(1) Whenever the Uniform Commercial Code requires any action to be taken within a reasonable time, any time which is not manifestly unreasonable may be fixed by agreement.
(2) What is a reasonable time for taking any action depends on the nature, purpose and circumstances of such action.
(3) An action is taken “seasonably” when it is taken at or within the time agreed or if no time is agreed at or within a reasonable time. [1961 c.726 §71.2040]
Section: Previous 71.1030 71.1040 71.1050 71.1060 71.1070 71.1080 71.1090 71.2010 71.2020 71.2030 71.2040 71.2050 71.2060 71.2070 71.2080 NextLast modified: August 7, 2008