New York Uniform Commercial Code Law Section 1-103 - Construction of Uniform Commercial Code to Promote its Purposes and Policies; Applicability of Supplemental Principles of Law.

Section 1--103. Construction  of  Uniform Commercial Code to Promote its
                Purposes and Policies; Applicability  of  Supplemental
                Principles of Law.
(a)  This  act  must be liberally construed and applied to promote its
  underlying purposes and policies, which are:
(1) to simplify, clarify, and modernize the law  governing  commercial
  transactions;
(2)  to permit the continued expansion of commercial practices through
  custom, usage, and agreement of the parties; and
(3) to make uniform the law among the various jurisdictions.
(b) Unless displaced by the particular provisions  of  this  act,  the
  principles  of  law  and  equity, including the law merchant and the law
  relative to capacity to contract, principal and agent, estoppel,  fraud,
  misrepresentation,  duress,  coercion,  mistake,  bankruptcy,  and other
  validating or invalidating cause supplement its provisions.

Last modified: February 3, 2019