New Jersey Revised Statutes Title 12a - Commercial Transactions

• Section 12a:1-101 - Short Titles.
  12A:1-101. Short Titles. a.This act may be cited as the Uniform Commercial Code. b.This Chapter may be cited as the Uniform Commercial Code -...
• Section 12a:1-102 - Scope Of Chapter.
  12A:1-102. Scope of Chapter. This Chapter applies to a transaction to the extent that it is governed by another Chapter of the Uniform Commercial...
• Section 12a:1-103 - Construction Of The Uniform Commercial Code To Promote Its Purposes And Policies; Applicability Of Supplemental Principles Of Law.
  12A:1-103. Construction of the Uniform Commercial Code to Promote Its Purposes and Policies; Applicability of Supplemental Principles of Law. a.The Uniform Commercial Code shall...
• Section 12a:1-104 - Construction Against Implied Repeal.
  12A:1-104. Construction Against Implied Repeal. The Uniform Commercial Code being a general act intended as a unified coverage of its subject matter, no part...
• Section 12a:1-105 - Severability.
  12A:1-105. Severability. If any provision or clause of the Uniform Commercial Code or its application to any person or circumstance is held invalid, the...
• Section 12a:1-106 - Use Of Singular And Plural; Gender.
  12A:1-106. Use of Singular and Plural; Gender. In the Uniform Commercial Code, unless the statutory context otherwise requires: a.Words in the singular number include...
• Section 12a:1-107 - Section Captions.
  12A:1-107. Section Captions. Section captions are part of the Uniform Commercial Code. L.2013, c.65, s.1.
• Section 12a:1-108 - Relation To Electronic Signatures In Global And National Commerce Act.
  12A:1-108. Relation to Electronic Signatures in Global and National Commerce Act. This Chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and...
• Section 12a:1-201 - General Definitions.
  12A:1-201. General Definitions. a.Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other Chapters...
• Section 12a:1-202 - Notice; Knowledge.
  12A:1-202. Notice; Knowledge. a.Subject to subsection f. of this section, a person has "notice" of a fact if the person: (1)has actual knowledge of...
• Section 12a:1-203 - Lease Distinguished From Security Interest.
  12A:1-203. Lease Distinguished from Security Interest. a.Whether a transaction in the form of a lease creates a lease or security interest is determined by...
• Section 12a:1-204 - Value.
  12A:1-204. Value. Except as otherwise provided in Chapters 3, 4, 5, and 6, a person gives value for rights if the person acquires them:...
• Section 12a:1-205 - Reasonable Time; Seasonableness.
  12A:1-205. Reasonable Time; Seasonableness. a.Whether a time for taking an action required by the Uniform Commercial Code is reasonable depends on the nature, purpose,...
• Section 12a:1-206 - Presumptions.
  12A:1-206. Presumptions. Whenever the Uniform Commercial Code creates a "presumption" with respect to a fact, or provides that a fact is "presumed," the trier...
• Section 12a:1-301 - Territorial Applicability; Parties' Power To Choose Applicable Law.
  12A:1-301. Territorial Applicability; Parties' Power to Choose Applicable Law. a.Except as otherwise provided in this section, when a transaction bears a reasonable relation to...
• Section 12a:1-302 - Variation By Agreement.
  12A:1-302. Variation by Agreement. a.Except as otherwise provided in subsection b. of this section or elsewhere in the Uniform Commercial Code, the effect of...
• Section 12a:1-303 - Course Of Performance, Course Of Dealing, And Usage Of Trade.
  12A:1-303. Course of Performance, Course of Dealing, and Usage of Trade. a.A "course of performance" is a sequence of conduct between the parties to...
• Section 12a:1-304 - Obligation Of Good Faith.
  12A:1-304. Obligation of Good Faith. Every contract or duty within the Uniform Commercial Code imposes an obligation of good faith in its performance and...
• Section 12a:1-305 - Remedies To Be Liberally Administered.
  12A:1-305. Remedies to Be Liberally Administered. a.The remedies provided by the Uniform Commercial Code shall be liberally administered to the end that the aggrieved...
• Section 12a:1-306 - Waiver Of Renunciation Of Claim Or Right After Breach.
  12A:1-306. Waiver of Renunciation of Claim or Right After Breach. A claim or right arising out of an alleged breach may be discharged in...
• Section 12a:1-307 - Prima Facie Evidence By Third Party Documents.
  12A:1-307. Prima Facie Evidence by Third Party Documents. A document in due form purporting to be a bill of lading, policy or certificate of...
• Section 12a:1-308 - Performance Or Acceptance Under Reservation Of Rights.
  12A:1-308. Performance or Acceptance Under Reservation of Rights. a.A party that with explicit reservation of rights performs or promises performance or assents to performance...
• Section 12a:2-101 - Short Title
  This Chapter shall be known and may be cited as Uniform Commercial Code--Sales. L.1961, c. 120, s. 2-101.
• Section 12a:2-102 - Scope; Certain Security And Other Transactions Excluded From This Chapter
  Unless the context otherwise requires, this Chapter applies to transactions in goods; it does not apply to any transaction which although in the form...
• Section 12a:2-103 - Definitions And Index Of Definitions.
  12A:2-103. Definitions and index of definitions. (1)In this chapter unless the context otherwise requires: (a)"Buyer" means a person who buys or contracts to buy...
• Section 12a:2-104 - Definitions: "Merchant" ; "Between Merchants" ; "Financing Agency"
  (1) "Merchant" means a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or...
• Section 12a:2-105 - Definitions: Transferability; "Goods" ; "Future" Goods; "Lot" ; "Commercial Unit"
  (1) "Goods" means all things (including specially manufactured goods) which are movable at the time of identification to the contract for sale other than...
• Section 12a:2-106 - Definitions: "Contract" ; "Agreement" ; "Contract For Sale" ; "Sale" ; "Present Sale" ; "Conforming" To Contract; "Termination" ; "Cancellation"
  (1) In this Chapter unless the context otherwise requires "contract" and "agreement" are limited to those relating to the present or future sale of...
• Section 12a:2-107 - Goods To Be Severed From Realty: Recording
  (1) A contract for the sale of minerals or the like (including oil and gas) or a structure or its materials to be removed...
• Section 12a:2-201 - Formal Requirements; Statute Of Frauds
  (1) Except as otherwise provided in this section a contract for the sale of goods for the price of $500 or more is not...
• Section 12a:2-202 - Final Written Expression: Parol Or Extrinsic Evidence
  Terms with respect to which the confirmatory memoranda of the parties agree or which are otherwise set forth in a writing intended by the...
• Section 12a:2-203 - Seals Inoperative
  The affixing of a seal to a writing evidencing a contract for sale or an offer to buy or sell goods does not constitute...
• Section 12a:2-204 - Formation In General
  (1) A contract for sale of goods may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes...
• Section 12a:2-205 - Firm Offers
  An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that it will be...
• Section 12a:2-206 - Offer And Acceptance In Formation Of Contract
  (1) Unless otherwise unambiguously indicated by the language or circumstances (a) an offer to make a contract shall be construed as inviting acceptance in...
• Section 12a:2-207 - Additional Terms In Acceptance Or Confirmation
  (1) A definite and seasonable expression of acceptance or a written confirmation which is sent within a reasonable time operates as an acceptance even...
• Section 12a:2-208 - Course Of Performance Or Practical Construction
  (1) Where the contract for sale involves repeated occasions for performance by either party with knowledge of the nature of the performance and opportunity...
• Section 12a:2-209 - Modification, Rescission And Waiver
  (1) An agreement modifying a contract within this Chapter needs no consideration to be binding. (2) A signed agreement which excludes modification or rescission...
• Section 12a:2-210 - Delegation Of Performance; Assignment Of Rights
  12A:2-210. Delegation of performance; assignment of rights. (1)A party may perform his duty through a delegate unless otherwise agreed or unless the other party...
• Section 12a:2-301 - General Obligations Of Parties
  The obligation of the seller is to transfer and deliver and that of the buyer is to accept and pay in accordance with the...
• Section 12a:2-302 - Unconscionable Contract Or Clause
  (1) If the court as a matter of law finds the contract or any clause of the contract to have been unconscionable at the...
• Section 12a:2-303 - Allocation Or Division Of Risks
  Where this Chapter allocates a risk or a burden as between the parties "unless otherwise agreed" , the agreement may not only shift the...
• Section 12a:2-304 - Price Payable In Money, Goods, Realty, Or Otherwise
  (1) The price can be made payable in money or otherwise. If it is payable in whole or in part in goods each party...
• Section 12a:2-305 - Open Price Term
  (1) The parties if they so intend can conclude a contract for sale even though the price is not settled. In such a case...
• Section 12a:2-306 - Output, Requirements And Exclusive Dealings
  (1) A term which measures the quantity by the output of the seller or the requirements of the buyer means such actual output or...
• Section 12a:2-307 - Delivery In Single Lot Or Several Lots
  Unless otherwise agreed all goods called for by a contract for sale must be tendered in a single delivery and payment is due only...
• Section 12a:2-308 - Absence Of Specified Place For Delivery
  Unless otherwise agreed (a) the place for delivery of goods is the seller's place of business or if he has none his residence; but...
• Section 12a:2-309 - Absence Of Specific Time Provisions; Notice Of Termination.
  (1)The time for shipment or delivery or any other action under a contract if not provided in this Chapter or agreed upon shall be...
• Section 12a:2-310 - Open Time For Payment Or Running Of Credit; Authority To Ship Under Reservation.
  Unless otherwise agreed (a)payment is due at the time and place at which the buyer is to receive the goods even though the place...
• Section 12a:2-311 - Options And Cooperation Respecting Performance
  (1) An agreement for sale which is otherwise sufficiently definite (subsection (3) of 12A:2-204) to be a contract is not made invalid by the...
• Section 12a:2-312 - Warranty Of Title And Against Infringement; Buyer's Obligation Against Infringement
  (1) Subject to subsection (2) there is in a contract for sale a warranty by the seller that (a) the title conveyed shall be...
• Section 12a:2-313 - Express Warranties By Affirmation, Promise, Description, Sample
  (1) Express warranties by the seller are created as follows: (a) Any affirmation of fact or promise made by the seller to the buyer...
• Section 12a:2-313.1 - Consumer Goods Product; Warranties Of 90 Days Or Less; Computation Of Time
  The warranty of any consumer goods product sold for less than $1,000.00 which is for 90 days or less shall start running on the...
• Section 12a:2-313.2 - Consumer Goods Product; Defined
  As used in this act, "consumer goods product" shall mean all goods or products sold for personal or household use, excluding those goods or...
• Section 12a:2-314 - Implied Warranty: Merchantability; Usage Of Trade
  (1) Unless excluded or modified (12A:2-316), a warranty that the goods shall be merchantable is implied in a contract for their sale if the...
• Section 12a:2-315 - Implied Warranty: Fitness For Particular Purpose
  Where the seller at the time of contracting has reason to know any particular purpose for which the goods are required and that the...
• Section 12a:2-316 - 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 warranty shall be...
• Section 12a:2-317 - Cumulation And Conflict Of Warranties Express Or Implied
  Warranties whether express or implied shall be construed as consistent with each other and as cumulative, but if such construction is unreasonable the intention...
• Section 12a:2-318 - Third Party Beneficiaries Of Warranties Express Or Implied
  A seller's warranty whether express or implied extends to any natural person who is in the family or household of his buyer or who...
• Section 12a:2-319 - F. O. B. And F. A. S. Terms
  (1) Unless otherwise agreed the term F.O.B. (which means "free on board" ) at a named place, even though used only in connection with...
• Section 12a:2-320 - C. I. F. And C. & F. Terms
  (1) The term C.I.F. means that the price includes in a lump sum the cost of the goods and the insurance and freight to...
• Section 12a:2-321 - C. I. F. Or C. & F.: "Net Landed Weights" ; "Payment On Arrival" ; Warranty Of Condition On Arrival
  Under a contract containing a term C.I.F. or C. & F. (1) Where the price is based on or is to be adjusted according...
• Section 12a:2-322 - Delivery "Ex-ship"
  (1) Unless otherwise agreed a term for delivery of goods "ex-ship" (which means from the carrying vessel) or in equivalent language is not restricted...
• Section 12a:2-323 - Form Of Bill Of Lading Required In Overseas Shipment; "Overseas."
  12A:2-323. Form of bill of lading required in overseas shipment; "overseas." (1)Where the contract contemplates overseas shipment and contains a term C.I.F. or C....
• Section 12a:2-324 - "No Arrival, No Sale" Term
  Under a term "no arrival, no sale" or terms of like meaning, unless otherwise agreed, (a) the seller must properly ship conforming goods and...
• Section 12a:2-325 - "Letter Of Credit" Term; "Confirmed Credit"
  (1) Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale. (2) The delivery...
• Section 12a:2-326 - Sale On Approval And Sale Or Return; Rights Of Creditors
  12A:2-326. Sale on Approval and Sale or Return; Rights of Creditors. (1)Unless otherwise agreed, if delivered goods may be returned by the buyer even...
• Section 12a:2-327 - Special Incidents Of Sale On Approval And Sale Or Return
  (1) Under a sale on approval unless otherwise agreed (a) although the goods are identified to the contract the risk of loss and the...
• Section 12a:2-328 - Sale By Auction
  (1) In a sale by auction if goods are put up in lots each lot is the subject of a separate sale. (2) A...
• Section 12a:2-329 - Short Title
  This act shall be known and may be cited as the "Artworks Consignment Act." L. 1987, c. 132, s. 1.
• Section 12a:2-330 - Definitions
  As used in this act: (1) "Art dealer" means a person engaged in the business of selling crafts and works of fine art, other...
• Section 12a:2-331 - Terms Of Consignment
  When an artist or an artist's representative delivers or causes the delivery of a craft or work of fine art to an art dealer...
• Section 12a:2-332 - Protection Of Consignor From Creditors Of Consignee
  (1) Notwithstanding the provision of N.J.S. 12A:2-326, the consignor may be protected against the creditors of the consignee where: (a) the consignee or consignor...
• Section 12a:2-333 - Consignments Protected From Creditors
  Crafts or works of fine art placed on consignment in compliance with the provisions of subsection (1) of section 4 are not subject to...
• Section 12a:2-334 - Consignment Agreement
  An art dealer shall not accept a craft or work of fine art for a commission on consignment unless, before the time of acceptance,...
• Section 12a:2-335 - Civil Liability Of Consignee
  An art dealer who accepts a craft or work of fine art on consignment shall be liable in a civil action brought by the...
• Section 12a:2-336 - Waiver Of Rights Of Consignor
  A consignor may not waive his rights under this act unless the waiver is clear, conspicuous and in writing. L. 1987, c. 132, s.
• Section 12a:2-401 - Passing Of Title; Reservation For Security; Limited Application Of This Section.
  12A:2-401. Passing of title; reservation for security; limited application of this section. Each provision of this Chapter with regard to the rights, obligations and...
• Section 12a:2-402 - Rights Of Seller's Creditors Against Sold Goods
  (1) Except as provided in subsections (2) and (3), rights of unsecured creditors of the seller with respect to goods which have been identified...
• Section 12a:2-403 - Power To Transfer; Good Faith Purchase Of Goods; "Entrusting"
  12A:2-403. Power to transfer; good faith purchase of goods; "entrusting". (1) A purchaser of goods acquires all title which the transferor had or had...
• Section 12a:2-501 - Insurable Interest In Goods; Manner Of Identification Of Goods
  (1) The buyer obtains a special property and an insurable interest in goods by identification of existing goods as goods to which the contract...
• Section 12a:2-502 - Buyer's Right To Goods On Seller's Repudiation, Failure To Deliver, Or Insolvency
  12A:2-502. Buyer's Right to Goods on Seller's Repudiation, Failure to Deliver, or Insolvency. (1)Subject to subsections (2) and (3) and even though the goods...
• Section 12a:2-503 - Manner Of Seller's Tender Of Delivery.
  12A:2-503. Manner of seller's tender of delivery. (1)Tender of delivery requires that the seller put and hold conforming goods at the buyer's disposition and...
• Section 12a:2-504 - Shipment By Seller
  Where the seller is required or authorized to send the goods to the buyer and the contract does not require him to deliver them...
• Section 12a:2-505 - Seller's Shipment Under Reservation.
  12A:2-505. Seller's shipment under reservation. (1)Where the seller has identified goods to the contract by or before shipment: (a)his procurement of a negotiable bill...
• Section 12a:2-506 - Rights Of Financing Agency.
  12A:2-506. Rights of financing agency. (1)A financing agency by paying or purchasing for value a draft which relates to a shipment of goods acquires...
• Section 12a:2-507 - Effect Of Seller's Tender; Delivery On Condition
  (1) Tender of delivery is a condition to the buyer's duty to accept the goods and, unless otherwise agreed, to his duty to pay...
• Section 12a:2-508 - Cure By Seller Of Improper Tender Or Delivery; Replacement
  (1) Where any tender or delivery by the seller is rejected because non-conforming and the time for performance has not yet expired, the seller...
• Section 12a:2-509 - Risk Of Loss In The Absence Of Breach.
  12A:2-509. Risk of loss in the absence of breach. (1)Where the contract requires or authorizes the seller to ship the goods by carrier (a)if...
• Section 12a:2-510 - Effect Of Breach On Risk Of Loss
  (1) Where a tender or delivery of goods so fails to conform to the contract as to give a right of rejection the risk...
• Section 12a:2-511 - Tender Of Payment By Buyer; Payment By Check.
  (1) Unless otherwise agreed tender of payment is a condition to the seller's duty to tender and complete any delivery. (2) Tender of Payment...
• Section 12a:2-512 - Payment By Buyer Before Inspection; Exceptions.
  12A:2-512. (1) Where the contract requires payment before inspection, non-conformity of the goods does not excuse the buyer from so making payment unless (a)the...
• Section 12a:2-513 - Buyer's Right To Inspection Of Goods
  (1) Unless otherwise agreed and subject to subsection (3), where goods are tendered or delivered or identified to the contract for sale, the buyer...
• Section 12a:2-514 - When Documents Deliverable On Acceptance; When On Payment
  Unless otherwise agreed documents against which a draft is drawn are to be delivered to the drawee on acceptance of the draft if it...
• Section 12a:2-515 - Preserving Evidence Of Goods In Dispute
  In furtherance of the adjustment of any claim or dispute (a) either party on reasonable notification to the other and for the purpose of...
• Section 12a:2-601 - Buyer's Rights On Improper Delivery
  Subject to the provisions of this Chapter on breach in installment contracts (12A:2-612) and unless otherwise agreed under the sections on contractual limitations of...
• Section 12a:2-602 - Manner And Effect Of Rightful Rejection
  (1) Rejection of goods must be within a reasonable time after their delivery or tender. It is ineffective unless the buyer seasonably notifies the...
• Section 12a:2-603 - Merchant Buyer's Duties As To Rightfully Rejected Goods
  (1) Subject to any security interest in the buyer (subsection (3) of 12A:2-711), when the seller has no agent or place of business at...
• Section 12a:2-604 - Buyer's Options As To Salvage Of Rightfully Rejected Goods
  Subject to the provisions of the immediately preceding section on perishables if the seller gives no instructions within a reasonable time after notification of...
• Section 12a:2-605 - Waiver Of Buyer's Objections By Failure To Particularize.
  12A:2-605. Waiver of buyer's objections by failure to particularize. (1)The buyer's failure to state in connection with rejection a particular defect which is ascertainable...
• Section 12a:2-606 - What Constitutes Acceptance Of Goods
  (1) Acceptance of goods occurs when the buyer (a) after a reasonable opportunity to inspect the goods signifies to the seller that the goods...
• Section 12a:2-607 - Effect Of Acceptance; Notice Of Breach; Burden Of Establishing Breach After Acceptance; Notice Of Claim Or Litigation To Person Answerable Over
  (1) The buyer must pay at the contract rate for any goods accepted. (2) Acceptance of goods by the buyer precludes rejection of the...
• Section 12a:2-608 - Revocation Of Acceptance In Whole Or In Part
  (1) The buyer may revoke his acceptance of a lot or commercial unit whose non-conformity substantially impairs its value to him if he has...
• Section 12a:2-609 - Right To Adequate Assurance Of Performance
  (1) A contract for sale imposes an obligation on each party that the other's expectation of receiving due performance will not be impaired. When...
• Section 12a:2-610 - Anticipatory Repudiation
  When either party repudiates the contract with respect to a performance not yet due the loss of which will substantially impair the value of...
• Section 12a:2-611 - Retraction Of Anticipatory Repudiation
  (1) Until the repudiating party's next performance is due he can retract his repudiation unless the aggrieved party has since the repudiation cancelled or...
• Section 12a:2-612 - "Installment Contract" ; Breach
  (1) An "installment contract" is one which requires or authorizes the delivery of goods in separate lots to be separately accepted, even though the...
• Section 12a:2-613 - Casualty To Identified Goods
  Where the contract requires for its performance goods identified when the contract is made, and the goods suffer casualty without fault of either party...
• Section 12a:2-614 - Substituted Performance
  (1) Where without fault of either party the agreed berthing, loading, or unloading facilities fail or an agreed type of carrier becomes unavailable or...
• Section 12a:2-615 - Excuse By Failure Of Presupposed Conditions
  Except so far as a seller may have assumed a greater obligation and subject to the preceding section on substituted performance: (a) Delay in...
• Section 12a:2-616 - Procedure On Notice Claiming Excuse
  (1) Where the buyer receives notification of a material or indefinite delay or an allocation justified under the preceding section he may by written...
• Section 12a:2-701 - Remedies For Breach Of Collateral Contracts Not Impaired
  Remedies for breach of any obligation or promise collateral or ancillary to a contract for sale are not impaired by the provisions of this...
• Section 12a:2-702 - Seller's Remedies On Discovery Of Buyer's Insolvency
  (1) Where the seller discovers the buyer to be insolvent he may refuse delivery except for cash including payment for all goods theretofore delivered...
• Section 12a:2-703 - Seller's Remedies In General
  Where the buyer wrongfully rejects or revokes acceptance of goods or fails to make a payment due on or before delivery or repudiates with...
• Section 12a:2-704 - Seller's Right To Identify Goods To The Contract Notwithstanding Breach Or To Salvage Unfinished Goods
  (1) An aggrieved seller under the preceding section may (a) identify to the contract conforming goods not already identified if at the time he...
• Section 12a:2-705 - Seller's Stoppage Of Delivery In Transit Or Otherwise.
  12A:2-705. Seller's stoppage of delivery in transit or otherwise. (1)The seller may stop delivery of goods in the possession of a carrier or other...
• Section 12a:2-706 - Seller's Resale Including Contract For Resale
  (1) Under the conditions stated in 12A:2-703 on seller's remedies, the seller may resell the goods concerned or the undelivered balance thereof. Where the...
• Section 12a:2-707 - "Person In The Position Of A Seller"
  (1) A "person in the position of a seller" includes as against a principal an agent who has paid or become responsible for the...
• Section 12a:2-708 - Seller's Damages For Non-acceptance Or Repudiation
  (1) Subject to subsection (2) and to the provisions of this Chapter with respect to proof of market price (12A:2-723), the measure of damages...
• Section 12a:2-709 - Action For The Price
  (1) When the buyer fails to pay the price as it becomes due the seller may recover, together with any incidental damages under the...
• Section 12a:2-710 - Seller's Incidental Damages
  Incidental damages to an aggrieved seller include any commercially reasonable charges, expenses or commissions incurred in stopping delivery, in the transportation, care and custody...
• Section 12a:2-711 - Buyer's Remedies In General; Buyer's Security Interest In Rejected Goods
  (1) Where the seller fails to make delivery or repudiates or the buyer rightfully rejects or justifiably revokes acceptance then with respect to any...
• Section 12a:2-712 - "Cover" ; Buyer's Procurement Of Substitute Goods
  (1) After a breach within the preceding section the buyer may "cover" by making in good faith and without unreasonable delay any reasonable purchase...
• Section 12a:2-713 - Buyer's Damages For Non-delivery Or Repudiation
  (1) Subject to the provisions of this Chapter with respect to proof of market price (12A:2-723), the measure of damages for non-delivery or repudiation...
• Section 12a:2-714 - Buyer's Damages For Breach In Regard To Accepted Goods
  (1) Where the buyer has accepted goods and given notification (subsection (3) of 12A:2-607) he may recover as damages for any non-conformity of tender...
• Section 12a:2-715 - Buyer's Incidental And Consequential Damages
  (1) Incidental damages resulting from the seller's breach include expenses reasonably incurred in inspection, receipt, transportation and care and custody of goods rightfully rejected,...
• Section 12a:2-716 - Buyer's Right To Specific Performance Or Replevin
  12A:2-716. Buyer's Right to Specific Performance or Replevin. (1)Specific performance may be decreed where the goods are unique or in other proper circumstances. (2)The...
• Section 12a:2-717 - Deduction Of Damages From The Price
  The buyer on notifying the seller of his intention to do so may deduct all or any part of the damages resulting from any...
• Section 12a:2-718 - Liquidation Or Limitation Of Damages; Deposits
  (1) Damages for breach by either party may be liquidated in the agreement but only at an amount which is reasonable in the light...
• Section 12a:2-719 - Contractual Modification Or Limitation Of Remedy
  (1) Subject to the provisions of subsections (2) and (3) of this section and of the preceding section on liquidation and limitation of damages,...
• Section 12a:2-720 - Effect Of "Cancellation" Or "Rescission" On Claims For Antecedent Breach
  Unless the contrary intention clearly appears, expressions of "cancellation" or "rescission" of the contract or the like shall not be construed as a renunciation...
• Section 12a:2-721 - Remedies For Fraud
  Remedies for material misrepresentation or fraud include all remedies available under this Chapter for non-fraudulent breach. Neither rescission or a claim for rescission of...
• Section 12a:2-722 - Who Can Sue Third Parties For Injury To Goods
  Where a third party so deals with goods which have been identified to a contract for sale as to cause actionable injury to a...
• Section 12a:2-723 - Proof Of Market Price: Time And Place
  (1) If an action based on anticipatory repudiation comes to trial before the time for performance with respect to some or all of the...
• Section 12a:2-724 - Admissibility Of Market Quotations
  Whenever the prevailing price or value of any goods regularly bought and sold in any established commodity market is in issue, reports in official...
• Section 12a:2-725 - Statute Of Limitations In Contracts For Sale
  (1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By...
• Section 12a:2a-101 - Short Title
  12A:2A-101. Short title. This chapter shall be known and may be cited as the "Uniform Commercial Code - Leases." L.1994,c.114,s.1.
• Section 12a:2a-102 - Scope
  12A:2A-102. Scope. This chapter applies to any transaction, regardless of form, that creates a lease. L.1994,c.114,s.1.
• Section 12a:2a-103 - Definitions And Index Of Definitions.
  12A:2A-103. Definitions and index of definitions. (1)In this chapter unless the context otherwise requires: (a)"Buyer in ordinary course of business" means a person who...
• Section 12a:2a-104 - Leases Subject To Other Law
  12A:2A-104. Leases subject to other law. (1) A lease, although subject to this chapter, is also subject to any applicable: (a) certificate of title...
• Section 12a:2a-105 - Territorial Application Of Chapter To Goods Covered By Certificate Of Title
  12A:2A-105. Territorial application of chapter to goods covered by certificate of title. Subject to the provisions of sections 12A:2A-304(3) and 12A:2A-305(3), with respect to...
• Section 12a:2a-106 - Limitation On Power Of Parties To Consumer Lease To Choose Applicable Law And Judicial Forum
  12A:2A-106. Limitation on power of parties to consumer lease to choose applicable law and judicial forum. (1) If the law chosen by the parties...
• Section 12a:2a-107 - Waiver Or Renunciation Of Claim Or Right After Default
  12A:2A-107. Waiver or renunciation of claim or right after default. Any claim or right arising out of an alleged default or breach of warranty...
• Section 12a:2a-108 - Unconscionability
  12A:2A-108. Unconscionability. (1) If the court as a matter of law finds a lease contract or any clause of a lease contract to have...
• Section 12a:2a-109 - Option To Accelerate At Will
  12A:2A-109. Option to accelerate at will. (1) A term providing that one party or the party's successor in interest may accelerate payment or performance...
• Section 12a:2a-201 - Statute Of Frauds
  12A:2A-201. Statute of frauds. (1) A lease contract is not enforceable by way of action or defense unless: (a) the total payments to be...
• Section 12a:2a-202 - Final Written Expression: Parol Or Extrinsic Evidence
  12A:2A-202. Final written expression: parol or extrinsic evidence. Terms with respect to which the confirmatory memoranda of the parties agree or which are otherwise...
• Section 12a:2a-203 - Seals Inoperative
  12A:2A-203. Seals inoperative. The affixing of a seal to a writing evidencing a lease contract or an offer to enter into a lease contract...
• Section 12a:2a-204 - Formation In General
  12A:2A-204. Formation in general. (1) A lease contract may be made in any manner sufficient to show agreement, including conduct by both parties which...
• Section 12a:2a-205 - Firm Offers
  12A:2A-205. Firm offers. An offer by a merchant to lease goods to or from another person in a signed writing that by its terms...
• Section 12a:2a-206 - Offer And Acceptance In Formation Of Lease Contract
  12A:2A-206. Offer and acceptance in formation of lease contract. (1) Unless otherwise unambiguously indicated by the language or circumstances, an offer to make a...
• Section 12a:2a-207 - Course Of Performance Or Practical Construction
  12A:2A-207. Course of performance or practical construction. (1) If a lease contract involves repeated occasions for performance by either party with knowledge of the...
• Section 12a:2a-208 - Modification, Rescission And Waiver
  12A:2A-208. Modification, rescission and waiver. (1) An agreement modifying a lease contract needs no consideration to be binding. (2) A signed lease agreement that...
• Section 12a:2a-209 - Lessee Under Finance Lease As Beneficiary Of Supply Contract
  12A:2A-209. Lessee under finance lease as beneficiary of supply contract. (1) The benefit of a supplier's promises to the lessor under the supply contract...
• Section 12a:2a-210 - Express Warranties
  12A:2A-210. Express warranties. (1) Express warranties by the lessor are created as follows: (a) Any affirmation of fact or promise made by the lessor...
• Section 12a:2a-211 - Warranties Against Interference And Against Infringement; Lessee's Obligation Against Infringement
  12A:2A-211. Warranties against interference and against infringement; lessee's obligation against infringement. (1) There is in a lease contract a warranty that for the lease...
• Section 12a:2a-212 - Implied Warranty Of Merchantability
  12A:2A-212. Implied warranty of merchantability. (1) Except in a finance lease, a warranty that the goods will be merchantable is implied in a lease...
• Section 12a:2a-213 - Implied Warranty Of Fitness For Particular Purpose
  12A:2A-213. Implied warranty of fitness for particular purpose. Except in a finance lease, if the lessor at the time the lease contract is made...
• Section 12a:2a-214 - Exclusion Or Modification Of Warranties
  12A:2A-214. Exclusion or modification of warranties. (1) Words or conduct relevant to the creation of an express warranty and words or conduct tending to...
• Section 12a:2a-215 - Cumulation And Conflict Of Warranties Express Or Implied
  12A:2A-215. Cumulation and conflict of warranties express or implied. Warranties, whether express or implied, must be construed as consistent with each other and as...
• Section 12a:2a-216 - Third-party Beneficiaries Of Express And Implied Warranties
  12A:2A-216. Third-party beneficiaries of express and implied warranties. A warranty to or for the benefit of a lessee under this chapter, whether express or...
• Section 12a:2a-217 - Identification
  12A:2A-217. Identification. Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly...
• Section 12a:2a-218 - Insurance And Proceeds
  12A:2A-218. Insurance and proceeds. (1) A lessee obtains an insurable interest when existing goods are identified to the lease contract even though the goods...
• Section 12a:2a-219 - Risk Of Loss
  12A:2A-219. Risk of loss. (1) Except in the case of a finance lease, risk of loss is retained by the lessor and does not...
• Section 12a:2a-220 - Effect Of Default On Risk Of Loss
  12A:2A-220. Effect of default on risk of loss. (1) Where risk of loss is to pass to the lessee and the time of passage...
• Section 12a:2a-221 - Casualty To Identified Goods
  12A:2A-221. Casualty to identified goods. If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without...
• Section 12a:2a-301 - Enforceability Of Lease Contract
  12A:2A-301. Enforceability of lease contract. Except as otherwise provided in this chapter, a lease contract is effective and enforceable according to its terms between...
• Section 12a:2a-302 - Title To And Possession Of Goods
  12A:2A-302. Title to and possession of goods. Except as otherwise provided in this chapter, each provision of this chapter applies whether the lessor or...
• Section 12a:2a-303 - Alienability Of Party's Interest Under Lease Contract Or Of Lessor's Residual Interest In Goods; Delegation Of Performance; Transfer Of Rights
  12A:2A-303. 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...
• Section 12a:2a-304 - Subsequent Lease Of Goods By Lessor
  12A:2A-304. Subsequent lease of goods by lessor. (1) Subject to 12A:2A-303, a subsequent lessee from a lessor of goods under an existing lease contract...
• Section 12a:2a-305 - Sale Or Sublease Of Goods By Lessee
  12A:2A-305. Sale or sublease of goods by lessee. (1) Subject to the provisions of 12A:2A-303, a buyer or sublessee from the lessee of goods...
• Section 12a:2a-306 - Priority Of Certain Liens Arising By Operation Of Law
  12A:2A-306. Priority of certain liens arising by operation of law. If a person in the ordinary course of the person's business furnishes services or...
• Section 12a:2a-307 - Priority Of Liens Arising By Attachment Or Levy On, Security Interests In, And Other Claims To Goods.
  12A:2A-307. Priority of liens arising by attachment or levy on, security interests in, and other claims to goods. (1)Except as otherwise provided in 12A:2A-306,...
• Section 12a:2a-308 - Special Rights Of Creditors
  12A:2A-308. Special rights of creditors. (1) A creditor of a lessor in possession of goods subject to a lease contract may treat the lease...
• Section 12a:2a-309 - Lessor's And Lessee's Rights When Goods Become Fixtures
  12A:2A-309. 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 real estate...
• Section 12a:2a-310 - Lessor's And Lessee's Rights When Goods Become Accessions
  12A:2A-310. 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)...
• Section 12a:2a-311 - Priority Subject To Subordination
  12A:2A-311. Priority subject to subordination. Nothing in this chapter prevents subordination by agreement by any person entitled to priority. L.1994,c.114,s.1.
• Section 12a:2a-401 - Insecurity: Adequate Assurance Of Performance
  12A:2A-401. Insecurity: adequate assurance of performance. (1) A lease contract imposes an obligation on each party that the other's expectation of receiving due performance...
• Section 12a:2a-402 - Anticipatory Repudiation
  12A:2A-402. Anticipatory repudiation. If either party repudiates a lease contract with respect to a performance not yet due under the lease contract, the loss...
• Section 12a:2a-403 - Retraction Of Anticipatory Repudiation
  12A:2A-403. Retraction of anticipatory repudiation. (1) Until the repudiating party's next performance is due, the repudiating party can retract the repudiation unless, since the...
• Section 12a:2a-404 - Substituted Performance
  12A:2A-404. Substituted performance. (1) If without fault of the lessee, the lessor and the supplier, the agreed berthing, loading, or unloading facilities fail or...
• Section 12a:2a-405 - Excused Performance
  12A:2A-405. Excused performance. Subject to 12A:2A-404 on substituted performance, the following rules apply: (1) Delay in delivery or nondelivery in whole or in part...
• Section 12a:2a-406 - Procedure On Excused Performance
  12A:2A-406. Procedure on excused performance. (1) If the lessee receives notification of a material or indefinite delay or an allocation justified under 12A:2A-405, the...
• Section 12a:2a-407 - Irrevocable Promises: Finance Leases
  12A:2A-407. Irrevocable promises: finance leases. (1) In the case of a finance lease that is not a consumer lease the lessee's promises under the...
• Section 12a:2a-501 - Default: Procedure
  12A:2A-501. Default: procedure. (1) Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and...
• Section 12a:2a-502 - Notice After Default
  12A:2A-502. Notice after default. Except as otherwise provided in this chapter or the lease agreement, the lessor or lessee in default under the lease...
• Section 12a:2a-503 - Modification Or Impairment Of Rights And Remedies
  12A:2A-503. Modification or impairment of rights and remedies. (1) Except as otherwise provided in this chapter, the lease agreement may include rights and remedies...
• Section 12a:2a-504 - Liquidation Of Damages
  12A:2A-504. Liquidation of damages. (1) Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution...
• Section 12a:2a-505 - Cancellation And Termination And Effect Of Cancellation, Termination, Rescission, Or Fraud On Rights And Remedies
  12A:2A-505. Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies. (1) On cancellation of the lease contract, all...
• Section 12a:2a-506 - Statute Of Limitations
  12A:2A-506. Statute of limitations. (1) An action for default under a lease contract, including breach of warranty or indemnity, shall be commenced within 4...
• Section 12a:2a-507 - Proof Of Market Rent: Time And Place
  12A:2A-507. Proof of market rent: time and place. (1) Damages based on market rent (12A:2A-519 or 12A:2A-528) are determined according to the rent for...
• Section 12a:2a-508 - Lessee's Remedies
  12A:2A-508. Lessee's remedies. (1) If a lessor fails to deliver the goods in conformity to the lease contract (12A:2A-509) or repudiates the lease contract...
• Section 12a:2a-509 - Lessee's Rights On Improper Delivery; Rightful Rejection
  12A:2A-509. Lessee's rights on improper delivery; rightful rejection. (1) Subject to the provisions of 12A:2A-510 on default in installment lease contracts, if the goods...
• Section 12a:2a-510 - Installment Lease Contracts: Rejection And Default
  12A:2A-510. Installment lease contracts: rejection and default. (1) Under an installment lease contract a lessee may reject any delivery that is nonconforming if the...
• Section 12a:2a-511 - Merchant Lessee's Duties As To Rightfully Rejected Goods
  12A:2A-511. Merchant lessee's duties as to rightfully rejected goods. (1) Subject to any security interest of a lessee (12A:2A-508(5)), if a lessor or a...
• Section 12a:2a-512 - Lessee's Duties As To Rightfully Rejected Goods
  12A:2A-512. Lessee's duties as to rightfully rejected goods. (1) Except as otherwise provided with respect to goods that threaten to decline in value speedily...
• Section 12a:2a-513 - Cure By Lessor Of Improper Tender Or Delivery; Replacement
  12A:2A-513. Cure by lessor of improper tender or delivery; replacement. (1) If any tender or delivery by the lessor or the supplier is rejected...
• Section 12a:2a-514 - Waiver Of Lessee's Objections.
  12A:2A-514. 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...
• Section 12a:2a-515 - Acceptance Of Goods
  12A:2A-515. Acceptance of goods. (1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and (a) the...
• Section 12a: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
  12A: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 12a:2a-517 - Revocation Of Acceptance Of Goods
  12A:2A-517. Revocation of acceptance of goods. (1) A lessee may revoke acceptance of a lot or commercial unit whose nonconformity substantially impairs its value...
• Section 12a:2a-518 - Cover; Substitute Goods
  12A:2A-518. Cover; substitute goods. (1) After a default by a lessor under the lease contract of the type described in 12A:2A-508(1), or, if agreed,...
• Section 12a:2a-519 - Lessee's Damages For Non-delivery, Repudiation, Default, And Breach Of Warranty In Regard To Accepted Goods
  12A:2A-519. Lessee's damages for non-delivery, repudiation, default, and breach of warranty in regard to accepted goods. (1) Except as otherwise provided with respect to...
• Section 12a:2a-520 - Lessee's Incidental And Consequential Damages
  12A:2A-520. 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...
• Section 12a:2a-521 - Lessee's Right To Specific Performance Or Replevin
  12A:2A-521. Lessee's right to specific performance or replevin. (1) Specific performance may be decreed if the goods are unique or in other proper circumstances....
• Section 12a:2a-522 - Lessee's Right To Goods On Lessor's Insolvency
  12A:2A-522. 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...
• Section 12a:2a-523 - Lessor's Remedies
  12A:2A-523. Lessor's remedies. (1) If a lessee wrongfully rejects or revokes acceptance of goods or fails to make a payment when due or repudiates...
• Section 12a:2a-524 - Lessor's Right To Identify Goods To Lease Contract
  12A:2A-524. Lessor's right to identify goods to lease contract. (1) After default by the lessee under the lease contract of the type described in...
• Section 12a:2a-525 - Lessor's Right To Possession Of Goods
  12A:2A-525. Lessor's right to possession of goods. (1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the...
• Section 12a:2a-526 - Lessor's Stoppage Of Delivery In Transit Or Otherwise.
  12A:2A-526. 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...
• Section 12a:2a-527 - Lessor's Rights To Dispose Of Goods
  12A:2A-527. Lessor's rights to dispose of goods. (1) After a default by a lessee under the lease contract of the type described in 12A:2A-523(1)...
• Section 12a:2a-528 - Lessor's Damages For Nonacceptance, Failure To Pay, Repudiation, Or Other Default
  12A:2A-528. Lessor's damages for nonacceptance, failure to pay, repudiation, or other default. (1) Except as otherwise provided with respect to damages liquidated in the...
• Section 12a:2a-529 - Lessor's Action For The Rent
  12A:2A-529. Lessor's action for the rent. (1) After default by the lessee under the lease contract of the type described in 12A:2A-523(1) or 12A:2A-523(3)(a)...
• Section 12a:2a-530 - Lessor's Incidental Damages
  12A:2A-530. Lessor's incidental damages. Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the...
• Section 12a:2a-531 - Standing To Sue Third Parties For Injury To Goods
  12A:2A-531. Standing to sue third parties for injury to goods. (1) If a third party so deals with goods that have been identified to...
• Section 12a:2a-532 - Lessor's Rights To Residual Interest
  12A:2A-532. Lessor's rights to residual interest. In addition to any other recovery permitted by this chapter or other law, the lessor may recover from...
• Section 12a:3-101 - Short Title
  This chapter may be cited as Uniform Commercial Code -- Negotiable Instruments. L.1995,c.28,s.1.
• Section 12a:3-102 - Subject Matter
  a. This chapter applies to negotiable instruments. It does not apply to money, to payment orders governed by chapter 4A, or to securities governed...
• Section 12a:3-103 - Definitions
  a. As used in this chapter: (1) "Acceptor" means a drawee who has accepted a draft. (2) "Drawee" means a person ordered in a...
• Section 12a:3-104 - Negotiable Instrument
  a. Except as provided in subsections c. and d. of this section, "negotiable instrument" means an unconditional promise or order to pay a fixed...
• Section 12a:3-105 - 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 of...
• Section 12a:3-106 - Unconditional Promise Or Order
  a. Except as provided in this section, for the purposes of subsection a. of 12A:3-104, a promise or order is unconditional unless it states...
• Section 12a:3-107 - 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 money or in...
• Section 12a:3-108 - Payable On Demand Or At Definite Time
  a. A promise or order is "payable on demand" if it states that it is payable on demand or at sight, or otherwise indicates...
• Section 12a:3-109 - Payable To Bearer Or To Order
  a. A promise or order is payable to bearer if it: (1) states that it is payable to bearer or to the order of...
• Section 12a:3-110 - 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, whether or not authorized, signing as,...
• Section 12a:3-111 - Place Of Payment.
  Except as otherwise provided for items in chapter 4, an instrument is payable at the place of payment stated in the instrument. If no...
• Section 12a:3-112 - Interest
  a. Unless otherwise provided in the instrument, an instrument is not payable with interest, and interest on an interest-bearing instrument is payable from the...
• Section 12a:3-113 - 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 fixed...
• Section 12a:3-114 - 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. L.1995,c.28,s.1.
• Section 12a:3-115 - 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...
• Section 12a:3-116 - 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 makers, drawers, acceptors,...
• Section 12a:3-117 - 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 pay the...
• Section 12a:3-118 - Statute Of Limitations
  a. Except as provided in subsection e. of this section, an action to enforce the obligation of a party to pay a note payable...
• Section 12a:3-119 - 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 chapter or chapter 4 of...
• Section 12a:3-201 - 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...
• Section 12a:3-202 - Negotiation Subject To Rescission
  a. Negotiation is effective even if obtained from an infant, a corporation exceeding its powers, or a person without capacity, by fraud, duress, or...
• Section 12a:3-203 - 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 of giving to the person...
• Section 12a:3-204 - 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...
• Section 12a:3-205 - 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 to bearer, and the...
• Section 12a:3-206 - 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...
• Section 12a:3-207 - 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...
• Section 12a:3-301 - Person Entitled To Enforce Instrument
  "Person entitled to enforce" an instrument means the holder of the instrument, a nonholder in possession of the instrument who has the rights of...
• Section 12a:3-302 - Holder In Due Course
  a. Subject to subsection c. of this section and subsection d. of 12A:3-106, "holder in due course" means the holder of an instrument if:...
• Section 12a:3-303 - Value And Consideration
  a. An instrument is issued or transferred for value if: (1) the instrument is issued or transferred for a promise of performance, to the...
• Section 12a:3-304 - Overdue Instrument
  a. An instrument payable on demand becomes overdue at the earliest of the following times: (1) on the day after the day demand for...
• Section 12a:3-305 - Defenses And Claims In Recoupment
  a. Except as stated in subsection b. of this section, the right to enforce the obligation of a party to pay an instrument is...
• Section 12a:3-306 - 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 of a...
• Section 12a:3-307 - Notice Of Breach Of Fiduciary Duty
  a. As used in this section: (1) "Fiduciary" means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty...
• Section 12a:3-308 - Proof Of Signatures And Status As Holder In Due Course.
  12A:3-308. a. In an action with respect to an instrument, the authenticity of, and authority to make, each signature on the instrument is admitted...
• Section 12a:3-309 - Enforcement Of Lost, Destroyed, Or Stolen Instrument
  a. A person not in possession of an instrument is entitled to enforce the instrument if the person was in possession of the instrument...
• Section 12a:3-310 - 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, the obligation is discharged to the...
• Section 12a:3-311 - Accord And Satisfaction By Use Of Instrument
  a. If a person against whom a claim is asserted proves that that person in good faith tendered an instrument to the claimant as...
• Section 12a:3-312 - Lost, Destroyed, Or Stolen Cashier's Check, Teller's Check Or Certified Check
  1. 12A:3-312. Lost, Destroyed, or Stolen Cashier's Check, Teller's Check or Certified Check. a. In this section: (1) "Check" means a cashier's check, teller's...
• Section 12a:3-401 - Signature
  a. A person is not liable on an instrument unless the person signed the instrument, or the person is represented by an agent or...
• Section 12a:3-402 - 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 person...
• Section 12a:3-403 - Unauthorized Signature
  a. Unless otherwise provided in this chapter or chapter 4 of Title 12A of the New Jersey Statutes, an unauthorized signature is ineffective except...
• Section 12a:3-404 - 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 impostor,...
• Section 12a:3-405 - Employer's Responsibility For Fraudulent Indorsement By Employee
  a. As used in this section: (1) "Employee" includes an independent contractor and employee of an independent contractor retained by the employer. (2) "Fraudulent...
• Section 12a:3-406 - 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 or to the making of a forged...
• Section 12a:3-407 - Alteration
  a. "Alteration" means an unauthorized change in an instrument that purports to modify in any respect the obligation of a party, or an unauthorized...
• Section 12a:3-408 - 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 drawee available for its...
• Section 12a:3-409 - 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 may consist of...
• Section 12a:3-410 - 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 and...
• Section 12a:3-411 - Refusal To Pay Cashier's Checks, Teller's Checks, And Certified Checks
  a. As used in this section, "obligated bank" means the acceptor of a certified check or the issuer of a cashier's check or teller's...
• Section 12a:3-412 - 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 pay the instrument according to its...
• Section 12a:3-413 - Obligation Of Acceptor
  a. The acceptor of a draft is obliged to pay the draft according to its terms at the time it was accepted, even though...
• Section 12a:3-414 - Obligation Of Drawer
  a. This section does not apply to cashier's checks or other drafts drawn on the drawer. b. If an unaccepted draft is dishonored, the...
• Section 12a:3-415 - Obligation Of Indorser
  a. Subject to subsections b., c., d. and e. of this section and to subsection d. of 12A:3-419, if an instrument is dishonored, an...
• Section 12a:3-416 - 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...
• Section 12a:3-417 - 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...
• Section 12a:3-418 - Payment Or Acceptance By Mistake
  a. Except as provided in subsection c. of this section, if the drawee of a draft pays or accepts the draft and the drawee...
• Section 12a:3-419 - Instruments Signed For Accommodation
  a. If an instrument is issued for value given for the benefit of a party to the instrument ("accommodated party") and another party to...
• Section 12a:3-420 - 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, other...
• Section 12a:3-501 - Presentment
  a. "Presentment" means a demand made by or on behalf of a person entitled to enforce an instrument to pay the instrument made to...
• Section 12a:3-502 - Dishonor
  a. Dishonor of a note is governed by the following rules: (1) If the note is payable on demand, the note is dishonored if...
• Section 12a:3-503 - Notice Of Dishonor
  a. The obligation of an indorser stated in subsection a. of 12A:3-415 and the obligation of a drawer stated in subsection d. of 12A:3-414...
• Section 12a:3-504 - Excused Presentment And Notice Of Dishonor
  a. Presentment for payment or acceptance of an instrument is excused if the person entitled to present the instrument cannot with reasonable diligence make...
• Section 12a:3-505 - Evidence Of Dishonor
  a. The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: (1) a document regular...
• Section 12a:3-601 - Discharge And Effect Of Discharge
  a. The obligation of a party to pay the instrument is discharged as stated in this chapter or by an act or agreement with...
• Section 12a:3-602 - Payment
  a. Subject to subsection b. of this section, an instrument is paid to the extent payment is made by or on behalf of a...
• Section 12a:3-603 - 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 effect...
• Section 12a:3-604 - 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 the instrument by...
• Section 12a:3-605 - Discharge Of Indorsers And Accommodation Parties
  a. In this section, the term "indorser" includes a drawer having the obligation described in subsection d. of 12A:3-414. b. Discharge, under 12A:3-604, of...
• Section 12a:4-101 - Short Title
  This chapter may be cited as Uniform Commercial Code -- Bank Deposits and Collections. L.1995,c.28,s.2.
• Section 12a:4-102 - Applicability
  a. To the extent that items within this chapter are also within chapters 3 and 8, they are subject to those chapters. If there...
• Section 12a:4-103 - Variation By Agreement; Measure Of Damages; Action Constituting Ordinary Care
  a. The effect of the provisions of this chapter may be varied by agreement, but the parties to the agreement cannot disclaim a bank's...
• Section 12a:4-104 - Definitions And Index Of Definitions.
  12A:4-104. Definitions and Index of Definitions. a.In this chapter, unless the context otherwise requires: (1)"Account" means any deposit or credit account with a bank,...
• Section 12a:4-105 - "Bank"; "Depositary Bank"; "Payor Bank"; "Intermediary Bank"; "Collecting Bank"; "Presenting Bank"
  As used in this chapter: a. "Bank" means a person engaged in the business of banking, including a savings bank, savings and loan association,...
• Section 12a:4-106 - Payable Through Or Payable At Bank; Collecting Bank
  a. If an item states that it is "payable through" a bank identified in the item, the item designates the bank as a collecting...
• Section 12a:4-107 - Separate Office Of Bank
  A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the...
• Section 12a:4-108 - Time Of Receipt Of Items
  a. For the purpose of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position...
• Section 12a:4-109 - Delays
  a. Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other...
• Section 12a:4-110 - Electronic Presentment
  a. "Agreement for electronic presentment" means an agreement, clearing-house rule, or Federal Reserve regulation or operating circular, providing that presentment of an item may...
• Section 12a:4-111 - Statute Of Limitations
  An action to enforce an obligation, duty, or right arising under this chapter must be commenced within three years after the cause of action...
• Section 12a:4-201 - Status Of Collecting Bank As Agent And Provisional Status Of Credits; Applicability Of Chapter; Item Indorsed "Pay Any Bank"
  a. Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or...
• Section 12a:4-202 - Responsibility For Collection Or Return; When Action Is Timely
  a. A collecting bank must exercise ordinary care in: (1) presenting an item or sending it for presentment; (2) sending notice of dishonor or...
• Section 12a:4-203 - Effect Of Instructions
  Subject to the provisions of chapter 3 concerning conversion of instruments (12A:3-420) and restrictive indorsements (12A:3-206), only a collecting bank's transferor can give instructions...
• Section 12a:4-204 - Methods Of Sending And Presenting; Sending Directly To Payor Bank
  a. A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number...
• Section 12a:4-205 - Depositary Bank Holder Of Unindorsed Item
  If a customer delivers an item to a depositary bank for collection: a. the depositary bank becomes a holder of the item at the...
• Section 12a:4-206 - Transfer Between Banks
  Any agreed method that identifies the transferor bank is sufficient for the item's further transfer to another bank. L.1995,c.28,s.2.
• Section 12a:4-207 - Transfer Warranties
  a. A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants to the transferee and to any...
• Section 12a:4-208 - 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...
• Section 12a:4-209 - Encoding And Retention Warranties
  a. A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the...
• Section 12a:4-210 - Security Interest Of Collecting Bank In Items, Accompanying Documents And Proceeds.
  12A:4-210. Security Interest of Collecting Bank in Items, Accompanying Documents and Proceeds. a.A collecting bank has a security interest in an item and any...
• Section 12a:4-211 - When Bank Gives Value For Purposes Of Holder In Due Course
  For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security...
• Section 12a:4-212 - Presentment By Notice Of Item Not Payable By, Through, Or At Bank; Liability Of Drawer Or Indorser
  a. Unless otherwise instructed, a collecting bank may present an item not payable by, through, or at a bank by sending to the party...
• Section 12a:4-213 - Medium And Time Of Settlement By Bank
  a. With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house...
• Section 12a:4-214 - Right Of Charge-back Or Refund; Liability Of Collecting Bank; Return Of Item
  a. If a collecting bank has made provisional settlement with its customer for an item and fails by reason of dishonor, suspension of payments...
• Section 12a:4-215 - Final Payment Of Item By Payor Bank; When Provisional Debits And Credits Become Final; When Certain Credits Become Available For Withdrawal
  a. An item is finally paid by a payor bank when the bank has first done any of the following: (1) paid the item...
• Section 12a:4-216 - Insolvency And Preference
  a. If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has...
• Section 12a:4-301 - Deferred Posting; Recovery Of Payment By Return Of Items; Time Of Dishonor; Return Of Items By Payor Bank
  a. If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter...
• Section 12a:4-302 - Payor Bank's Responsibility For Late Return Of Item
  a. If an item is presented to and received by a payor bank, the bank is accountable for the amount of: (1) a demand...
• Section 12a:4-303 - When Items Are Subject To Notice, Stop-payment Order, Legal Process, Or Setoff; Order In Which Items May Be Charged Or Certified
  a. Any knowledge, notice, or stop-payment order received by, legal process served upon, or setoff exercised by a payor bank comes too late to...
• Section 12a:4-401 - When Bank May Charge Customer's Account
  a. A bank may charge against the account of a customer an item that is properly payable from that account even though the charge...
• Section 12a:4-402 - Bank's Liability To Customer For Wrongful Dishonor; Time Of Determining Insufficiency Of Account
  a. Except as otherwise provided in this chapter, a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable,...
• Section 12a:4-403 - Customer's Right To Stop Payment; Burden Of Proof Of Loss
  a. A customer or any person authorized to draw on the account if there is more than one person may stop payment of any...
• Section 12a:4-404 - Bank Not Obliged To Pay Check More Than Six Months Old
  A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is...
• Section 12a:4-405 - Death Or Incompetence Of Customer
  a. A payor or collecting bank's authority to accept, pay, or collect an item or to account for proceeds of its collection, if otherwise...
• Section 12a:4-406 - Customer's Duty To Discover And Report Unauthorized Signature Or Alteration
  a. A bank that sends or makes available to a customer a statement of account showing payment of items for the account shall either...
• Section 12a:4-407 - Payor Bank's Right To Subrogation On Improper Payment
  If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has...
• Section 12a:4-501 - Handling Of Documentary Drafts; Duty To Send For Presentment And To Notify Customer Of Dishonor
  A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that...
• Section 12a:4-502 - Presentment Of "On Arrival" Drafts
  If a draft or the relevant instructions require presentment "on arrival," "when goods arrive" or the like, the collecting bank need not present until...
• Section 12a:4-503 - Responsibility Of Presenting Bank For Documents And Goods; Report Of Reasons For Dishonor; Referee In Case Of Need
  a. Unless otherwise instructed and except as provided in chapter 5 of Title 12A, a bank presenting a documentary draft: (1) must deliver the...
• Section 12a:4-504 - Privilege Of Presenting Bank To Deal With Goods; Security Interest For Expenses
  a. A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable...
• Section 12a:4a-101 - Short Title
  12A:4A-101. Short title. This chapter shall be known and may be cited as the "Uniform Commercial Code--Funds Transfers." L.1994,c.114,s.2.
• Section 12a:4a-102 - Subject Matter
  12A:4A-102. Subject matter. Except as otherwise provided in section 12A:4A-108, this chapter applies to funds transfers defined in section 12A:4A-104. L.1994,c.114,s.2.
• Section 12a:4a-103 - Payment Order - Definitions
  12A:4A-103. Payment order - definitions. (1) In this chapter: (a) "Payment order" means an instruction of a sender to a receiving bank, transmitted orally,...
• Section 12a:4a-104 - Funds Transfer - Definitions
  12A:4A-104. Funds transfer - definitions. In this chapter: (1) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for...
• Section 12a:4a-105 - Other Definitions
  12A:4A-105. Other definitions. (1) In this chapter: (a) "Authorized account" means a deposit account of a customer in a bank designated by the customer...
• Section 12a:4a-106 - Time Payment Order Is Received
  12A:4A-106. Time payment order is received. (1) The time of receipt of a payment order or communication cancelling or amending a payment order is...
• Section 12a:4a-107 - Federal Reserve Regulations And Operating Circulars
  12A:4A-107. Federal Reserve regulations and operating circulars. Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal...
• Section 12a:4a-108 - Relationship To Electronic Fund Transfer Act.
  12A:4A-108. Relationship to Electronic Fund Transfer Act. a.Except as provided in subsection b. of this section, this chapter does not apply to a funds...
• Section 12a:4a-201 - Security Procedure
  12A:4A-201. Security procedure. "Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying...
• Section 12a:4a-202 - Authorized And Verified Payment Orders
  12A:4A-202. Authorized and verified payment orders. (1) A payment order received by the receiving bank is the authorized order of the person identified as...
• Section 12a:4a-203 - Unenforceability Of Certain Verified Payment Orders
  12A:4A-203. Unenforceability of certain verified payment orders. (1) If an accepted payment order is not, under section 12A:4A-202(1), an authorized order of a customer...
• Section 12a:4a-204 - Refund Of Payment And Duty Of Customer To Report With Respect To Unauthorized Payment Order
  12A:4A-204. Refund of payment and duty of customer to report with respect to unauthorized payment order. (1) If a receiving bank accepts a payment...
• Section 12a:4a-205 - Erroneous Payment Orders
  12A:4A-205. Erroneous payment orders. (1) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the...
• Section 12a:4a-206 - Transmission Of Payment Order Through Funds-transfer Or Other Communication System
  12A:4A-206. Transmission of payment order through funds-transfer or other communication system. (1) If a payment order addressed to a receiving bank is transmitted to...
• Section 12a:4a-207 - Misdescription Of Beneficiary
  12A:4A-207. Misdescription of beneficiary. (1) Subject to subsection (2), if, in a payment order received by the beneficiary's bank, the name, bank account number,...
• Section 12a:4a-208 - Misdescription Of Intermediary Bank Or Beneficiary's Bank
  12A:4A-208. Misdescription of intermediary bank or beneficiary's bank. (1) This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank...
• Section 12a:4a-209 - Acceptance Of Payment Order
  12A:4A-209. Acceptance of payment order. (1) Subject to subsection (4), a receiving bank other than the beneficiary's bank accepts a payment order when it...
• Section 12a:4a-210 - Rejection Of Payment Order
  12A:4A-210. Rejection of payment order. (1) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender...
• Section 12a:4a-211 - Cancellation And Amendment Of Payment Order
  12A:4A-211. Cancellation and amendment of payment order. (1) A communication of the sender of a payment order cancelling or amending the order may be...
• Section 12a:4a-212 - Liability And Duty Of Receiving Bank Regarding Unaccepted Payment Order
  12A:4A-212. Liability and duty of receiving bank regarding unaccepted payment order. If a receiving bank fails to accept a payment order that it is...
• Section 12a:4a-301 - Execution And Execution Date
  12A:4A-301. Execution and execution date. (1) A payment order is "executed" by the receiving bank when it issues a payment order intended to carry...
• Section 12a:4a-302 - Obligations Of Receiving Bank In Execution Of Payment Order
  12A:4A-302. Obligations of receiving bank in execution of payment order. (1) Except as provided in subsections (2) through (4), if the receiving bank accepts...
• Section 12a:4a-303 - Erroneous Execution Of Payment Order
  12A:4A-303. Erroneous execution of payment order. (1) A receiving bank that (i) executes the payment order of the sender by issuing a payment order...
• Section 12a:4a-304 - Duty Of Sender To Report Erroneously Executed Payment Order
  12A:4A-304. Duty of sender to report erroneously executed payment order. If the sender of a payment order that is erroneously executed as stated in...
• Section 12a:4a-305 - Liability For Late Or Improper Execution Or Failure To Execute Payment Order
  12A:4A-305. Liability for late or improper execution or failure to execute payment order. (1) If a funds transfer is completed but execution of a...
• Section 12a:4a-401 - Payment Date
  12A:4A-401. Payment date. "Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary...
• Section 12a:4a-402 - Obligation Of Sender To Pay Receiving Bank
  12A:4A-402. Obligation of sender to pay receiving bank. (1) This section is subject to sections 12A:4A-205 and 12A:4A-207. (2) With respect to a payment...
• Section 12a:4a-403 - Payment By Sender To Receiving Bank
  12A:4A-403. Payment by sender to receiving bank. (1) Payment of the sender's obligation under section 12A:4A-402 to pay the receiving bank occurs as follows:...
• Section 12a:4a-404 - Obligation Of Beneficiary's Bank To Pay And Give Notice To Beneficiary
  12A:4A-404. Obligation of beneficiary's bank to pay and give notice to beneficiary. (1) Subject to sections 12A:4A-211(5), 12A:4A-405(4), and 12A:4A-405(5), if a beneficiary's bank...
• Section 12a:4a-405 - Payment By Beneficiary's Bank To Beneficiary
  12A:4A-405. Payment by beneficiary's bank to beneficiary. (1) If the beneficiary's bank credits an account of the beneficiary of a payment order, payment of...
• Section 12a:4a-406 - Payment By Originator To Beneficiary; Discharge Of Underlying Obligation
  12A:4A-406. Payment by originator to beneficiary; discharge of underlying obligation. (1) Subject to sections 12A:4A-211(5), 12A:4A-405(4), and 12A:4A-405(5), the originator of a funds transfer...
• Section 12a:4a-501 - Variation By Agreement And Effect Of Funds-transfer System Rule
  12A:4A-501. Variation by agreement and effect of funds-transfer system rule. (1) Except as otherwise provided in this chapter, the rights and obligations of a...
• Section 12a:4a-502 - Creditor Process Served On Receiving Bank; Set-off By Beneficiary's Bank
  12A:4A-502. Creditor process served on receiving bank; set-off by beneficiary's bank. (1) As used in this section, "creditor process" means levy, attachment, garnishment, notice...
• Section 12a:4a-503 - Injunction Or Restraining Order With Respect To Funds Transfer
  12A:4A-503. Injunction or restraining order with respect to funds transfer. For proper cause and in compliance with applicable law, a court may restrain (i)...
• Section 12a:4a-504 - Order In Which Items And Payment Orders May Be Charged To Account; Order Of Withdrawals From Account
  12A:4A-504. Order in which items and payment orders may be charged to account; order of withdrawals from account. (1) If a receiving bank has...
• Section 12a:4a-505 - Preclusion Of Objection To Debit Of Customer's Account
  12A:4A-505. Preclusion of objection to debit of customer's account. If a receiving bank has received payment from its customer with respect to a payment...
• Section 12a:4a-506 - Rate Of Interest
  12A:4A-506. Rate of interest. (1) If, under this chapter, a receiving bank is obliged to pay interest with respect to a payment order issued...
• Section 12a:4a-507 - Choice Of Law
  12A:4A-507. Choice of law. (1) The following rules apply unless the affected parties otherwise agree or subsection (3) applies: (a) The rights and obligations...
• Section 12a:5-101 - Short Title.
  12A:5-101. Short Title. This chapter may be cited as "Uniform Commercial Code--Letters of Credit." L.1997,c.395,s.1.
• Section 12a:5-102 - Definitions.
  12A:5-102. Definitions. a.As used in this chapter: (1)"Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies...
• Section 12a:5-103 - Scope.
  12A:5-103. Scope. a.This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. b.The...
• Section 12a:5-104 - Formal Requirements.
  12A:5-104. Formal Requirements. A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and...
• Section 12a:5-105 - Consideration.
  12A:5-105. Consideration. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. L.1997,c.395,s.1.
• Section 12a:5-106 - Issuance, Amendment, Cancellation, And Duration.
  12A:5-106. Issuance, Amendment, Cancellation, and Duration. a.A letter of credit is issued and becomes enforceable according to its terms against the issuer when the...
• Section 12a:5-107 - Confirmer, Nominated Person, And Adviser.
  12A:5-107. Confirmer, Nominated Person, and Adviser. a.A confirmer is directly obligated on a letter of credit and has the rights and obligations of an...
• Section 12a:5-108 - Issuer's Rights And Obligations.
  12A:5-108. Issuer's Rights and Obligations. a.Except as otherwise provided in 12A:5-109, an issuer shall honor a presentation that, as determined by the standard practice...
• Section 12a:5-109 - Fraud And Forgery.
  12A:5-109. Fraud and Forgery. a.If a presentation is made that appears on its face strictly to comply with the terms and conditions of the...
• Section 12a:5-110 - Warranties.
  12A:5-110. Warranties. a.If its presentation is honored, the beneficiary warrants: (1)to the issuer, any other person to whom presentation is made, and the applicant...
• Section 12a:5-111 - Remedies.
  12A:5-111. Remedies. a.If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor,...
• Section 12a:5-112 - Transfer Of Letter Of Credit.
  12A:5-112. Transfer of Letter of Credit. a.Except as otherwise provided in 12A:5-113, unless a letter of credit provides that it is transferable, the right...
• Section 12a:5-113 - Transfer By Operation Of Law.
  12A:5-113. Transfer by Operation of Law. a.A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other...
• Section 12a:5-114 - Assignment Of Proceeds.
  12A:5-114. Assignment of Proceeds. a.In this section, "proceeds of a letter of credit" means the cash, check, accepted draft, or other item of value...
• Section 12a:5-115 - Statute Of Limitations.
  12A:5-115. Statute of Limitations. An action to enforce a right or obligation arising under this chapter must be commenced within one year after the...
• Section 12a:5-116 - Choice Of Law And Forum.
  12A:5-116. Choice of Law and Forum. a.The liability of an issuer, nominated person, or adviser for action or omission is governed by the law...
• Section 12a:5-117 - Subrogation Of Issuer, Applicant, And Nominated Person.
  12A:5-117. 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...
• Section 12a:5-118 - Security Interest Of Issuer Or Nominated Person
  15. 12A:5-118. Security Interest of Issuer or Nominated Person. a.An issuer or nominated person has a security interest in a document presented under a...
• Section 12a:7-101 - Short Title.
  12A:7-101. Short title. This Chapter may be cited as Uniform Commercial Code - Documents of Title. L.2013, c.65, s.2.
• Section 12a:7-102 - Definitions And Index Of Definitions.
  12A:7-102. Definitions and Index of Definitions. a.In this Chapter, unless the context otherwise requires: (1)"Bailee" means a person that by a warehouse receipt, bill...
• Section 12a:7-103 - Relation Of Chapter To Treaty Or Statute.
  12A:7-103. Relation of Chapter To Treaty or Statute. a.This Chapter is subject to any treaty or statute of the United States or regulatory statute...
• Section 12a:7-104 - Negotiable And Nonnegotiable Document Of Title
  12A:7-104. Negotiable and Nonnegotiable Document of Title a.Except as otherwise provided in subsection c. of this section, a document of title is negotiable if...
• Section 12a:7-105 - Reissuance In Alternative Medium.
  12A:7-105. Reissuance in Alternative Medium. a.Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may...
• Section 12a:7-106 - Control Of Electronic Document Of Title.
  12A:7-106. Control of Electronic Document of Title. a.A person has control of an electronic document of title if a system employed for evidencing the...
• Section 12a:7-201 - Person That May Issue A Warehouse Receipt; Storage Under Bond.
  12A:7-201. Person That May Issue a Warehouse Receipt; Storage Under Bond. a.A warehouse receipt may be issued by any warehouse. b.If goods, including distilled...
• Section 12a:7-202 - Form Of Warehouse Receipt; Effect Of Omission.
  12A:7-202. Form of Warehouse Receipt; Effect of Omission. a.A warehouse receipt need not be in any particular form. b.Unless a warehouse receipt provides for...
• Section 12a:7-203 - Liability For Nonreceipt Or Misdescription.
  12A:7-203. Liability For Nonreceipt or Misdescription. A party to or purchaser for value in good faith of a document of title, other than a...
• Section 12a:7-204 - Duty Of Care; Contractual Limitation Of Warehouse's Liability.
  12A:7-204. Duty of Care; Contractual Limitation of Warehouse's Liability. a.A warehouse is liable for damages for loss of or injury to the goods caused...
• Section 12a:7-205 - Title Under Warehouse Receipt Defeated In Certain Cases.
  12A:7-205. Title Under Warehouse Receipt Defeated in Certain Cases. A buyer in ordinary course of business of fungible goods sold and delivered by a...
• Section 12a:7-206 - Termination Of Storage At Warehouse's Option.
  12A:7-206. Termination of Storage At Warehouse's Option. a.A warehouse, by giving notice to the person on whose account the goods are held and any...
• Section 12a:7-207 - Goods Must Be Kept Separate; Fungible Goods.
  12A:7-207. Goods Must Be Kept Separate; Fungible Goods. a.Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each...
• Section 12a:7-208 - Altered Warehouse Receipts.
  12A:7-208. Altered Warehouse Receipts. If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good-faith purchaser for value...
• Section 12a:7-209 - Lien Of Warehouse.
  12A:7-209. Lien of Warehouse. a.A warehouse has a lien against the bailor on the goods covered by a warehouse receipt or storage agreement or...
• Section 12a:7-210 - Enforcement Of Warehouse's Lien.
  12A:7-210. Enforcement of Warehouse's Lien. a.Except as otherwise provided in subsection b. of this section, a warehouse's lien may be enforced by public or...
• Section 12a:7-301 - Liability For Nonreceipt Or Misdescription; "Said To Contain;" "Shipper's Weight, Load, And Count;" Improper Handling.
  12A:7-301. Liability For Nonreceipt or Misdescription; "Said To Contain;" "Shipper's Weight, Load, and Count;" Improper Handling. a.A consignee of a nonnegotiable bill of lading...
• Section 12a:7-302 - Through Bills Of Lading And Similar Documents Of Title.
  12A:7-302. Through Bills of Lading And Similar Documents of Title. a.The issuer of a through bill of lading, or other document of title embodying...
• Section 12a:7-303 - Diversion; Reconsignment; Change Of Instructions.
  12A:7-303. Diversion; Reconsignment; Change of Instructions. a.Unless the bill of lading otherwise provides, a carrier may deliver the goods to a person or destination...
• Section 12a:7-304 - Tangible Bills Of Lading In A Set.
  12A:7-304. Tangible Bills of Lading In A Set. a.Except as customary in international transportation, a tangible bill of lading may not be issued in...
• Section 12a:7-305 - Destination Bills.
  12A:7-305. Destination Bills. a.Instead of issuing a bill of lading to the consignor at the place of shipment, a carrier, at the request of...
• Section 12a:7-306 - Altered Bills Of Lading.
  12A:7-306. Altered Bills of Lading. An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according...
• Section 12a:7-307 - Lien Of Carrier.
  12A:7-307. Lien Of Carrier. a.A carrier has a lien on the goods covered by a bill of lading or on the proceeds thereof in...
• Section 12a:7-308 - Enforcement Of Carrier's Lien.
  12A:7-308. Enforcement of Carrier's Lien. a.A carrier's lien on goods may be enforced by public or private sale of the goods, in bulk or...
• Section 12a:7-309 - Duty Of Care; Contractual Limitation Of Carrier's Liability.
  12A:7-309. Duty of Care; Contractual Limitation of Carrier's Liability. a.A carrier that issues a bill of lading, whether negotiable or nonnegotiable, shall exercise the...
• Section 12a:7-401 - Irregularities In Issue Of Receipt Or Bill Or Conduct Of Issuer.
  12A:7-401. Irregularities In Issue of Receipt or Bill or Conduct of Issuer. The obligations imposed by this Chapter on an issuer apply to a...
• Section 12a:7-402 - Duplicate Document Of Title; Overissue.
  12A:7-402. Duplicate Document of Title; Overissue. A duplicate or any other document of title purporting to cover goods already represented by an outstanding document...
• Section 12a:7-403 - Obligation Of Bailee To Deliver; Excuse.
  12A:7-403. Obligation of Bailee To Deliver; Excuse. a.A bailee shall deliver the goods to a person entitled under a document of title if the...
• Section 12a:7-404 - No Liability For Good-faith Delivery Pursuant To Document Of Title.
  12A:7-404. No Liability For Good-Faith Delivery Pursuant To Document of Title. A bailee that in good faith has received goods and delivered or otherwise...
• Section 12a:7-501 - Form Of Negotiation And Requirements Of Due Negotiation.
  12A:7-501. Form of Negotiation and Requirements of Due Negotiation. a.The following rules apply to a negotiable tangible document of title: (1)If the document's original...
• Section 12a:7-502 - Rights Acquired By Due Negotiation.
  12A:7-502. Rights Acquired By Due Negotiation. a.Subject to 12A:7-205 and 12A:7-503, a holder to which a negotiable document of title has been duly negotiated...
• Section 12a:7-503 - Document Of Title To Goods Defeated In Certain Cases.
  12A:7-503. Document of Title To Goods Defeated In Certain Cases. a.A document of title confers no right in goods against a person that before...
• Section 12a:7-504 - Rights Acquired In Absence Of Due Negotiation; Effect Of Diversion; Stoppage Of Delivery.
  12A:7-504. Rights Acquired In Absence of Due Negotiation; Effect of Diversion; Stoppage of Delivery. a.A transferee of a document of title, whether negotiable or...
• Section 12a:7-505 - Indorser Not Guarantor For Other Parties.
  12A:7-505. Indorser Not Guarantor For Other Parties. The indorsement of a tangible document of title issued by a bailee does not make the indorser...
• Section 12a:7-506 - Delivery Without Indorsement: Right To Compel Indorsement.
  12A:7-506. Delivery Without Indorsement: Right To Compel Indorsement. The transferee of a negotiable tangible document of title has a specifically enforceable right to have...
• Section 12a:7-507 - Warranties On Negotiation Or Delivery Of Document Of Title.
  12A:7-507. Warranties On Negotiation or Delivery of Document of Title. If a person negotiates or delivers a document of title for value, otherwise than...
• Section 12a:7-508 - Warranties Of Collecting Bank As To Documents Of Title.
  12A:7-508. Warranties of Collecting Bank As To Documents of Title. A collecting bank or other intermediary known to be entrusted with documents of title...
• Section 12a:7-509 - Adequate Compliance With Commercial Contract.
  12A:7-509. Adequate Compliance With Commercial Contract. Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract...
• Section 12a:7-601 - Lost, Stolen, Or Destroyed Documents Of Title.
  12A:7-601. Lost, Stolen, or Destroyed Documents of Title. a.If a document of title is lost, stolen, or destroyed, a court may order delivery of...
• Section 12a:7-602 - Judicial Process Against Goods Covered By Negotiable Document Of Title.
  12A:7-602. Judicial Process Against Goods Covered By Negotiable Document of Title. Unless a document of title was originally issued upon delivery of the goods...
• Section 12a:7-603 - Conflicting Claims; Interpleader.
  12A:7-603. Conflicting Claims; Interpleader. If more than one person claims title to or possession of the goods, the bailee is excused from delivery until...
• Section 12a:7-701 - Applicability.
  12A:7-701. Applicability. This Chapter applies to a document of title that is issued or a bailment that arises on or after the effective date...
• Section 12a:8-101 - Short Title.
  This chapter may be cited as Uniform Commercial Code--Investment Securities. L.1997,c.252,s.1.
• Section 12a:8-102 - Definitions.
  a. In this chapter: (1) "Adverse claim" means a claim that a claimant has a property interest in a financial asset and that it...
• Section 12a:8-103 - Rule For Determining Whether Certain Obligations And Interests Are Securities Or Financial Assets.
  12A:8-103. Rule for Determining whether Certain Obligations and Interests are Securities or Financial Assets. a.A share or similar equity interest issued by a corporation,...
• Section 12a:8-104 - Acquisition Of Security Or Financial Asset Or Interest Therein.
  a. A person acquires a security or an interest therein, under this chapter, if: (1) the person is a purchaser to whom a security...
• Section 12a:8-105 - Notice Of Adverse Claim.
  a. A person has notice of an adverse claim if: (1) the person knows of the adverse claim; (2) the person is aware of...
• Section 12a:8-106 - Control
  12A:8-106. Control. a.A purchaser has "control" of a certificated security in bearer form if the certificated security is delivered to the purchaser. b.A purchaser...
• Section 12a:8-107 - Whether Indorsement, Instruction, Or Entitlement Order Is Effective.
  a. "Appropriate person" means: (1) with respect to an indorsement, the person specified by a security certificate or by an effective special indorsement to...
• Section 12a:8-108 - 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 transfer is...
• Section 12a:8-109 - Warranties In Indirect Holding.
  a. A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: (1) the entitlement order is made...
• Section 12a:8-110 - Applicability; Choice Of Law.
  12A:8-110. Applicability; Choice of Law. a.The local law of the issuer's jurisdiction, as specified in subsection d. of this section, governs: (1)the validity of...
• Section 12a:8-111 - 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 effective...
• Section 12a:8-112 - 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 certificate...
• Section 12a:8-113 - 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 a writing...
• Section 12a:8-114 - Evidentiary Rules Concerning Certificated Securities.
  The following rules apply in an action on a certificated security against the issuer: (1) Unless specifically denied in the pleadings, each signature on...
• Section 12a:8-115 - 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 broker or other agent or bailee that...
• Section 12a:8-116 - 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 an entitlement holder is...
• Section 12a:8-201 - Issuer.
  a. With respect to an obligation on or a defense to a security, an "issuer" includes a person that: (1) places or authorizes the...
• Section 12a:8-202 - 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 terms stated on the certificate and terms...
• Section 12a:8-203 - 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 of the principal obligation represented...
• Section 12a:8-204 - 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 without knowledge of the...
• Section 12a:8-205 - 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 signature is effective in favor...
• Section 12a:8-206 - 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 respect: (1) any person...
• Section 12a:8-207 - 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 of an instruction requesting registration of transfer of...
• Section 12a:8-208 - 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, warrants to a purchaser for value of the...
• Section 12a:8-209 - 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...
• Section 12a:8-210 - Overissue.
  a. In this section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an...
• Section 12a:8-301 - Delivery
  12A:8-301. Delivery. a.Delivery of a certificated security to a purchaser occurs when: (1)the purchaser acquires possession of the security certificate; (2)another person, other than...
• Section 12a:8-302 - Rights Of Purchaser
  12A:8-302. Rights of Purchaser. a.Except as otherwise provided in subsections b. and c. of this section, a purchaser of a certificated or uncertificated security...
• Section 12a:8-303 - Protected Purchaser.
  a. "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who: (1) gives value; (2) does not...
• Section 12a:8-304 - 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...
• Section 12a:8-305 - 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...
• Section 12a:8-306 - 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 of signing: (1) the signature...
• Section 12a:8-307 - 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 authority to transfer or with any...
• Section 12a:8-401 - 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 an instruction is presented...
• Section 12a:8-402 - 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: (1) in all cases, a...
• Section 12a:8-403 - 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 issuer not register transfer...
• Section 12a:8-404 - Wrongful Registration.
  a. Except as otherwise provided in 12A:8-406, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of...
• Section 12a:8-405 - Replacement Of Lost, Destroyed, Or Wrongfully Taken Security.
  a. If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed, or wrongfully...
• Section 12a:8-406 - 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 owner fails to notify the issuer of that fact within...
• Section 12a:8-407 - 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 transfer of its securities,...
• Section 12a:8-501 - 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 accordance with an agreement under which the...
• Section 12a:8-502 - 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 lien, or other theory, may...
• Section 12a:8-503 - 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 with respect to a particular financial asset, all interests in...
• Section 12a:8-504 - 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 the aggregate of all security entitlements...
• Section 12a:8-505 - 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 issuer of a financial asset. A securities intermediary...
• Section 12a:8-506 - 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 to do so by an entitlement holder. A securities intermediary...
• Section 12a:8-507 - 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 the appropriate person, the securities intermediary has...
• Section 12a:8-508 - 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 holder to change a security entitlement into another available form of holding for...
• Section 12a:8-509 - 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.
  a. If the substance of a duty imposed upon a securities intermediary by 12A:8-504 through 12A:8-508 is the subject of other statute, regulation, or...
• Section 12a:8-510 - Rights Of Purchaser Of Security Entitlement From Entitlement Holder.
  12A:8-510. Rights of Purchaser of Security Entitlement from Entitlement Holder. a.In a case not covered by the priority rules in Chapter 9 or the...
• Section 12a:8-511 - Priority Among Security Interests And Entitlement Holders.
  a. Except as otherwise provided in subsections b. and c. of this section, if a securities intermediary does not have sufficient interests in a...
• Section 12a:8-601 - Savings Clause.
  a. This act does not affect an action or proceeding commenced before this act takes effect. b. If a security interest in a security...
• Section 12a:9-101 - Short Title
  12A:9-101. Short Title. This chapter may be cited as "Uniform Commercial Code-Secured Transactions." L.2001, c.117, s.1.
• Section 12a:9-102 - Definitions And Index Of Definitions.
  12A:9-102. Definitions and Index of Definitions. (a)Chapter 9 definitions. In this chapter: (1)"Accession" means goods that are physically united with other goods in such...
• Section 12a:9-103 - Purchase-money Security Interest; Application Of Payments; Burden Of Establishing.
  12A:9-103. Purchase-Money Security Interest; Application of Payments; Burden of Establishing. (a)Definitions. In this section: (1)"purchase-money collateral" means goods or software that secures a purchase-money...
• Section 12a:9-104 - Control Of Deposit Account.
  12A:9-104. Control of Deposit Account. (a)Requirements for control. A secured party has control of a deposit account if: (1)the secured party is the bank...
• Section 12a:9-105 - Control Of Electronic Chattel Paper.
  12A:9-105. Control of Electronic Chattel Paper. (a)A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of...
• Section 12a:9-106 - Control Of Investment Property.
  12A:9-106. Control of Investment Property. (a)Control under 12A:8-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in...
• Section 12a:9-107 - Control Of Letter-of-credit Right
  12A:9-107. 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 performance...
• Section 12a:9-108 - Sufficiency Of Description.
  12A:9-108. Sufficiency of Description. (a)Sufficiency of description. Except as otherwise provided in subsections (c), (d), (e) and (f), a description of personal or real...
• Section 12a:9-109 - Scope.
  12A:9-109. Scope. (a)General scope of chapter. Except as otherwise provided in subsections (c) and (d), this chapter applies to: (1)a transaction, regardless of its...
• Section 12a:9-110 - Security Interests Arising Under Chapter 2 Or 2a
  12A:9-110. Security Interests Arising under Chapter 2 or 2A. A security interest arising under 12A:2-401, 12A:2-505, 12A:2-711(3), or 12A:2A-508(5) is subject to this chapter....
• Section 12a:9-201 - General Effectiveness Of Security Agreement.
  12A:9-201. General Effectiveness of Security Agreement. (a)General effectiveness. Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to...
• Section 12a:9-202 - Title To Collateral Immaterial
  12A:9-202. Title to Collateral Immaterial. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes,...
• Section 12a:9-203 - Attachment And Enforceability Of Security Interest; Proceeds; Supporting Obligations; Formal Requisites.
  12A:9-203. Attachment and Enforceability of Security Interest; Proceeds; Supporting Obligations; Formal Requisites. (a)Attachment. A security interest attaches to collateral when it becomes enforceable against...
• Section 12a:9-204 - After-acquired Property, Future Advances.
  12A:9-204. After-acquired Property; Future Advances. (a)After-acquired collateral. Except as otherwise provided in subsection (b), a security agreement may create or provide for a security...
• Section 12a:9-205 - Use Or Disposition Of Collateral Permissible.
  12A:9-205. Use or Disposition of Collateral Permissible. (a)When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors...
• Section 12a:9-206 - Security Interest Arising In Purchase Or Delivery Of Financial Asset.
  12A:9-206. Security Interest Arising in Purchase or Delivery of Financial Asset. (a)Security interest when person buys through securities intermediary. A security interest in favor...
• Section 12a:9-207 - Rights And Duties Of Secured Party Having Possession Or Control Of Collateral.
  12A:9-207. Rights and Duties of Secured Party Having Possession or Control of Collateral. (a)Duty of care when secured party in possession. Except as otherwise...
• Section 12a:9-208 - Additional Duties Of Secured Party Having Control Of Collateral.
  12A:9-208. Additional Duties of Secured Party Having Control of Collateral. (a)Applicability of section. This section applies to cases in which there is no outstanding...
• Section 12a:9-209 - Duties Of Secured Party If Account Debtor Has Been Notified Of Assignment.
  12A:9-209. Duties of Secured Party If Account Debtor Has Been Notified of Assignment. (a)Applicability of section. Except as otherwise provided in subsection (c), this...
• Section 12a:9-210 - Request For Accounting; Request Regarding List Of Collateral Or Statement Of Account.
  12A:9-210. Request for Accounting; Request Regarding List of Collateral or Statement of Account. (a)Definitions. In this section: (1)"Request" means a record of a type...
• Section 12a:9-301 - Law Governing Perfection And Priority Of Security Interests.
  12A:9-301. Law Governing Perfection and Priority of Security Interests. Except as otherwise provided in sections 12A:9-303 through 12A:9-306, the following rules determine the law...
• Section 12a:9-302 - Law Governing Perfection And Priority Of Agricultural Liens
  12A:9-302. Law Governing Perfection and Priority of Agricultural Liens. While farm products are located in a jurisdiction, the local law of that jurisdiction governs...
• Section 12a:9-303 - Law Governing Perfection And Priority Of Security Interests In Goods Covered By A Certificate Of Title.
  12A:9-303. Law Governing Perfection and Priority of Security Interests in Goods Covered by a Certificate of Title. (a)Applicability of section. This section applies to...
• Section 12a:9-304 - Law Governing Perfection And Priority Of Security Interests In Deposit Accounts.
  12A:9-304. 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...
• Section 12a:9-305 - Law Governing Perfection And Priority Of Security Interests In Investment Property.
  12A:9-305. Law Governing Perfection and Priority of Security Interests in Investment Property. (a)Governing law: general rules. Except as otherwise provided in subsection (c), the...
• Section 12a:9-306 - Law Governing Perfection And Priority Of Security Interests In Letter-of-credit Rights.
  12A:9-306. 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), the...
• Section 12a:9-307 - Location Of Debtor.
  12A:9-307. Location of Debtor. (a)"Place of business." In this section, "place of business" means a place where a debtor conducts its affairs. (b)Debtor's location:...
• Section 12a:9-308 - When Security Interest Or Agricultural Lien Is Perfected; Continuity Of Perfection.
  12A:9-308. When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection. (a)Perfection of security interest. Except as otherwise provided in this section and...
• Section 12a:9-309 - Security Interest Perfected Upon Attachment.
  12A:9-309. Security Interest Perfected upon Attachment. The following security interests are perfected when they attach: (1)a purchase-money security interest in consumer goods, except as...
• Section 12a:9-310 - When Filing Required To Perfect Security Interest Or Agricultural Lien; Security Interests And Agricultural Liens To Which Filing Provisions Do Not Apply.
  12A:9-310. When Filing Required to Perfect Security Interest or Agricultural Lien; Security Interests and Agricultural Liens to Which Filing Provisions Do Not Apply. (a)General...
• Section 12a:9-311 - Perfection Of Security Interests In Property Subject To Certain Statutes, Regulations, And Treaties.
  12A:9-311. Perfection of Security Interests in Property Subject to Certain Statutes, Regulations, and Treaties. (a)Security interest subject to other law. Except as otherwise provided...
• Section 12a:9-312 - 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 Perfection Without Filing Or Transfer Of Possession.
  12A:9-312. 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...
• Section 12a:9-313 - When Possession By Or Delivery To Secured Party Perfects Security Interest Without Filing.
  12A:9-313. When Possession by or Delivery to Secured Party Perfects Security Interest Without Filing. (a)Perfection by possession or delivery. Except as otherwise provided in...
• Section 12a:9-314 - Perfection By Control.
  12A:9-314. Perfection by Control. (a)Perfection by control. A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents may...
• Section 12a:9-315 - Secured Party's Rights On Disposition Of Collateral And In Proceeds.
  12A:9-315. 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...
• Section 12a:9-316 - Effect Of Change In Governing Law.
  12A:9-316. Effect of Change in Governing Law. (a)General rule: effect on perfection of change in governing law. A security interest perfected pursuant to the...
• Section 12a:9-317 - Interests That Take Priority Over Or Take Free Of Security Interest Or Agricultural Lien.
  12A:9-317. Interests That Take Priority Over or Take Free of Security Interest or Agricultural Lien. (a)Conflicting security interests and rights of lien creditors. A...
• Section 12a: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.
  12A: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...
• Section 12a:9-319 - Rights And Title Of Consignee With Respect To Creditors And Purchasers.
  12A:9-319. Rights and Title of Consignee with Respect to Creditors and Purchasers. (a)Consignee has consignor's rights. Except as otherwise provided in subsection (b), for...
• Section 12a:9-320 - Buyer Of Goods.
  12A:9-320. Buyer of Goods. (a)Buyer in ordinary course of business. Except as otherwise provided in subsection (e), a buyer in ordinary course of business,...
• Section 12a:9-321 - Licensee Of General Intangible And Lessee Of Goods In Ordinary Course Of Business.
  12A:9-321. Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business. (a)"Licensee in ordinary course of business." In this section, "licensee...
• Section 12a:9-322 - Priorities Among Conflicting Security Interests In And Agricultural Liens On Same Collateral.
  12A:9-322. Priorities Among Conflicting Security Interests in and Agricultural Liens on Same Collateral. (a)General priority rules. Except as otherwise provided in this section, priority...
• Section 12a:9-323 - Future Advances.
  12A:9-323. Future Advances. (a)When priority based on time of advance. Except as otherwise provided in subsection (c), for purposes of determining the priority of...
• Section 12a:9-324 - Priority Of Purchase-money Security Interests.
  12A:9-324. Priority of Purchase-Money Security Interests. (a)General rule: purchase-money priority. Except as otherwise provided in subsection (g), a perfected purchase-money security interest in goods...
• Section 12a:9-325 - Priority Of Security Interests In Transferred Collateral.
  12A:9-325. Priority of Security Interests in Transferred Collateral. (a)Subordination of security interest in transferred collateral. Except as otherwise provided in subsection (b), a security...
• Section 12a:9-326 - Priority Of Security Interests Created By New Debtor.
  12A:9-326. Priority of Security Interests Created by New Debtor. (a)Subordination of security interest created by new debtor. Subject to subsection (b), a security interest...
• Section 12a:9-327 - Priority Of Security Interests In Deposit Account.
  12A:9-327. Priority of Security Interests in Deposit Account. The following rules govern priority among conflicting security interests in the same deposit account: (1)A security...
• Section 12a:9-328 - Priority Of Security Interests In Investment Property.
  12A:9-328. Priority of Security Interests in Investment Property. The following rules govern priority among conflicting security interests in the same investment property: (1)A security...
• Section 12a:9-329 - Priority Of Security Interests In Letter-of-credit Right.
  12A:9-329. 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: (1)A security...
• Section 12a:9-330 - Priority Of Purchaser Of Chattel Paper Or Instrument.
  12A:9-330. 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...
• Section 12a:9-331 - Priority Of Rights Of Purchasers Of Instruments, Documents, And Securities Under Other Chapters; Priority Of Interests In Financial Assets And Security Entitlements Under Chapter 8.
  12A:9-331. Priority of Rights of Purchasers of Instruments, Documents, and Securities Under Other Chapters; Priority of Interests in Financial Assets and Security Entitlements Under...
• Section 12a:9-332 - Transfer Of Money; Transfer Of Funds From Deposit Account.
  12A:9-332. Transfer of Money; Transfer of Funds from Deposit Account. (a)Transferee of money. A transferee of money takes the money free of a security...
• Section 12a:9-333 - Priority Of Certain Liens Arising By Operation Of Law.
  12A:9-333. Priority of Certain Liens Arising by Operation of Law. (a)"Possessory lien." In this section, "possessory lien" means an interest, other than a security...
• Section 12a:9-334 - Priority Of Security Interests In Fixtures And Crops.
  12A:9-334. Priority of Security Interests in Fixtures and Crops. (a)Security interest in fixtures under this chapter. A security interest under this chapter may be...
• Section 12a:9-335 - Accessions.
  12A:9-335. Accessions. (a)Creation of security interest in accession. A security interest may be created in an accession and continues in collateral that becomes an...
• Section 12a:9-336 - Commingled Goods.
  12A:9-336. Commingled Goods. (a)"Commingled goods." In this section, "commingled goods" means goods that are physically united with other goods in such a manner that...
• Section 12a:9-337 - Priority Of Security Interests In Goods Covered By Certificate Of Title.
  12A:9-337. Priority of Security Interests in Goods Covered by Certificate of Title. If, while a security interest in goods is perfected by any method...
• Section 12a:9-338 - Priority Of Security Interest Or Agricultural Lien Perfected By Filed Financing Statement Providing Certain Incorrect Information.
  12A:9-338. Priority of Security Interest or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information. If a security interest or agricultural lien...
• Section 12a:9-339 - Priority Subject To Subordination
  12A:9-339. Priority Subject to Subordination. This chapter does not preclude subordination by agreement by a person entitled to priority. L.2001, c.117, s.1.
• Section 12a:9-340 - Effectiveness Of Right Of Recoupment Or Set-off Against Deposit Account.
  12A:9-340. 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), a...
• Section 12a:9-341 - Bank's Rights And Duties With Respect To Deposit Account.
  12A:9-341. Bank's rights and duties with respect to deposit account. Except as otherwise provided in 12A:9-340 (c), and unless the bank otherwise agrees in...
• Section 12a:9-342 - Bank's Right To Refuse To Enter Into Or Disclose Existence Of Control Agreement.
  12A:9-342. Bank's Right to Refuse to Enter into or Disclose Existence of Control Agreement. This chapter does not require a bank to enter into...
• Section 12a:9-401 - Alienability Of Debtor's Rights.
  12A:9-401. Alienability of Debtor's Rights. (a)Other law governs alienability; exceptions. Except as otherwise provided in subsection (b) and 12A:9-406, 12A:9-407, 12A:9-408 and 12A:9-409, whether...
• Section 12a:9-402 - Secured Party Not Obligated On Contract Of Debtor Or In Tort
  12A:9-402. Secured Party Not Obligated on Contract of Debtor or in Tort. The existence of a security interest, agricultural lien, or authority given to...
• Section 12a:9-403 - Agreement Not To Assert Defenses Against Assignee.
  12A:9-403. Agreement Not to Assert Defenses Against Assignee. (a)"Value." In this section, "value" has the meaning provided in 12A:3-303 a. (b)Agreement not to assert...
• Section 12a:9-404 - Rights Acquired By Assignee; Claims And Defenses Against Assignee.
  12A:9-404. 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...
• Section 12a:9-405 - Modification Of Assigned Contract.
  12A:9-405. Modification of Assigned Contract. (a)Effect of modification on assignee. A modification of or substitution for an assigned contract is effective against an assignee...
• Section 12a:9-406 - 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.
  12A:9-406. Discharge of Account Debtor; Notification of Assignment; Identification and Proof of Assignment; Restrictions on Assignment of Accounts, Chattel Paper, Payment Intangibles, and Promissory...
• Section 12a:9-407 - Restrictions On Creation Or Enforcement Of Security Interest In Leasehold Interest Or In Lessor's Residual Interest.
  12A:9-407. 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...
• Section 12a:9-408 - Restrictions On Assignment Of Promissory Notes, Health-care-insurance Receivables, And Certain General Intangibles Ineffective.
  12A:9-408. 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...
• Section 12a:9-409 - Restrictions On Assignment Of Letter-of-credit Rights Ineffective.
  12A:9-409. 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...
• Section 12a:9-501 - Filing Office.
  12A:9-501. Filing Office. (a)Filing offices. Except as otherwise provided in subsection (b), if the local law of this State governs perfection of a security...
• Section 12a:9-502 - Contents Of Financing Statement; Record Of Mortgage As Financing Statement; Time Of Filing Financing Statement.
  12A:9-502. Contents of Financing Statement; Record of Mortgage as Financing Statement; Time of Filing Financing Statement. (a)Sufficiency of financing statement. Subject to subsection (b),...
• Section 12a:9-503 - Name Of Debtor And Secured Party.
  12A:9-503. Name of Debtor and Secured Party. (a)Sufficiency of debtor's name. A financing statement sufficiently provides the name of the debtor: (1)except as otherwise...
• Section 12a:9-504 - Indication Of Collateral.
  12A:9-504. Indication of Collateral. A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) a description of the...
• Section 12a:9-505 - Filing And Compliance With Other Statutes And Treaties For Consignments, Leases, Other Bailments, And Other Transactions.
  12A:9-505. Filing and Compliance with Other Statutes and Treaties for Consignments, Leases, Other Bailments, and Other Transactions. (a)Use of terms other than "debtor" and...
• Section 12a:9-506 - Effect Of Errors Or Omissions.
  12A:9-506. Effect of Errors or Omissions. (a)Minor errors and omissions. A financing statement substantially satisfying the requirements of this part is effective, even if...
• Section 12a:9-507 - Effect Of Certain Events On Effectiveness Of Financing Statement.
  12A:9-507. Effect of Certain Events on Effectiveness of Financing Statement. (a)Disposition. A filed financing statement remains effective with respect to collateral that is sold,...
• Section 12a:9-508 - Effectiveness Of Financing Statement If New Debtor Becomes Bound By Security Agreement.
  12A:9-508. Effectiveness of Financing Statement If New Debtor Becomes Bound by Security Agreement. (a)Financing statement naming original debtor. Except as otherwise provided in this...
• Section 12a:9-509 - Persons Entitled To File Record.
  12A:9-509. Persons Entitled to File a Record. (a) Person entitled to file record. A person may file an initial financing statement, amendment that adds...
• Section 12a:9-510 - Effectiveness Of Filed Record.
  12A:9-510. Effectiveness of Filed Record. (a)Filed record effective if authorized. A filed record is effective only to the extent that it was filed by...
• Section 12a:9-511 - Secured Party Of Record.
  12A:9-511. Secured Party of Record. (a)Secured party of record. A secured party of record with respect to a financing statement is a person whose...
• Section 12a:9-512 - Amendment Of Financing Statement.
  12A:9-512. Amendment of Financing Statement. (a)Amendment of information in financing statement. Subject to 12A:9-509, a person may add or delete collateral covered by, continue...
• Section 12a:9-513 - Termination Statement.
  12A:9-513. Termination Statement. (a)Consumer goods. A secured party shall cause the secured party of record for a financing statement to file a termination statement...
• Section 12a:9-514 - Assignment Of Powers Of Secured Party Of Record.
  12A:9-514. Assignment of Powers of Secured Party of Record. (a)Assignment reflected on initial financing statement. Except as otherwise provided in subsection (c), an initial...
• Section 12a:9-515 - Duration And Effectiveness Of Financing Statement; Effect Of Lapsed Financing Statement.
  12A:9-515. Duration and effectiveness of financing statement; effect of lapsed financing statement. (a)Five-year effectiveness. Except as otherwise provided in subsections (b), (e), (f) and...
• Section 12a:9-516 - What Constitutes Filing; Effectiveness Of Filing.
  12A:9-516. What Constitutes Filing; Effectiveness of Filing. (a)What constitutes filing. Except as otherwise provided in subsection (b), communication of a record to a filing...
• Section 12a:9-517 - Effect Of Indexing Errors
  12A:9-517. Effect of Indexing Errors. The failure of the filing office to index a record correctly does not affect the effectiveness of the filed...
• Section 12a:9-518 - Claim Concerning Inaccurate Or Wrongfully Filed Record.
  12A:9-518. Claim Concerning Inaccurate or Wrongfully Filed Record. (a)Statement with respect to record indexed under person's name. A person may file in the filing...
• Section 12a:9-519 - Numbering, Maintaining, And Indexing Records; Communicating Information Provided In Records.
  12A:9-519. Numbering, Maintaining, and Indexing Records; Communicating Information Provided in Records. (a)Filing office duties. For each record filed in a filing office, the filing...
• Section 12a:9-520 - Acceptance And Refusal To Accept Record.
  12A:9-520. Acceptance and refusal to accept record. (a)Mandatory refusal to accept record. A filing office shall refuse to accept a record for filing for...
• Section 12a:9-521 - Uniform Form Of Written Financing Statement And Amendment.
  12A:9-521. Uniform Form of Written Financing Statement and Amendment. (a)Initial financing statement form. A filing office that accepts written records may not refuse to...
• Section 12a:9-522 - Maintenance And Destruction Of Records.
  12A:9-522. Maintenance and Destruction of Records. (a)Post-lapse maintenance and retrieval of information. The filing office shall maintain a record of the information provided in...
• Section 12a:9-523 - Information From Filing Office; Sale Or License Of Records.
  12A:9-523. Information from Filing Office; Sale or License of Records. (a)Acknowledgment of filing written record. If a person that files a written record requests...
• Section 12a:9-524 - Delay By Filing Office.
  12A:9-524. Delay by Filing Office. Delay by the filing office beyond a time limit prescribed by this part is excused if: (1)the delay is...
• Section 12a:9-525 - Fees.
  12A:9-525. Fees. (a)Initial financing statement or other record: general rule. Except as otherwise provided in subsections (d) and (e), the fees for filing and...
• Section 12a:9-526 - Filing-office Rules.
  12A:9-526. Filing-Office Rules. (a)Adoption of filing-office rules. The Division of Commercial Recording or other office designated by Executive Order shall adopt and publish rules...
• Section 12a:9-601 - Rights After Default; Judicial Enforcement; Consignor Or Buyer Of Accounts, Chattel Paper, Payment Intangibles, Or Promissory Notes.
  12A:9-601. Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes. (a)Rights of secured party after default....
• Section 12a:9-602 - Waiver And Variance Of Rights And Duties.
  12A:9-602. Waiver and Variance of Rights and Duties. Except as otherwise provided in 12A:9-624, to the extent that they give rights to a debtor...
• Section 12a:9-603 - Agreement On Standards Concerning Rights And Duties.
  12A:9-603. Agreement on Standards Concerning Rights and Duties. (a)Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights...
• Section 12a:9-604 - Procedure If Security Agreement Covers Real Property Or Fixtures.
  12A:9-604. Procedure If Security Agreement Covers Real Property or Fixtures. (a)Enforcement: personal and real property. If a security agreement covers both personal and real...
• Section 12a:9-605 - Unknown Debtor Or Secondary Obligor.
  12A:9-605. Unknown Debtor or Secondary Obligor. A secured party does not owe a duty based on its status as secured party: (1)to a person...
• Section 12a:9-606 - Time Of Default For Agricultural Lien
  12A:9-606. Time of Default for Agricultural Lien. For purposes of this part, a default occurs in connection with an agricultural lien at the time...
• Section 12a:9-607 - Collection And Enforcement By Secured Party.
  12A:9-607. Collection and Enforcement by Secured Party. (a)Collection and enforcement generally. If so agreed, and in any event after default, a secured party: (1)may...
• Section 12a:9-608 - Application Of Proceeds Of Collection Or Enforcement; Liability For Deficiency And Right To Surplus.
  12A:9-608. Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus. (a)Application of proceeds, surplus, and deficiency if obligation secured....
• Section 12a:9-609 - Secured Party's Right To Take Possession After Default.
  12A:9-609. Secured Party's Right to Take Possession after Default. (a)Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party: (1)may take...
• Section 12a:9-610 - Disposition Of Collateral After Default.
  12A:9-610. Disposition of Collateral after Default. (a)Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or...
• Section 12a:9-611 - Notification Before Disposition Of Collateral.
  12A:9-611. Notification Before Disposition of Collateral. (a)"Notification date." In this section, "notification date" means the earlier of the date on which: (1)a secured party...
• Section 12a:9-612 - Timeliness Of Notification Before Disposition Of Collateral.
  12A:9-612. Timeliness of Notification Before Disposition of Collateral. (a)Reasonable time is question of fact. Except as otherwise provided in subsection (b), whether a notification...
• Section 12a:9-613 - Contents And Form Of Notification Before Disposition Of Collateral: General.
  12A:9-613. Contents and Form of Notification Before Disposition of Collateral: General. Except in a consumer-goods transaction, the following rules apply: (1)The contents of a...
• Section 12a:9-614 - Contents And Form Of Notification Before Disposition Of Collateral: Consumer-goods Transaction.
  12A:9-614. Contents and Form of Notification Before Disposition of Collateral: Consumer-goods Transaction. In a consumer-goods transaction, the following rules apply: (1)A notification of disposition...
• Section 12a:9-615 - Application Of Proceeds Of Disposition; Liability For Deficiency And Right To Surplus.
  12A:9-615. Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus. (a)Application of proceeds. A secured party shall apply or pay over...
• Section 12a:9-616 - Explanation Of Calculation Of Surplus Or Deficiency.
  12A:9-616. Explanation of Calculation of Surplus or Deficiency. (a)Definitions. In this section: (1)"Explanation" means a writing that: (A)states the amount of the surplus or...
• Section 12a:9-617 - Rights Of Transferee Of Collateral.
  12A:9-617. Rights of Transferee of Collateral. (a)Effects of disposition. A secured party's disposition of collateral after default: (1)transfers to a transferee for value all...
• Section 12a:9-618 - Rights And Duties Of Certain Secondary Obligors.
  12A:9-618. Rights and Duties of Certain Secondary Obligors. (a)Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to...
• Section 12a:9-619 - Transfer Of Record Or Legal Title.
  12A:9-619. Transfer of Record or Legal Title. (a)"Transfer statement." In this section, "transfer statement" means a record authenticated by a secured party stating: (1)that...
• Section 12a:9-620 - Acceptance Of Collateral In Full Or Partial Satisfaction Of Obligation; Compulsory Disposition Of Collateral.
  12A:9-620. Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral. (a)Conditions to acceptance in satisfaction. Except as otherwise provided...
• Section 12a:9-621 - Notification Of Proposal To Accept Collateral.
  12A:9-621. Notification of Proposal to Accept Collateral. (a)Persons to which proposal to be sent. A secured party that desires to accept collateral in full...
• Section 12a:9-622 - Effect Of Acceptance Of Collateral.
  12A:9-622. Effect of Acceptance of Collateral. (a)Effect of acceptance. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it...
• Section 12a:9-623 - Right To Redeem Collateral.
  12A:9-623. Right to Redeem Collateral. (a)Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral....
• Section 12a:9-624 - Waiver.
  12A:9-624. Waiver. (a)Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under 12A:9-611 only...
• Section 12a:9-625 - Remedies For Secured Party's Failure To Comply With Chapter.
  12A:9-625. Remedies for Secured Party's Failure to Comply with Chapter. (a)Judicial orders concerning noncompliance. If it is established that a secured party is not...
• Section 12a:9-626 - Action In Which Deficiency Or Surplus Is In Issue.
  12A:9-626. Action in Which Deficiency or Surplus Is in Issue. (a)Applicable rules if amount of deficiency or surplus in issue. In an action arising...
• Section 12a:9-627 - Determination Of Whether Conduct Was Commercially Reasonable.
  12A:9-627. Determination of Whether Conduct Was Commercially Reasonable. (a)Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. The fact that a greater...
• Section 12a:9-628 - Nonliability And Limitation On Liability Of Secured Party; Liability Of Secondary Obligor.
  12A:9-628. Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor. (a)Limitation of liability of secured party for noncompliance with chapter. Unless...
• Section 12a:9-701 - Effective Date.
  12A:9-701. Effective Date. This chapter shall take effect on July 1, 2001. References in this part to "this chapter" are to Chapter 9 of...
• Section 12a:9-702 - Savings Clause.
  12A:9-702. Savings Clause. (a)Pre-effective-date transactions or liens. Except as otherwise provided in this part, this chapter applies to a transaction or lien within its...
• Section 12a:9-703 - Security Interest Perfected Before Effective Date.
  12A:9-703. Security Interest Perfected Before Effective Date. (a)Continuing priority over lien creditor: perfection requirements satisfied. A security interest that is enforceable immediately before this...
• Section 12a:9-704 - Security Interest Unperfected Before Effective Date.
  12A:9-704. Security Interest Unperfected Before Effective Date. A security interest that is enforceable immediately before this chapter takes effect but which would be subordinate...
• Section 12a:9-705 - Effectiveness Of Action Taken Before Effective Date.
  12A:9-705. Effectiveness of Action Taken Before Effective Date. (a)Pre-effective-date action; one-year perfection period unless reperfected. If action, other than the filing of a financing...
• Section 12a:9-706 - When Initial Financing Statement Suffices To Continue Effectiveness Of Financing Statement.
  12A:9-706. When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement. (a)Initial financing statement in lieu of continuation statement. The filing of an...
• Section 12a:9-707 - Amendment Of Pre-effective-date Financing Statement.
  12A:9-707. Amendment of Pre-effective-date Financing Statement. (a) Pre-effective-date financing statement". In this section, "pre-effective-date financing statement" means a financing statement filed before this chapter...
• Section 12a:9-708 - Persons Entitled To File Initial Financing Statement Or Continuation Statement.
  12A:9-708. Persons Entitled to File Initial Financing Statement or Continuation Statement. A person may file an initial financing statement or a continuation statement under...
• Section 12a:9-709 - Priority.
  12A:9-709 Priority. (a)Law governing priority. This chapter determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were...
• Section 12a:9-710 - Retroactivity Provision.
  12A:9-710. Retroactivity Provision. This act, P.L.2001, c.386, amends and supplements P.L.2001, c.117 and shall take effect immediately and shall be applied retroactively to July...
• Section 12a:9-801 - Effective Date.
  12A:9-801. Effective Date. This act (P.L.2013, c.65), amends and supplements Chapter 9 of Title 12A of the New Jersey Statutes, and shall take effect...
• Section 12a:9-802 - Savings Clause.
  12A:9-802. Savings Clause. (a)Pre-effective date transactions or liens. Except as otherwise provided in this part, this act applies to a transaction or lien within...
• Section 12a:9-803 - Security Interest Perfected Before Effective Date.
  12A:9-803. Security Interest Perfected Before Effective Date. (a)Continuing perfection: perfection requirements satisfied. A security interest that is a perfected security interest immediately before this...
• Section 12a:9-804 - Security Interest Unperfected Before Effective Date.
  12A:9-804. Security Interest Unperfected Before Effective Date. A security interest that is an unperfected security interest immediately before this act takes effect becomes a...
• Section 12a:9-805 - Effectiveness Of Action Taken Before Effective Date.
  12A:9-805. Effectiveness of Action Taken Before Effective Date. (a)Pre-effective-date filing effective. The filing of a financing statement before this act takes effect is effective...
• Section 12a:9-806 - When Initial Financing Statement Suffices To Continue Effectiveness Of Financing Statement.
  12A:9-806. When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement. (a)Initial financing statement in lieu of continuation statement. The filing of an...
• Section 12a:9-807 - Amendment Of Pre-effective-date Financing Statement.
  12A:9-807. Amendment of Pre-Effective-Date Financing Statement. (a)"Pre-effective-date financing statement." In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes...
• Section 12a:9-808 - Person Entitled To File Initial Financing Statement Or Continuation Statement.
  12A:9-808. Person Entitled to File Initial Financing Statement or Continuation Statement. A person may file an initial financing statement or a continuation statement under...
• Section 12a:9-809 - Priority.
  12A:9-809. Priority. This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this...
• Section 12a:10-102 - Construction
  This act shall be so interpreted and construed, if possible, as to effectuate its general purpose to make uniform the laws of those States...
• Section 12a:10-103 - Common Law Rights Etc. Not Revived
  The repeal of any statute or part of a statute hereby affected shall not of itself revive any right or remedy abolished or superseded...
• Section 12a:10-106 - Effective Date
  This act shall take effect January 1, 1963. L.1961, c. 120, s. 10-106.
• Section 12a:12-1 - Short Title
  1.This act shall be known and may be cited as the "Uniform Electronic Transactions Act." L.2001, c.116, s.1.
• Section 12a:12-2 - Definitions Relative To Electronic Transactions.
  2.As used in this act: "Agreement" means the bargain of the parties in fact, as found in their language or inferred from other circumstances,...
• Section 12a:12-3 - Applicability Of Act To Electronic Records, Signatures; Exceptions
  3. a. Except as provided in subsections b. and c. of this section, this act applies to electronic records and electronic signatures relating to...
• Section 12a:12-4 - Act Applies On Or After June 26, 2001
  4.This act applies to any electronic record or electronic signature created, generated, sent, communicated, received or stored on or after the effective date of...
• Section 12a:12-5 - Electronic Record, Signature Not Required
  5. a. This act does not require a record or signature to be created, generated, stored, sent, communicated, received, stored or otherwise processed or...
• Section 12a:12-6 - Construction Of Act
  6.This act shall be construed and applied: a.to facilitate electronic transactions consistent with other applicable law; b.to be consistent with reasonable practices concerning electronic...
• Section 12a:12-7 - Legal Effect And Enforceability
  7. a. A record or signature may not be denied legal effect or enforceability solely because it is in electronic form. b.A contract may...
• Section 12a:12-8 - Use, Retention, Content, Format Of Electronic Records
  8. a. If parties have agreed to conduct a transaction by electronic means and a law requires a person to provide, send, or deliver...
• Section 12a:12-9 - Attribution, Effect Of Electronic Records, Signatures
  9. a. An electronic record or electronic signature is attributable to a person if it was the act of the person. The act of...
• Section 12a:12-10 - Rules Applicable To Changes, Errors In Electronic Records
  10. If a change or error in an electronic record occurs in a transmission between parties to a transaction, the following rules apply: a.If...
• Section 12a:12-11 - Notarized Signatures Or Records
  11. If a law requires a signature or record to be notarized, acknowledged, verified, or made under oath, the requirement is satisfied if the...
• Section 12a:12-12 - Retention Of Electronic Records
  12. a. If a law requires that a record be retained, the requirement is satisfied by retaining an electronic record of the information in...
• Section 12a:12-13 - Admissibility Of Electronic Records, Signatures
  13. In a proceeding, evidence of a record or signature may not be excluded solely because it is in electronic form. L.2001, c.116, s.13.
• Section 12a:12-14 - Rules Applicable To Automated Transactions
  14. In an automated transaction, the following rules apply: a.A contract may be formed by the interaction of electronic agents of the parties, even...
• Section 12a:12-15 - Conditions Under Which Electronic Record Is Sent, Received
  15. a. Unless otherwise agreed between the sender and the recipient, an electronic record is sent when it: (1)is addressed properly or otherwise directed...
• Section 12a:12-16 - Control Of Transferable Records
  16. a. As used in this section "transferable record" means an electronic record that: (1)would be a note under Article 3 of the Uniform...
• Section 12a:12-17 - Governmental Agency Creation, Retention, Conversion Of Electronic Records
  17. Each governmental agency shall determine whether, and the extent to which, it will create and retain electronic records and convert written records to...
• Section 12a:12-18 - Use Of Electronic Records, Signatures By Governmental Agencies; Specifications
  18. a. Except as otherwise provided in subsection f. of section 12 of this act or section 17 of this act, each governmental agency...
• Section 12a:12-19 - Adoption Of Standards For Governmental Agencies
  19. The Secretary of State shall adopt standards to encourage and promote consistency and interoperability with similar requirements adopted by other governmental agencies of...
• Section 12a:12-20 - Severability
  20. If any provision of this act or its application to any person or circumstance is held invalid, the invalidity shall not affect other...
• Section 12a:12-21 - Use Of Electronic Record To Satisfy Consumer Information In Writing, Conditions
  21. a. Notwithstanding any other provision of this act, if a law or regulation requires that information relating to the transaction be provided or...
• Section 12a:12-22 - Findings, Declaration Concerning "Federal E-sign"
  22. The Legislature finds and declares: That the adoption of the "Electronic Signatures in Global and National Commerce Act," Pub.L. 106-229, 114 Stat. 464...
• Section 12a:12-23 - Capability Of Electronic Records Retention By Recipients
  23. Under the provisions of subsection a. of section 8, an electronic record, to be capable of retention by the recipient at the time...
• Section 12a:12-24 - Accessibility Of Records Of Information
  24. Under the provisions of paragraph (2) of subsection a. of section 12, a record of information remains accessible for later reference if it...
• Section 12a:12-25 - The New Jersey Center For Electronic Transactions And Informational Privacy, Established
  25. The New Jersey Center for Electronic Transactions and Informational Privacy shall be established within the Institute of Law, Science and Technology at Seton...
• Section 12a:12-26 - "Statute, Regulation Or Other Rule Of Law" Defined
  26. For purposes of this act, references to "statute, regulation or other rule of law" shall include the Rules Governing the Courts of the...

Last modified: October 11, 2016