals inoperative The affixing of a seal to a writing evidencing a lease contract or an offer to enter into a lease contract does not render ...

Formation in general (1) A lease contract may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence ...

Firm offers An offer by a merchant to lease goods to or from another person in a signed writing that by its terms gives assurance it ...

Offer and acceptance in formation of lease contract (1) Unless otherwise unambiguously indicated by the language or circumstances, an offer to make a lease contract must ...

Course of performance or practical construction (1) If a lease contract involves repeated occasions for performance by either party with knowledge of the nature of the ...

Modification, rescission and waiver (1) An agreement modifying a lease contract needs no consideration to be binding. (2) A signed lease agreement that excludes ...

Lessee under finance lease as beneficiary of supply contract (1) The benefit of a supplier´s promises to the lessor under the supply contract and of all ...

Express warranties (1) Express warranties by the lessor are created as follows: (a) Any affirmation of fact or promise made by the lessor ...

Warranties against interference and against infringement; lessee´s obligation against infringement (1) There is in a lease contract a warranty that for the lease term no person ...

Implied warranty of merchantability (1) Except in a finance lease, a warranty that the goods will be merchantable is implied in a lease contract if the ...

Implied warranty of fitness for particular purpose Except in a finance lease, if the lessor at the time the lease contract is made has reason to ...

Exclusion or modification of warranties (1) Words or conduct relevant to the creation of an express warranty and words or conduct tending to negate or limit ...

Cumulation and conflict of warranties express or implied Warranties, whether express or implied, must be construed as consistent with each other and as cumulative, but if ...

Third-party beneficiaries of express and implied warranties A warranty to or for the benefit of a lessee under this article, whether express or implied, extends to ...

Identification Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly agreed to by ...

Insurance and proceeds (1) A lessee obtains an insurable interest when existing goods are identified to the lease contract even though the goods identified are nonconforming ...

Risk of loss (1) Except in the case of a finance lease, risk of loss is retained by the lessor and does not pass to the ...

Effect of default on risk of loss (1) Where risk of loss is to pass to the lessee and the time of passage is not stated: ...

Casualty to identified goods If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the ...

Enforceability of lease contract Except as otherwise provided in this article, a lease contract is effective and enforceable according to its terms between the parties, against ...

Title to and possession of goods Except as otherwise provided in this article, each provision of this article applies whether the lessor or a third party ...

Alienability of party´s interest under lease contract or of lessor´s residual interest in goods; delegation of performance; transfer of rights (1) As used in this Code ...

Subsequent lease of goods by lessor (1) Subject to Section 11-2A-303, a subsequent lessee from a lessor of goods under an existing lease contract obtains, to ...

Sale or sublease of goods by lessee (1) Subject to the provisions of Code Section 11-2A-303, a buyer or sublessee from the lessee of goods under ...

Priority of certain liens arising by operation of law If a person in the ordinary course of his business furnishes services or materials with respect to ...

Priority of liens arising by attachment or levy on, security interests in, and other claims to goods (1) Except as otherwise provided in Code Section 11-2A-306, ...

Special rights of creditors (1) A creditor of a lessor in possession of goods subject to a lease contract may treat the lease contract as void ...

Lessor´s and lessee´s rights when goods become fixtures (1) In this section: (a) Goods are 'fixtures' when they become so related to particular ...

Lessor´s and lessee´s rights when goods become accessions (1) Goods are 'accessions' when they are installed in or affixed to other goods. (2) The ...

Priority subject to subordination Nothing in this article prevents subordination by agreement by any person entitled to priority. ...

Insecurity: Adequate assurance of performance (1) A lease contract imposes an obligation on each party that the other´s expectation of receiving due performance will not be ...

Anticipatory repudiation If either party repudiates a lease contract with respect to a performance not yet due under the lease contract, the loss of which performance ...

Retraction of anticipatory repudiation (1) Until the repudiating party´s next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved ...

Substituted performance (1) If without fault of the lessee, the lessor and the supplier, the agreed berthing, loading, or unloading facilities fail or the agreed type ...

Excused performance Subject to Code Section 11-2A-404 on substituted performance, the following rules apply: (a) Delay in delivery or nondelivery in whole or in ...

Procedure on excused performance (1) If the lessee receives notification of a material or indefinite delay or an allocation justified under Code Section 11-2A-405, the lessee ...

Irrevocable promises: Finance leases (1) In the case of a finance lease that is not a consumer lease the lessee´s promises under the lease contract become ...

Default: Procedure (1) Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this article. ...

Notice after default Except as otherwise provided in this article, applicable statutes, or the lease agreement, the lessor or lessee in default under the lease contract ...

Modification or impairment of rights and remedies (1) Except as otherwise provided in this article, the lease agreement may include rights and remedies for default in ...

Liquidation of damages (1) Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution of anticipated tax ...

Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies (1) On cancellation of the lease contract, all obligations that are ...

Statute of limitations (1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within 4 years after the ...

Proof of market rent: Time and place (1) Damages based on market rent (Code Section 11-2A-519 or 11-2A-528) are determined according to the rent for the ...

Lessee´s remedies (1) If a lessor fails to deliver the goods in conformity to the lease contract (Code Section 11-2A-509) or repudiates the lease contract (Code ...

Lessee´s rights on improper delivery; rightful rejection (1) Subject to the provisions of Code Section 11-2A-510 on default in installment lease contracts, if the goods or ...

Installment lease contracts: Rejection and default (1) Under an installment lease contract a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs ...

Merchant lessee´s duties as to rightfully rejected goods (1) Subject to any security interest of a lessee (Code Section 11-2A-508(5)), if a lessor or a supplier ...

Lessee´s duties as to rightfully rejected goods (1) Except as otherwise provided with respect to goods that threaten to decline in value speedily (Code Section 11-2A-511) ...

Cure by lessor of improper tender or delivery; replacement (1) If any tender or delivery by the lessor or the supplier is rejected because nonconforming and ...

Waiver of lessee´s objections (1) In rejecting goods, a lessee´s failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from ...

Acceptance of goods (1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and (a) The lessee ...

Effect of acceptance of goods; notice of default; burden of establishing default after acceptance; notice of claim or litigation to person answerable over (1) A lessee ...

Revocation of acceptance of goods (1) A lessee may revoke acceptance of a lot or commercial unit whose nonconformity substantially impairs its value to the lessee ...

Cover; substitute goods (1) After a default by a lessor under the lease contract of the type described in Code Section 11-2A-508(1) or, if agreed, after ...

Lessee´s damages for nondelivery, repudiation, default, and breach of warranty in regard to accepted goods (1) Except as otherwise provided with respect to damages liquidated in ...

Lessee´s incidental and consequential damages (1) Incidental damages resulting from a lessor´s default include expenses reasonably incurred in inspection, receipt, transportation, and care and custody of ...

Lessee´s right to specific performance or replevin (1) Specific performance may be decreed if the goods are unique or in other proper circumstances. ...

Lessee´s right to goods on lessor´s insolvency (1) Subject to subsection (2) and even though the goods have not been shipped, a lessee who has paid ...

Lessor´s remedies (1) If a lessee wrongfully rejects or revokes acceptance of goods or fails to make a payment when due or repudiates with respect to ...

Lessor´s right to identify goods to lease contract (1) After default by the lessee under the lease contract of the type described in Code Section 11-2A-523(1) ...

Lessor´s right to possession of goods (1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods. ...

Lessor´s stoppage of delivery in transit or otherwise (1) A lessor may stop delivery of goods in the possession of a carrier or other bailee if ...

Lessor´s rights to dispose of goods (1) After a default by a lessee under the lease contract of the type described in Code Section 11-2A-523(1) or ...

Lessor´s damages for nonacceptance, failure to pay, repudiation, or other default (1) Except as otherwise provided with respect to damages liquidated in the lease agreement (Code ...

Lessor´s action for the rent (1) After default by the lessee under the lease contract of the type described in Code Section 11-2A-523(1) or 11-2A-523(3)(a) or, ...

Lessor´s incidental damages Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the transportation, care and ...

Standing to sue third parties for injury to goods (1) If a third party so deals with goods that have been identified to a lease contract ...

Lessor´s rights to residual interest In addition to any other recovery permitted by this article or other law, the lessor may recover from the lessee an ...

Short title This article may be cited as 'Uniform Commercial Code — Negotiable Instruments.' ...

Subject matter (a) This article applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 4A of this title, or ...

Definitions (a) In this article: (1) 'Acceptor' means a drawee who has accepted a draft. (2) 'Drawee' means a person ...

Negotiable instrument (a) Except as provided in subsections (c) and (d) of this Code section, 'negotiable instrument' means an unconditional promise or order to pay a ...

Issue of instrument (a) 'Issue' means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose ...

Unconditional promise or order (a) Except as provided in this Code section, for the purposes of subsection (a) of Code Section 11-3-104, a promise or order ...

Instrument payable in foreign money Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign ...

Payable on demand or at definite time (a) A promise or order is 'payable on demand' if it (i) states that it is payable on demand ...

Payable to bearer or to order (a) A promise or order is payable to bearer if it: (1) States that it is payable ...

Identification of person to whom instrument is payable (a) The person to whom an instrument is initially payable is determined by the intent of the person, ...

Place of payment Except as otherwise provided for items in Article 4 of this title, an instrument is payable at the place of payment stated in ...

Interest (a) Unless otherwise provided in the instrument (i) an instrument is not payable with interest; and (ii) interest on an interest-bearing instrument is payable from ...

Date of instrument (a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a ...

Contradictory terms of instrument If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers. ...

Incomplete instrument (a) 'Incomplete instrument' means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing ...

Joint and several liability; contribution (a) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as ...

Other agreements affecting instrument Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to ...

Statute of limitations (a) Except as provided in subsection (e) of this Code section, an action to enforce the obligation of a party to pay a ...

Notice of right to defend action In an action for breach of an obligation for which a third person is answerable over pursuant to this article ...

Negotiation (a) 'Negotiation' means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who ...

Negotiation subject to rescission (a) Negotiation is effective even if obtained (i) from an infant, a corporation exceeding its powers, or a person without capacity; (ii) ...

Transfer of instrument; rights acquired by transfer (a) An instrument is transferred when it is delivered by a person other than its issuer for the purpose ...

Indorsement (a) 'Indorsement' means a signature, other than that of a signer as maker, drawer, or acceptor, that alone or accompanied by other words is made ...

Special indorsement; blank indorsement; anomalous indorsement (a) If an indorsement is made by the holder of an instrument, whether payable to an identified person or payable ...

Restrictive indorsement (a) An indorsement limiting payment to a particular person or otherwise prohibiting further transfer or negotiation of the instrument is not effective to prevent ...

Reacquisition Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may ...

Person entitled to enforce instrument 'Person entitled to enforce' an instrument means (i) the holder of the instrument; (ii) a nonholder in possession of the instrument ...

Holder in due course (a) Subject to subsection (c) of this Code section and subsection (d) of Code Section 11-3-106, 'holder in due course' means the ...

Value and consideration (a) An instrument is issued or transferred for value if: (1) The instrument is issued or transferred for a promise ...

Overdue instrument (a) An instrument payable on demand becomes overdue at the earliest of the following times: (1) On the day after the ...

Defenses and claims in recoupment (a) Except as stated in subsection (b) of this Code section, the right to enforce the obligation of a party to ...

Claims to an instrument A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim ...

Notice of breach of fiduciary duty (a) In this Code section: (1) 'Fiduciary' means an agent, trustee, partner, corporate officer or director, or ...

Proof of signatures and status as holder in due course (a) In an action with respect to an instrument, the authenticity of and authority to make ...

Enforcement of lost, destroyed, or stolen instrument (a) A person not in possession of an instrument is entitled to enforce the instrument if (i) the person ...

Effect of instrument on obligation for which taken (a) Unless otherwise agreed, if a certified check, cashier´s check, or teller´s check is taken for an obligation, ...

Accord and satisfaction by use of instrument (a) If a person against whom a claim is asserted proves that (i) such person in good faith tendered ...

Lost, destroyed, or stolen cashier´s check, teller´s check, or certified check (a) In this Code section: (1) 'Check' means a cashier´s check, teller´s ...

Signature (a) A person is not liable on an instrument unless (i) the person signed the instrument; or (ii) the person is represented by an agent ...

Signature by representative (a) If a person acting or purporting to act as a representative signs an instrument by signing either the name of the represented ...

Unauthorized signature (a) Unless otherwise provided in this article or Article 4 of this title, an unauthorized signature is ineffective except as the signature of the ...

Impostors; fictitious payees (a) If an impostor, by use of the mails or otherwise, induces the issuer of an instrument to issue the instrument to the ...

Employer´s responsibility for fraudulent indorsement by employee (a) In this Code section: (1) 'Employee' includes an independent contractor and an employee of an ...

Negligence contributing to forged signature or alteration of instrument (a) A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument ...

Alteration (a) 'Alteration' means (i) an unauthorized change in an instrument that purports to modify in any respect the obligation of a party; or (ii) an ...

Drawee not liable on unaccepted draft A check or other draft does not of itself operate as an assignment of funds in the hands of the ...

Acceptance of draft; certified check (a) 'Acceptance' means the drawee´s signed agreement to pay a draft as presented. It must be written on the draft and ...

Acceptance varying draft (a) If the terms of a drawee´s acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance ...

Refusal to pay cashier´s checks, teller´s checks, and certified checks (a) In this Code section, 'obligated bank' means the acceptor of a certified check or the ...

Obligation of issuer of note or cashier´s check The issuer of a note or cashier´s check or other draft drawn on the drawer is obliged to ...

Obligation of acceptor (a) The acceptor of a draft is obliged to pay the draft (i) according to its terms at the time it was accepted, ...

Obligation of drawer (a) This Code section does not apply to cashier´s checks or other drafts drawn on the drawer. (b) If an ...

Obligation of indorser (a) Subject to subsections (b), (c), (d), and (e) of this Code section and to subsection (d) of Code Section 11-3-419, if an ...

Transfer warranties (a) A person who transfers an instrument for consideration warrants to the transferee and, if the transfer is by indorsement, to any subsequent transferee ...

Presentment warranties (a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person ...

Payment or acceptance by mistake (a) Except as provided in subsection (c) of this Code section, if the drawee of a draft pays or accepts the ...

Instruments signed for accommodation (a) If an instrument is issued for value given for the benefit of a party to the instrument known as the 'accommodated ...

Conversion of instrument (a) The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer, ...

Presentment (a) 'Presentment' means a demand made by or on behalf of a person entitled to enforce an instrument to (i) pay the instrument made to ...

Dishonor (a) Dishonor of a note is governed by the following rules: (1) If the note is payable on demand, the note is ...

Notice of dishonor (a) The obligation of an indorser stated in subsection (a) of Code Section 11-3-415 and the obligation of a drawer stated in subsection ...

Excused presentment and notice of dishonor (a) Presentment for payment or acceptance of an instrument is excused if (i) the person entitled to present the instrument ...

Evidence of dishonor (a) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: ...

Discharge and effect of discharge (a) The obligation of a party to pay the instrument is discharged as stated in this article or by an act ...

Payment (a) Subject to subsection (b) of this Code section, an instrument is paid to the extent payment is made (i) by or on behalf of ...

Tender of payment (a) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the ...

Discharge by cancellation or renunciation (a) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay ...

Discharge of indorsers and accommodation parties (a) In this Code section, the term 'indorser' includes a drawer having the obligation described in subsection (d) of Code ...

Short title This article shall be known and may be cited as the 'Uniform Commercial Code—Funds Transfers.' ...

Subject matter Except as otherwise provided in Code Section 11-4A-108, this article applies to funds transfers defined in Code Section 11-4A-104. ...

Payment order — Definitions (a) In this article: (1) 'Payment order' means an instruction of a sender to a receiving bank, transmitted orally, ...

Funds transfer — Definitions In this article: (a) 'Funds transfer' means the series of transactions, beginning with the originator´s payment order, made for ...

Other definitions (a) In this article: (1) 'Authorized account' means a deposit account of a customer in a bank designated by the customer ...

Time payment order is received (a) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the ...

Federal Reserve regulations and operating circulars Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the federal reserve banks supersede ...

Exclusion of consumer transactions governed by federal law This article does not apply to a funds transfer any part of which is governed by the Electronic ...

Security procedure 'Security procedure' means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment ...

Authorized and verified payment orders (a) A payment order received by the receiving bank is the authorized order of the person identified as sender if that ...

Unenforceability of certain verified payment orders (a) If an accepted payment order is not, under Code Section 11-4A-202(a), an authorized order of a customer identified as ...

Refund of payment and duty of customer to report with respect to unauthorized payment order (a) If a receiving bank accepts a payment order issued in ...

Erroneous payment orders (a) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (i) ...

Transmission of payment order through funds-transfer or other communication system (a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system ...

Misdescription of beneficiary (a) Subject to subsection (b), if, in a payment order received by the beneficiary´s bank, the name, bank account number, or other identification ...

Misdescription of intermediary bank or beneficiary´s bank (a) This subsection applies to a payment order identifying an intermediary bank or the beneficiary´s bank only by an ...

Acceptance of payment order (a) Subject to subsection (d), a receiving bank other than the beneficiary´s bank accepts a payment order when it executes the order. ...

Rejection of payment order (a) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or ...

Cancellation and amendment of payment order (a) A communication of the sender of a payment order canceling or amending the order may be transmitted to the ...

Liability and duty of receiving bank regarding unaccepted payment order If a receiving bank fails to accept a payment order that it is obliged by express ...

Execution and execution date (a) A payment order is 'executed' by the receiving bank when it issues a payment order intended to carry out the payment ...

Obligations of receiving bank in execution of payment order (a) Except as provided in subsections (b) through (d), if the receiving bank accepts a payment order ...

Erroneous execution of payment order (a) A receiving bank that (i) executes the payment order of the sender by issuing a payment order in an amount ...

Duty of sender to report erroneously executed payment order If the sender of a payment order that is erroneously executed as stated in Code Section 11-4A-303 ...

Liability for late or improper execution or failure to execute payment order (a) If a funds transfer is completed but execution of a payment order by ...

Payment date 'Payment date' of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary´s ...

Obligation of sender to pay receiving bank (a) This section is subject to Code Sections 11-4A-205 and 11-4A-207. (b) With respect to a ...

Payment by sender to receiving bank (a) Payment of the sender´s obligation under Code Section 11-4A-402 to pay the receiving bank occurs as follows: ...

Obligation of beneficiary´s bank to pay and give notice to beneficiary (a) Subject to Code Sections 11-4A-211(e), 11-4A-405(d), and 11-4A-405(e), if a beneficiary´s bank accepts a ...

Payment by beneficiary´s bank to beneficiary (a) If the beneficiary´s bank credits an account of the beneficiary of a payment order, payment of the bank´s obligation ...

Payment by originator to beneficiary; discharge of underlying obligation (a) Subject to Code Sections 11-4A-211(e), 11-4A-405(d), and 11-4A-405(e), the originator of a funds transfer pays the ...

Variation by agreement and effect of funds-transfer system rule (a) Except as otherwise provided in this article, the rights and obligations of a party to a ...

Creditor process served on receiving bank; setoff by beneficiary´s bank (a) As used in this section, 'creditor process' means levy, attachment, garnishment, notice of lien, sequestration, ...

Injunction or restraining order with respect to funds transfer For proper cause and in compliance with applicable law, a court may restrain (i) a person from ...

Order in which items and payment orders may be charged to account; order of withdrawals from account (a) If a receiving bank has received more than ...

Preclusion of objection to debit of customer´s account If a receiving bank has received payment from its customer with respect to a payment order issued in ...

Rate of interest (a) If, under this article, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, ...

Choice of law (a) The following rules apply unless the affected parties otherwise agree or subsection (c) applies: (1) The rights and obligations ...

Short title This article may be cited as 'Uniform Commercial Code — Letters of Credit.' ...

Definitions (a) As used in this article, the term: (1) 'Adviser' means a person who at the request of the issuer, a confirmer, ...

Scope (a) This article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. ...

Formal requirements A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated: ...

Consideration Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. ...

Issuance, amendment, cancellation, and duration (a) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends ...

Confirmer, nominated person, and adviser (a) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to ...

Issuer´s rights and obligations (a) Except as otherwise provided in Code Section 11-5-109, an issuer shall honor a presentation that, as determined by the standard practice ...

Fraud and forgery (a) If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of ...

Warranties (a) If its presentation is honored, the beneficiary warrants: (1) To the issuer, any other person to whom presentation is made, and ...

Remedies (a) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or nominated ...

Transfer of letter of credit (a) Except as otherwise provided in Code Section 11-5-113, unless a letter of credit provides that it is transferable the right ...

Transfer by operation of law (a) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of ...

Assignment of proceeds (a) As used in this Code section, the term 'proceeds of a letter of credit' means the cash, check, accepted draft, or other ...

Statute of limitations An action to enforce a right or obligation arising under this article must be commenced within one year after the expiration date of ...

Choice of law and forum (a) The liability of an issuer, nominated person, or adviser for any action or omission is governed by the law of ...

Subrogation of issuer, applicant, and nominated person (a) An issuer that honors a beneficiary´s presentation is subrogated to the rights of the beneficiary to the same ...

Security interest of issuer or nominated person (a) An issuer or nominated person has a security interest in a document presented under a letter of credit ...

Short title This article shall be known and may be cited as 'Uniform Commercial Code — Bulk Transfers.' ...

'Bulk transfer'; transfers of equipment; enterprises subject to this article; bulk transfers subject to this article (1) A 'bulk transfer' is any transfer in bulk and ...

Transfers excepted from this article The following transfers are not subject to this article: (1) Those made to give security for the performance ...

Schedule of property, list of creditors (1) Except as provided with respect to auction sales (Code Section 11-6-108), a bulk transfer subject to this article is ...

Notice to creditors In addition to the requirements of Code Section 11-6-104, any bulk transfer subject to this article except one made by auction sale (Code ...

Definition of public notice Public notice under Code Section 11-6-103 shall be given as follows: by advertising the transfer, giving the name of the transferor, the ...

The notice (1) The notice to creditors (Code Section 11-6-105) shall state: (a) That a bulk transfer is about to be made; and ...

Auction sales; 'auctioneer.' (1) A bulk transfer is subject to this article even though it is by sale at auction, but only in the manner and ...

What creditors protected The creditors of the transferor mentioned in this article are those holding claims based on transactions or events occurring before the bulk transfer, ...

Subsequent transfers When the title of a transferee to property is subject to a defect by reason of his noncompliance with the requirements of this article, ...

Limitation of actions and levies No action under this article shall be brought nor levy made more than 12 months after the date on which the ...

Short title This article shall be known and may be cited as 'Uniform Commercial Code — Documents of Title.' ...

Definitions and index of definitions (1) In this article, unless the context otherwise requires: (a) 'Bailee' means the person who by a warehouse ...

Relation of article to treaty, statute, tariff, classification, or regulation To the extent that any treaty or statute of the United States, regulatory statute of this ...

Negotiable and nonnegotiable warehouse receipt, bill of lading, or other document of title (1) A warehouse receipt, bill of lading, or other document of title is ...

Construction against negative implication The omission from either Part 2 or Part 3 of this article of a provision corresponding to a provision made in the ...

Who may issue a warehouse receipt; storage under government bond (1) A warehouse receipt may be issued by any warehouseman. (2) Where goods ...

Form of warehouse receipt; essential terms; optional terms (1) A warehouse receipt need not be in any particular form. (2) Unless a warehouse ...

Liability for nonreceipt or misdescription A party to or purchaser for value in good faith of a document of title other than a bill of lading ...

Duty of care; contractual limitation of warehouseman´s liability (1) A warehouseman is liable for damages for loss of or injury to the goods caused by his ...

Title under warehouse receipt defeated in certain cases A buyer in the ordinary course of business of fungible goods sold and delivered by a warehouseman who ...

Termination of storage at warehouseman´s option (1) A warehouseman may on notifying the person on whose account the goods are held and any other person known ...

Goods must be kept separate; fungible goods (1) Unless the warehouse receipt otherwise provides, a warehouseman must keep separate the goods covered by each receipt so ...

Altered warehouse receipts Where a blank in a negotiable warehouse receipt has been filled in without authority, a purchaser for value and without notice of the ...

Lien of warehouseman (1) A warehouseman has a lien against the bailor on the goods covered by a warehouse receipt or on the proceeds thereof in ...

Enforcement of warehouseman´s lien (1) Except as provided in subsection (2) of this Code section, a warehouseman´s lien may be enforced by public or private sale ...

Liability for nonreceipt or misdescription; 'said to contain'; 'shipper´s load and county'; improper handling (1) A consignee of a nonnegotiable bill who has given value in ...

Through bills of lading and similar documents (1) The issuer of a through bill of lading or other document embodying an undertaking to be performed in ...

Diversion; reconsignment; change of instructions (1) Unless the bill of lading otherwise provides, the carrier may deliver the goods to a person or destination other than ...

Bills of lading in a set (1) Except where customary in overseas transportation, a bill of lading must not be issued in a set of parts. ...

Destination bills (1) Instead of issuing a bill of lading to the consignor at the place of shipment a carrier may at the request of the ...

Altered bills of lading An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original ...

Lien of carrier (1) A carrier has a lien on the goods covered by a bill of lading for charges subsequent to the date of its ...

Enforcement of carrier´s lien (1) A carrier´s lien may be enforced by public or private sale of the goods, in bloc or in parcels, at any ...

Duty of care; contractual limitation of carrier´s liability (1) A carrier who issues a bill of lading whether negotiable or nonnegotiable must exercise the degree of ...

Irregularities in issue of receipt or bill or conduct of issuer The obligations imposed by this article on an issuer apply to a document of title ...

Duplicate receipt or bill; overissue Neither a duplicate nor any other document of title purporting to cover goods already represented by an outstanding document of the ...

Obligation of warehouseman or carrier to deliver; excuse (1) The bailee must deliver the goods to a person entitled under the document who complies with subsections ...

No liability for good faith delivery pursuant to receipt or bill A bailee who in good faith including observance of reasonable commercial standards has received goods ...

Form of negotiation and requirements of 'due Negotiation.' (1) A negotiable document of title running to the order of a named person is negotiated by his ...

Rights acquired by due negotiation (1) Subject to Code Section 11-7-503 and to the provisions of Code Section 11-7-205 on fungible goods, a holder to whom ...

Document of title to goods defeated in certain cases (1) A document of title confers no right in goods against a person who before issuance of ...

Rights acquired in the absence of due negotiation; effect of diversion; seller´s stoppage of delivery (1) A transferee of a document, whether negotiable or nonnegotiable, to ...

Indorser not a guarantor for other parties The indorsement of a document of title issued by a bailee does not make the indorser liable for any ...

Delivery without indorsement; right to compel indorsement The transferee of a negotiable document of title has a specifically enforceable right to have his transferor supply any ...

Warranties on negotiation or transfer of receipt or bill Where a person negotiates or transfers a document of title for value otherwise than as a mere ...

Warranties of collecting bank as to documents A collecting bank or other intermediary known to be entrusted with documents on behalf of another or with collection ...

Receipt or bill: when adequate compliance with commercial contract The question whether a document is adequate to fulfill the obligations of a contract for sale or ...

Lost and missing documents (1) If a document has been lost, stolen, or destroyed, a court may order delivery of the goods or issuance of a ...

Attachment of goods covered by a negotiable document Except where the document was originally issued upon delivery of the goods by a person who had no ...

Conflicting claims; interpleader If more than one person claims title or possession of the goods, the bailee is excused from delivery until he has had a ...

Short title This article shall be known and may be cited as the 'Uniform Commercial Code—Investment Securities.' ...

Definitions (a) In this article: (1) 'Adverse claim' means a claim that a claimant has a property interest in a financial asset and ...

Rules for determining whether certain obligations and interests are securities or financial assets (a) A share or similar equity interest issued by a corporation, business trust, ...

Acquisition of security or financial asset or interest therein (a) A person acquires a security or an interest therein, under this article, if: (1) ...

Notice of adverse claim (a) A person has notice of an adverse claim if: (1) The person knows of the adverse claim; ...

Control (a) A purchaser has 'control' of a certificated security in bearer form if the certificated security is delivered to the purchaser. (b) ...

Whether indorsement, instruction, or entitlement order is effective (a) 'Appropriate person' means: (1) With respect to an indorsement, the person specified by a ...

Warranties in direct holding (a) A person who transfers a certificated security to a purchaser for value warrants to the purchaser, and an indorser, if the ...

Warranties in indirect holding (a) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: (1) ...

Applicability; choice of law (a) The local law of the issuer´s jurisdiction, as specified in subsection (d) of this Code section, governs: (1) ...

Clearing corporation rules A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is ...

Creditor´s legal process (a) The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security ...

Statute of frauds inapplicable A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is ...

Evidentiary rules concerning certificated securities The following rules apply in an action on a certificated security against the issuer: (1) Unless specifically denied ...

Securities intermediary and others not liable to adverse claimant A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order, or a ...

Securities intermediary as purchaser for value A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of ...

Issuer (a) With respect to an obligation on or a defense to a security, an 'issuer' includes a person that: (1) Places or ...

Issuer´s responsibility and defenses; notice of defect or defense (a) Even against a purchaser for value and without notice, the terms of a certificated security include ...

Staleness as notice of defect or defense After an act or event, other than a call that has been revoked, creating a right to immediate performance ...

Effect of issuer´s restriction on transfer A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person ...

Effect of unauthorized signature on security certificate An unauthorized signature placed on a security certificate before or in the course of issue is ineffective, but the ...

Completion or alteration of security certificate (a) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other ...

Rights and duties of issuer with respect to registered owners (a) Before due presentment for registration of transfer of a certificated security in registered form or ...

Effect of signature of authenticating trustee, registrar, or transfer agent (a) A person signing a security certificate as authenticating trustee, registrar, transfer agent, or the like, ...

Issuer´s lien A lien in favor of an issuer upon a certificated security is valid against a purchaser only if the right of the issuer to ...

Overissue (a) In this Code section, 'overissue' means the issue of securities in excess of the amount the issuer has corporate power to issue, but an ...

Delivery (a) Delivery of a certificated security to a purchaser occurs when: (1) The purchaser acquires possession of the security certificate; ...

Rights of purchaser (a) Except as otherwise provided in subsections (b) and (c) of this Code section, a purchaser of a certificated or uncertificated security acquires ...

Protected purchaser (a) 'Protected purchaser' means a purchaser of a certificated or uncertificated security, or of an interest therein, who: (1) Gives value; ...

Indorsement (a) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a ...

Instruction (a) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized ...

Effect of guaranteeing signature, indorsement, or instruction (a) A person who guarantees a signature of an indorser of a security certificate warrants that at the time ...

Purchaser´s right to requisites for registration of transfer Unless otherwise agreed, the transferor of a security on due demand shall supply the purchaser with proof of ...

Duty of issuer to register transfer (a) If a certificated security in registered form is presented to an issuer with a request to register transfer or ...

Assurance that indorsement or instruction is effective (a) An issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized: ...

Demand that issuer not register transfer (a) A person who is an appropriate person to make an indorsement or originate an instruction may demand that the ...

Wrongful registration (a) Except as otherwise provided in Code Section 11-8-406, an issuer is liable for wrongful registration of transfer if the issuer has registered a ...

Replacement of lost, destroyed, or wrongfully taken security certificate (a) If an owner of a certificated security, whether in registered or bearer form, claims that the ...

Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the ...

Authenticating trustee, transfer agent, and registrar A person acting as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of a ...

Securities account; acquisition of security entitlement from securities intermediary (a) 'Securities account' means an account to which a financial asset is or may be credited in ...

Assertion of adverse claim against entitlement holder An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable ...

Property interest of entitlement holder in financial asset held by securities intermediary (a) To the extent necessary for a securities intermediary to satisfy all security entitlements ...

Duty of securities intermediary to maintain financial asset (a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to ...

Duty of securities intermediary with respect to payments and distributions (a) A securities intermediary shall take action to obtain a payment or distribution made by the ...

Duty of securities intermediary to exercise rights as directed by entitlement holder A securities intermediary shall exercise rights with respect to a financial asset if directed ...

Duty of securities intermediary to comply with entitlement order (a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by ...

Duty of securities intermediary to change entitlement holder´s position to other form of security holding A securities intermediary shall act at the direction of an entitlement ...

Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder ...

Rights of purchaser of security entitlement from entitlement holder (a) In a case not covered by the priority rules in Article 9 of this title or ...

Priority among security interests and entitlement holders (a) Except as otherwise provided in subsections (b) and (c) of this Code section, if a securities intermediary does ...

Effective date This Act takes effect July 1, 1998. ...

Repeals This Act repeals Article 15 of Chapter 12 of Title 53, known as the 'Uniform Act for Simplification of Fiduciary Security Transfers,' including Code Section ...

Savings clause (a) This Act does not affect an action or proceeding commenced before this Act takes effect. (b) If a security interest ...

Short title This article may be cited as 'Uniform Commercial Code — Secured Transactions.' ...

Definitions and index of definitions (a) Article 9 definitions. As used in this article, the term: (1) 'Accession' means goods that are physically ...

Purchase money security interest; application of payments; burden of establishing (a) Definitions. As used in this Code section, the term: (1) 'Purchase money ...

Control of deposit account (a) Requirements for control. A secured party has control of a deposit account if: (1) The secured party is ...

Control of electronic chattel paper A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored, ...

Control of investment property (a) Control under Code Section 11-8-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in ...

Control of letter of credit right A secured party has control of a letter of credit right to the extent of any right to payment or ...

Sufficiency of description (a) Sufficiency of description. Except as otherwise provided in subsections (c), (d), and (e) of this Code section, a description of personal or ...

Scope (a) General scope of article. Except as otherwise provided in subsections (c) and (d) of this Code section, this article applies to: (1) ...

Security interests arising under Article 2 or 2A of this title A security interest arising under Code Section 11-2-401 or 11-2-505, subsection (3) of Code Section ...

Applicability of bulk transfer laws The creation of a security interest is not a bulk transfer under Article 6 of this title (see Code Section 11-6-103). ...

General effectiveness of security agreement (a) General effectiveness. Except as otherwise provided in this title, a security agreement is effective according to its terms between the ...

Title to collateral immaterial Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of ...

Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites (a) Attachment. A security interest attaches to collateral when it becomes enforceable against the debtor ...

After acquired property; future advances (a) After acquired collateral. Except as otherwise provided in subsection (b) of this Code section, a security agreement may create or ...

Use or disposition of collateral permissible (a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because: ...

Security interest arising in purchase or delivery of financial asset (a) Security interest when person buys through securities intermediary. A security interest in favor of a ...

Rights and duties of secured party having possession or control of collateral (a) Duty of care when secured party in possession. Except as otherwise provided in ...

Additional duties of secured party having control of collateral (a) Applicability of Code section. This Code section applies to cases in which there is no outstanding ...

Duties of secured party if account debtor has been notified of assignment (a) Applicability of Code section. Except as otherwise provided in subsection (c) of this ...

Request for accounting; request regarding list of collateral or statement of account (a) Definitions. As used in this Code section, the term: (1) ...

Law governing perfection and priority of security interests Except as otherwise provided in Code Sections 11-9-303 through 11-9-306, the following rules determine the law governing perfection, ...

Law governing perfection and priority of agricultural liens While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect ...

Law governing perfection and priority of security interests in goods covered by a certificate of title (a) Applicability of Code section. This Code section applies to ...

Law governing perfection and priority of security interests in deposit accounts (a) Law of bank´s jurisdiction governs. The local law of a bank´s jurisdiction governs perfection, ...

Law governing perfection and priority of security interests in investment property (a) Governing law; general rules. Except as otherwise provided in subsection (c) of this Code ...

Law governing perfection and priority of security interests in letter of credit rights (a) Governing law; issuer´s or nominated person´s jurisdiction. Subject to subsection (c) of ...

Location of debtor (a) 'Place of business.' As used in this Code section, the term 'place of business' means a place where a debtor conducts its ...

When security interest or agricultural lien is perfected; continuity of perfection (a) Perfection of security interest. Except as otherwise provided in this Code section and Code ...

Security interest perfected upon attachment The following security interests are perfected when they attach: (1) A purchase money security interest in consumer goods, ...

When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply (a) General rule; perfection ...

Perfection of security interests in property subject to certain statutes, regulations, and treaties (a) Security interest subject to other law. Except as otherwise provided in subsection ...

Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter of credit rights, and money; perfection by permissive filing; temporary ...

When possession by or delivery to secured party perfects security interest without filing (a) Perfection by possession or delivery. Except as otherwise provided in subsection (b) ...

Perfection by control (a) Perfection by control. A security interest in investment property, deposit accounts, letter of credit rights, or electronic chattel paper may be perfected ...

Secured party´s rights on disposition of collateral and in proceeds (a) Disposition of collateral; continuation of security interest or agricultural lien; proceeds. Except as otherwise provided ...

Continued perfection of security interest following change in governing law (a) General rule; effect on perfection of change in governing law. A security interest perfected pursuant ...

Interests that take priority over or take free of security interest or agricultural lien (a) Conflicting security interests and rights of lien creditors. A security interest ...

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 ...

Rights and title of consignee with respect to creditors and purchasers (a) Consignee has consignor´s rights. Except as otherwise provided in subsection (b) of this Code ...

Buyer of goods (a) Buyer in ordinary course of business. Except as otherwise provided in subsection (e) of this Code section, a buyer in ordinary course ...

Licensee of general intangible and lessee of goods in ordinary course of business (a) 'Licensee in ordinary course of business.' As used in this Code section, ...

Priorities among conflicting security interests in and agricultural liens on same collateral (a) General priority rules. Except as otherwise provided in this Code section, priority among ...

A perfected security interest in growing crops for new value given to enable the debtor to produce the crops during the production season and given not more than ...

Future advances (a) When priority based on time of advance. Except as otherwise provided in subsection (b) of this Code section, for purposes of determining the ...

Priority of purchase money security interests (a) General rule; purchase money priority. Except as otherwise provided in subsection (g) of this Code section, a perfected purchase ...

Priority of security interests in transferred collateral (a) Subordination of security interest in transferred collateral. Except as otherwise provided in subsection (b) of this Code section, ...

Priority of security interests created by new debtor (a) Subordination of security interest created by new debtor. Subject to subsection (b) of this Code section, a ...

Priority of security interests in deposit account The following rules govern priority among conflicting security interests in the same deposit account: (1) A ...

Priority of security interests in investment property The following rules govern priority among conflicting security interests in the same investment property: (1) A ...

Priority of security interests in letter of credit right The following rules govern priority among conflicting security interests in the same letter of credit right: ...

Priority of purchaser of chattel paper or instrument (a) Purchaser´s priority; security interest claimed merely as proceeds. A purchaser of chattel paper has priority over a ...

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 of this title ...

Transfer of money; transfer of funds from deposit account (a) Transferee of money. A transferee of money takes the money free of a security interest unless ...

Priority of certain liens (a) Year´s support; property taxes; other state taxes; other taxes or judgments. Except as is expressly provided to the contrary elsewhere in ...

Priority of security interests in fixtures and crops (a) Security interest in fixtures under this article. A security interest under this article may be created in ...

Accessions (a) Creation of security interest in accession. A security interest may be created in an accession and continues in collateral that becomes an accession. ...

Commingled goods (a) 'Commingled goods.' As used in this Code section, the term 'commingled goods' means goods that are physically united with other goods in such ...

Priority of security interests in goods covered by certificate of title If, while a security interest in goods is perfected by any method under the law ...

Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information If a security interest or agricultural lien is perfected by ...

Priority subject to subordination This article does not preclude subordination by agreement by a person entitled to priority. ...

Effectiveness of right of recoupment or set-off against deposit account (a) Exercise of recoupment or set-off. Except as otherwise provided in subsection (c) of this Code ...

Bank´s rights and duties with respect to deposit account Except as otherwise provided in subsection (c) of Code Section 11-9-340, and unless the bank otherwise agrees ...

Bank´s right to refuse to enter into or disclose existence of control agreement This article does not require a bank to enter into an agreement of ...

Alienability of debtor´s rights (a) Other law governs alienability; exceptions. Except as otherwise provided in subsection (b) of this Code section and Code Sections 11-9-406, 11-9-407, ...

Secured party not obligated on contract of debtor or in tort The existence of a security interest, agricultural lien, or authority given to a debtor to ...

Agreement not to assert defenses against assignee (a) 'Value.' As used in this Code section, the term 'value' has the meaning provided in subsection (a) of ...

Rights acquired by assignee; claims and defenses against assignee (a) Assignee´s rights subject to terms, claims, and defenses; exceptions. Unless an account debtor has made an ...

Modification of assigned contract (a) Effect of modification on assignee. A modification of or substitution for an assigned contract is effective against an assignee if made ...

Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective (a) ...

Restrictions on creation or enforcement of security interest in leasehold interest or in lessor´s residual interest (a) Term restricting assignment generally ineffective. Except as otherwise provided ...

Restrictions on assignment of promissory notes, health care insurance receivables, and certain general intangibles ineffective (a) Term restricting assignment generally ineffective. Except as otherwise provided in ...

Restrictions on assignment of letter of credit rights ineffective (a) Term or law restricting assignment generally ineffective. A term in a letter of credit or a ...

Filing office (a) Filing offices. Except as otherwise provided in subsection (b) of this Code section, if the law of this state governs perfection of a ...

Contents of financing statement; real estate mortgages as fixture filings; time of filing financing statement (a) Sufficiency of financing statement. Subject to subsection (b) of this ...

Name of debtor and secured party (a) Sufficiency of debtor´s name. A financing statement sufficiently provides the name of the debtor: (1) If ...

Indication of collateral A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) A description of the ...

Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions (a) Use of terms other than 'debtor' and 'secured party.' ...

Effect of errors or omissions (a) Minor errors and omissions. A financing statement substantially satisfying the requirements of this part is effective, even if it has ...

Effect of certain events on effectiveness of financing statement (a) Disposition. A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, ...

Effectiveness of financing statement if new debtor becomes bound by security agreement (a) Financing statement naming original debtor. Except as otherwise provided in this Code section, ...

Persons entitled to file a record (a) Person entitled to file record. A person may file an initial financing statement, amendment that adds collateral covered by ...

Effectiveness of filed record (a) Filed record effective if authorized. A filed record is effective only to the extent that it was filed by a person ...

Secured party of record (a) Secured party of record. A secured party of record with respect to a financing statement is a person whose name is ...

Amendment of financing statement (a) Amendment of information in financing statement. Subject to Code Section 11-9-509, a person may add or delete collateral covered by, continue ...

Termination statement (a) Consumer goods. A secured party shall cause the secured party of record for a financing statement to file a termination statement for the ...

Assignment of powers of secured party of record (a) Assignment reflected on initial financing statement. An initial financing statement may reflect an assignment of all of ...

Duration and effectiveness of financing statement; effect of lapsed financing statement (a) Five-year effectiveness. Except as otherwise provided in subsection (d) of this Code section, a ...

What constitutes filing; effectiveness of filing (a) What constitutes filing. Except as otherwise provided in subsection (b) of this Code section, communication of a record to ...

Effect of indexing errors The failure of the filing office or authority to index a record cor