TITLE 27.  UNIFORM COMMERCIAL CODE

 

Chapter

   490 Uniform Commercial Code

 

CHAPTER 490

UNIFORM COMMERCIAL CODE

 

ARTICLE 1.  GENERAL PROVISIONS

 

        Part 1.  General Provisions

Section

    490:1-101 Short title

    490:1-102 Scope of article

    490:1-103 Construction of chapter to promote its purposes

              and policies; applicability of supplemental

              principles of law

    490:1-104 Construction against implied repeal

    490:1-105 Severability

    490:1-106 Use of singular and plural; gender

    490:1-107 Section captions

    490:1-108 Relation to Electronic Signatures in Global and

              National Commerce Act

 

        Part 2.  General Definitions and Principles of

                 Interpretation

    490:1-201 General definitions

    490:1-202 Notice; knowledge

    490:1-203 Lease distinguished from security interest

    490:1-204 Value

    490:1-205 Reasonable time; seasonableness

    490:1-206 Presumptions

 

        Part 3.  Territorial Applicability and General Rules

    490:1-301 Territorial applicability; parties' power to

              choose applicable law

    490:1-302 Variation by agreement

    490:1-303 Course of performance, course of dealing, and

              usage of trade

    490:1-304 Obligation of good faith

    490:1-305 Remedies to be liberally administered

    490:1-306 Waiver or renunciation of claim or right after

              breach

    490:1-307 Prima facie evidence by third-party documents

    490:1-308 Performance or acceptance under reservation of

              rights

    490:1-309 Option to accelerate at will

    490:1-310 Subordinated obligations

 

ARTICLE 2.  SALES

 

        Part 1.  Short Title, General Construction and

                 Subject Matter

    490:2-101 Short title

    490:2-102 Scope; certain security and other transactions

              excluded from this article

    490:2-103 Definitions and index of definitions

    490:2-104 Definitions:  "merchant"; "between merchants";

              "financing agency"

    490:2-105 Definitions:  transferability; "goods"; "future"

              goods; "lot"; "commercial unit"

    490:2-106 Definitions:  "contract"; "agreement"; "contract

              for sale"; "sale"; "present sale"; "conforming" to

              contract; "termination"; "cancellation"; "hybrid

              transaction"

    490:2-107 Goods to be severed from realty:  recording

 

        Part 2.  Form, Formation and Readjustment of Contract

    490:2-201 Formal requirements; statute of frauds

    490:2-202 Final expression:  parol or extrinsic

              evidence

    490:2-203 Seals inoperative

    490:2-204 Formation in general

    490:2-205 Firm offers

    490:2-206 Offer and acceptance in formation of contract

    490:2-207 Additional terms in acceptance or confirmation

    490:2-208 Repealed

    490:2-209 Modification, rescission, and waiver

    490:2-210 Delegation of performance; assignment of rights

 

        Part 3.  General Obligation and Construction of

                 Contract

    490:2-301 General obligation of parties

    490:2-302 Unconscionable contract or clause

    490:2-303 Allocation or division of risks

    490:2-304 Price payable in money, goods, realty or otherwise

    490:2-305 Open price term

    490:2-306 Output, requirements and exclusive dealings

    490:2-307 Delivery in single lot or several lots

    490:2-308 Absence of specified place for delivery

    490:2-309 Absence of specific time provisions; notice of

              termination

    490:2-310 Open time for payment or running of credit;

              authority to ship under reservation

    490:2-311 Options and cooperation respecting performance

    490:2-312 Warranty of title and against infringement;

             buyer's obligation against infringement

    490:2-313 Express warranties by affirmation, promise,

              description, sample

 490:2-313.1, 313.2 Repealed

    490:2-314 Implied warranty:  merchantability; usage of trade

    490:2-315 Implied warranty:  fitness for particular purpose

    490:2-316 Exclusion or modification of warranties

    490:2-317 Cumulation and conflict of warranties express or

              implied

    490:2-318 Third party beneficiaries of warranties express or

              implied

    490:2-319 F.O.B. and F.A.S. terms

    490:2-320 C.I.F. and C. & F. terms

    490:2-321 C.I.F. or C. & F.:  "net landed weights"; "payment

              on arrival"; warranty of condition on arrival

    490:2-322 Delivery "ex-ship"

    490:2-323 Form of bill of lading required in overseas

              shipment; "overseas"

    490:2-324 "No arrival, no sale" term

    490:2-325 "Letter of credit" term; "confirmed credit"

    490:2-326 Sale on approval and sale or return;

              rights of creditors

    490:2-327 Special incidents of sale on approval and

              sale or return

    490:2-328 Sale by auction

 

        Part 4.  Title, Creditors and Good Faith Purchasers

    490:2-401 Passing of title; reservation for security;

              limited application of this section

    490:2-402 Rights of seller's creditors against sold goods

    490:2-403 Power to transfer; good faith purchase of goods;

              "entrusting"

 

        Part 5.  Performance

    490:2-501 Insurable interest in goods; manner of

              identification of goods

    490:2-502 Buyer's right to goods on seller's repudiation,

              failure to deliver, or insolvency

    490:2-503 Manner of seller's tender of delivery

    490:2-504 Shipment by seller

    490:2-505 Seller's shipment under reservation

    490:2-506 Rights of financing agency

    490:2-507 Effect of seller's tender; delivery on condition

    490:2-508 Cure by seller of improper tender or delivery;

              replacement

    490:2-509 Risk of loss in the absence of breach

    490:2-510 Effect of breach on risk of loss

    490:2-511 Tender of payment by buyer; payment by check

    490:2-512 Payment by buyer before inspection

    490:2-513 Buyer's right to inspection of goods

    490:2-514 When documents deliverable on acceptance; when on

              payment

    490:2-515 Preserving evidence of goods in dispute

 

        Part 6.  Breach, Repudiation and Excuse

    490:2-601 Buyer's rights on improper delivery

    490:2-602 Manner and effect of rightful rejection

    490:2-603 Merchant buyer's duties as to rightfully rejected

              goods

    490:2-604 Buyer's options as to salvage of rightfully

              rejected goods

    490:2-605 Waiver of buyer's objections by failure to

              particularize

    490:2-606 What constitutes acceptance of goods

    490:2-607 Effect of acceptance; notice of breach; burden of

              establishing breach after acceptance; notice of

              claim or litigation to person answerable over

    490:2-608 Revocation of acceptance in whole or in part

    490:2-609 Right to adequate assurance of performance

    490:2-610 Anticipatory repudiation

    490:2-611 Retraction of anticipatory repudiation

    490:2-612 "Installment contract"; breach

    490:2-613 Casualty to identified goods

    490:2-614 Substituted performance

    490:2-615 Excuse by failure of presupposed conditions

    490:2-616 Procedure on notice claiming excuse

 

        Part 7.  Remedies

    490:2-701 Remedies for breach of collateral contracts not

              impaired

    490:2-702 Seller's remedies on discovery of buyer's

              insolvency

    490:2-703 Seller's remedies in general

    490:2-704 Seller's right to identify goods to the contract

              notwithstanding breach or to salvage unfinished

              goods

    490:2-705 Seller's stoppage of delivery in transit or

              otherwise

    490:2-706 Seller's resale including contract for resale

    490:2-707 "Person in the position of a seller"

    490:2-708 Seller's damages for nonacceptance or repudiation

    490:2-709 Action for the price

    490:2-710 Seller's incidental damages

    490:2-711 Buyer's remedies in general; buyer's security

              interest in rejected goods

    490:2-712 "Cover"; buyer's procurement of substitute goods

    490:2-713 Buyer's damages for nondelivery or repudiation

    490:2-714 Buyer's damages for breach in regard to accepted

              goods

    490:2-715 Buyer's incidental and consequential damages

    490:2-716 Buyer's right to specific performance or replevin

    490:2-717 Deduction of damages from the price

    490:2-718 Liquidation or limitation of damages; deposits

    490:2-719 Contractual modification or limitation of remedy

    490:2-720 Effect of "cancellation" or "rescission" on claims

              for antecedent breach

    490:2-721 Remedies for fraud

    490:2-722 Who can sue third parties for injury to goods

    490:2-723 Proof of market price; time and place

    490:2-724 Admissibility of market quotations

    490:2-725 Statute of limitations in contracts for sale

 

ARTICLE 2A.  LEASES

 

        Part 1.  General Provisions

   490:2A-101 Short title

   490:2A-102 Scope

   490:2A-103 Definitions and index of definitions

   490:2A-104 Leases subject to other law

   490:2A-105 Territorial application of article to goods

              covered by certificate of title

   490:2A-106 Limitation on power of parties to consumer lease

              to choose applicable law and judicial forum

   490:2A-107 Waiver or renunciation of claim or right after

              default

   490:2A-108 Unconscionability

   490:2A-109 Option to accelerate at will

 

        Part 2.  Formation and Construction of Lease Contract

   490:2A-201 Statute of frauds

   490:2A-202 Final expression:  parol or extrinsic

              evidence

   490:2A-203 Seals inoperative

   490:2A-204 Formation in general

   490:2A-205 Firm offers

   490:2A-206 Offer and acceptance in formation of lease

              contract

   490:2A-207 Repealed

   490:2A-208 Modification, rescission and waiver

   490:2A-209 Lessee under finance lease as beneficiary of

              supply contract

   409:2A-210 Express warranties

   490:2A-211 Warranties against interference and against

              infringement; lessee's obligation against

              infringement

   490:2A-212 Implied warranty of merchantability

   490:2A-213 Implied warranty of fitness for particular purpose

   490:2A-214 Exclusion or modification of warranties

   490:2A-215 Cumulation and conflict of warranties express or

              implied

   490:2A-216 Third-party beneficiaries of express and implied

              warranties

   490:2A-217 Identification

   490:2A-218 Insurance and proceeds

   490:2A-219 Risk of loss

   490:2A-220 Effect of default on risk of loss

   490:2A-221 Casualty to identified goods

 

        Part 3.  Effect of Lease Contract

   490:2A-301 Enforceability of lease contract

   490:2A-302 Title to and possession of goods

   490:2A-303 Alienability of party's interest under lease

              contract or of lessor's residual interest in

              goods; delegation of performance; transfer of

              rights

   490:2A-304 Subsequent lease of goods by lessor

   490:2A-305 Sale or sublease of goods by lessee

   490:2A-306 Priority of certain liens arising by operation of

              law

   490:2A-307 Priority of liens arising by attachment or levy

              on, security interests in, and other claims to

              goods

   490:2A-308 Special rights of creditors

   490:2A-309 Lessor's and lessee's rights when goods become

              fixtures

   490:2A-310 Lessor's and lessee's rights when goods become

              accessions

   490:2A-311 Priority subject to subordination

 

        Part 4.  Performance of Lease Contract:  Repudiated,

                 Substituted, and Excused

   490:2A-401 Insecurity:  adequate assurance of performance

   490:2A-402 Anticipatory repudiation

   490:2A-403 Retraction of anticipatory repudiation

   490:2A-404 Substituted performance

   490:2A-405 Excused performance

   490:2A-406 Procedure on excused performance

   490:2A-407 Irrevocable promises:  finance leases

 

        Part 5.  Default

 

          Subpart A.  In General

   490:2A-501 Default:  procedure

   490:2A-502 Notice after default

   490:2A-503 Modification or impairment of rights and remedies

   490:2A-504 Liquidation of damages

   490:2A-505 Cancellation and termination and effect of

              cancellation, termination, rescission, or fraud on

              rights and remedies

   490:2A-506 Statute of limitations

   490:2A-507 Proof of market rent:  time and place

 

          Subpart B.  Default by Lessor

   490:2A-508 Lessee's remedies

   490:2A-509 Lessee's rights on improper delivery; rightful

              rejection

   490:2A-510 Installment lease contracts:  rejection and

              default

   490:2A-511 Merchant lessee's duties as to rightfully rejected

              goods

   490:2A-512 Lessee's duties as to rightfully rejected goods

   490:2A-513 Cure by lessor of improper tender or delivery;

              replacement

   490:2A-514 Waiver of lessee's objections

   490:2A-515 Acceptance of goods

   490:2A-516 Effect of acceptance of goods; notice of default;

              burden of establishing default after acceptance;

              notice of claim or litigation to person answerable

              over

   490:2A-517 Revocation of acceptance of goods

   490:2A-518 Cover; substitute goods

   490:2A-519 Lessee's damages for nondelivery, repudiation,

              default, and breach of warranty in regard to

              accepted goods

   490:2A-520 Lessee's incidental and consequential damages

   490:2A-521 Lessee's right to specific performance or replevin

   490:2A-522 Lessee's right to goods on lessor's insolvency

 

          Subpart C.  Default by Lessee

   490:2A-523 Lessor's remedies

   490:2A-524 Lessor's right to identify goods to lease contract

   490:2A-525 Lessor's right to possession of goods

   490:2A-526 Lessor's stoppage of delivery in transit or

              otherwise

   490:2A-527 Lessor's rights to dispose of goods

   490:2A-528 Lessor's damages for nonacceptance, failure to

              pay, repudiation, or other default

   490:2A-529 Lessor's action for the rent

   490:2A-530 Lessor's incidental damages

   490:2A-531 Standing to sue third parties for injury to goods

   490:2A-532 Lessor's rights to residual interest

 

ARTICLE 3.  NEGOTIABLE INSTRUMENTS

 

        Part 1.  General Provisions and Definitions

    490:3-101 Short title

    490:3-102 Subject matter

    490:3-103 Definitions

    490:3-104 Negotiable instrument

    490:3-105 Issue of instrument

    490:3-106 Unconditional promise or order

    490:3-107 Instrument payable in foreign money

    490:3-108 Payable on demand or at definite time

    490:3-109 Payable to bearer or to order

    490:3-110 Identification of person to whom instrument is

              payable

    490:3-111 Place of payment

    490:3-112 Interest

    490:3-113 Date of instrument

    490:3-114 Contradictory terms of instrument

    490:3-115 Incomplete instrument

    490:3-116 Joint and several liability; contribution

    490:3-117 Other agreements affecting instrument

    490:3-118 Statute of limitations

    490:3-119 Notice of right to defend action

 

        Part 2.  Negotiation, Transfer, and Indorsement

    490:3-201 Negotiation

    490:3-202 Negotiation subject to rescission

    490:3-203 Transfer of instrument; rights acquired by

              transfer

    490:3-204 Indorsement

    490:3-205 Special indorsement; blank indorsement; anomalous

              indorsement

    490:3-206 Restrictive indorsement

    490:3-207 Reacquisition

 

        Part 3.  Enforcement of Instruments

    490:3-301 Person entitled to enforce instrument

    490:3-302 Holder in due course

    490:3-303 Value and consideration

    490:3-304 Overdue instrument

    490:3-305 Defenses and claims in recoupment

    490:3-306 Claims to an instrument

    490:3-307 Notice of breach of fiduciary duty

    490:3-308 Proof of signatures and status as holder in due

              course

    490:3-309 Enforcement of lost, destroyed, or stolen

              instrument

    490:3-310 Effect of instrument on obligation for which taken

    490:3-311 Accord and satisfaction by use of instrument

    490:3-312 Lost, destroyed, or stolen cashier's check,

              teller's check, or certified check

 

        Part 4.  Liability of Parties

    490:3-401 Signature necessary for liability on instrument

    490:3-402 Signature by representative

    490:3-403 Unauthorized signature

    490:3-404 Impostors; fictitious payees

    490:3-405 Employer responsibility for fraudulent indorsement

              by employee

    490:3-406 Negligence contributing to forged signature or

              alteration of instrument

    490:3-407 Alteration

    490:3-408 Drawee not liable on unaccepted draft

    490:3-409 Acceptance of draft; certified check

    490:3-410 Acceptance varying draft

    490:3-411 Refusal to pay cashier's checks, teller's checks,

              and certified checks

    490:3-412 Obligation of issuer of note or cashier's check

    490:3-413 Obligation of acceptor

    490:3-414 Obligation of drawer

    490:3-415 Obligation of indorser

    490:3-416 Transfer warranties

    490:3-417 Presentment warranties

    490:3-418 Payment or acceptance by mistake

    490:3-419 Instruments signed for accommodation

    490:3-420 Conversion of instrument

 

        Part 5.  Dishonor

    490:3-501 Presentment

    490:3-502 Dishonor

    490:3-503 Notice of dishonor

    490:3-504 Excused presentment and notice of dishonor

    490:3-505 Evidence of dishonor

    490:3-506 Dishonored check; action for treble damages;

              procedures

  490:3-506.5 Charges for dishonored checks

 

        Part 6.  Discharge and Payment

    490:3-601 Discharge and effect of discharge

    490:3-602 Payment

    490:3-603 Tender of payment

    490:3-604 Discharge by cancellation or renunciation

    490:3-605 Discharge of indorsers and accommodation parties

 

ARTICLE 4.  BANK DEPOSITS AND COLLECTIONS

 

        Part 1.  General Provisions and Definitions

    490:4-101 Short title

    490:4-102 Applicability

    490:4-103 Variation by agreement; measure of damages; action

              constituting ordinary care

    490:4-104 Definitions and index of definitions

    490:4-105 "Bank"; "depositary bank"; "payor bank";

              "intermediary bank"; "collecting bank";

              "presenting bank"

    490:4-106 Payable through or payable at bank; collecting

              bank

    490:4-107 Separate office of a bank

    490:4-108 Time of receipt of items

    490:4-109 Delays

    490:4-110 Electronic presentment

    490:4-111 Statute of limitations

 

        Part 2.  Collection of Items:  Depositary and Collecting

                 Banks

    490:4-201 Status of collecting bank as agent and provisional

              status of credits; applicability of article; item

              indorsed "pay any bank"

    490:4-202 Responsibility for collection or return; when

              action timely

    490:4-203 Effect of instructions

    490:4-204 Methods of sending and presenting; sending

              directly to payor bank

    490:4-205 Depositary bank holder of unindorsed item

    490:4-206 Transfer between banks

    490:4-207 Transfer warranties

    490:4-208 Presentment warranties

    490:4-209 Encoding and retention warranties

    490:4-210 Security interest of collecting bank in items,

              accompanying documents and proceeds

    490:4-211 When bank gives value for purposes of holder in

              due course

    490:4-212 Presentment by notice of item not payable by,

              through, or at a bank; liability of drawer or

              indorser

    490:4-213 Medium and time of settlement by bank

    490:4-214 Right of charge back or refund; liability of

              collecting bank; return of item

    490:4-215 Final payment of item by payor bank; when

              provisional debits and credits become final; when

              certain credits become available for withdrawal

    490:4-216 Insolvency and preference

 

        Part 3.  Collection of Items; Payor Banks

    490:4-301 Deferred posting; recovery of payment by return of

              items; time of dishonor; return of items by payor

              bank

    490:4-302 Payor bank's responsibility for late return of

              item

    490:4-303 When items subject to notice, stop-payment order,

              legal process, or setoff; order in which items may

              be charged or certified

 

        Part 4.  Relationship Between Payor Bank and its

                 Customer

    490:4-401 When bank may charge customer's account

    490:4-402 Bank's liability to customer for wrongful

              dishonor; time of determining insufficiency of

              account

    490:4-403 Customer's right to stop payment; burden of proof

              of loss

    490:4-404 Bank not obligated to pay check more than six

              months old

    490:4-405 Death or incompetence of customer

    490:4-406 Customer's duty to discover and report

              unauthorized signature or alteration

    490:4-407 Payor bank's right to subrogation on improper

              payment

 

        Part 5.  Collection of Documentary Drafts

    490:4-501 Handling of documentary drafts; duty to send for

              presentment and to notify customer of dishonor

    490:4-502 Presentment of "on arrival" drafts

    490:4-503 Responsibility of presenting bank for documents

              and goods; report of reasons for dishonor; referee

              in case of need

    490:4-504 Privilege of presenting bank to deal with goods;

              security interest for expenses

 

ARTICLE 4A.  FUNDS TRANSFERS

 

        Part 1.  Subject Matter and Definitions

   490:4A-101 Short title

   490:4A-102 Subject matter

   490:4A-103 Payment order--definitions

   490:4A-104 Funds transfer-definitions

   490:4A-105 Other definitions

   490:4A-106 Time payment order is received

   490:4A-107 Federal reserve regulations and operating

              circulars

   490:4A-108 Relationship to Electronic Fund Transfer Act

 

        Part 2.  Issue and Acceptance of Payment Order

   490:4A-201 Security procedure

   490:4A-202 Authorized and verified payment orders

   490:4A-203 Unenforceability of certain verified payment

              orders

   490:4A-204 Refund of payment and duty of customer to report

              with respect to unauthorized payment order

   490:4A-205 Erroneous payment orders

   490:4A-206 Transmission of payment order through

              funds-transfer or other communication system

   490:4A-207 Misdescription of beneficiary

   490:4A-208 Misdescription of intermediary bank or

              beneficiary's bank

   490:4A-209 Acceptance of payment order

   490:4A-210 Rejection of payment order

   490:4A-211 Cancellation and amendment of payment order

   490:4A-212 Liability and duty of receiving bank regarding

              unaccepted payment order

 

        Part 3.  Execution of Sender's Payment Order by

                 Receiving Bank

   490:4A-301 Execution and execution date

   490:4A-302 Obligations of receiving bank in execution of

              payment order

   490:4A-303 Erroneous execution of payment order

   490:4A-304 Duty of sender to report erroneously executed

              payment order

   490:4A-305 Liability for late or improper execution or

              failure to execute payment order

 

        Part 4.  Payment

   490:4A-401 Payment date

   490:4A-402 Obligation of sender to pay receiving bank

   490:4A-403 Payment by sender to receiving bank

   490:4A-404 Obligation of beneficiary's bank to pay and give

              notice to beneficiary

   490:4A-405 Payment by beneficiary's bank to beneficiary

   490:4A-406 Payment by originator to beneficiary; discharge of

              underlying obligation

 

        Part 5.  Miscellaneous Provisions

   490:4A-501 Variation by agreement and effect of funds-

              transfer system rule

   490:4A-502 Creditor process served on receiving bank; setoff

              by beneficiary's bank

   490:4A-503 Injunction or restraining order with respect to

              funds transfer

   490:4A-504 Order in which items and payment orders may be

              charged to account; order of withdrawals from

              account

   490:4A-505 Preclusion of objection to debit of customer's

              account

   490:4A-506 Rate of interest

   490:4A-507 Choice of law

 

ARTICLE 5.  LETTERS OF CREDIT

 

    490:5-101 Short title

    490:5-102 Definitions

    490:5-103 Scope

    490:5-104 Formal requirements

    490:5-105 Consideration

    490:5-106 Issuance, amendment, cancellation, and duration

    490:5-107 Confirmer, nominated person, and advisor

    490:5-108 Issuer's rights and obligations

    490:5-109 Fraud and forgery

    490:5-110 Warranties

    490:5-111 Remedies

    490:5-112 Transfer of letter of credit

    490:5-113 Transfer by operation of law

    490:5-114 Assignment of proceeds

    490:5-115 Statute of limitations

    490:5-116 Choice of law and forum

    490:5-117 Subrogation of issuer, applicant, and

              nominated person

    490:5-118 Security interest of issuer or nominated

              person

 

ARTICLE 6.  BULK SALES--REPEALED

 

    490:6-101 to 110 Repealed

 

ARTICLE 7.  DOCUMENTS OF TITLE

 

        Part 1.  General

    490:7-101 Short title

    490:7-102 Definitions and index of definitions

    490:7-103 Relation of article to treaty or statute

    490:7-104 Negotiable and nonnegotiable document of title

    490:7-105 Reissuance in alternative medium

    490:7-106 Control of electronic document of title

 

        Part 2.  Warehouse Receipts:  Special Provisions

    490:7-201 Person that may issue a warehouse receipt; storage

              under bond

    490:7-202 Form of warehouse receipt; effect of omission

    490:7-203 Liability for nonreceipt or misdescription

    490:7-204 Duty of care; contractual limitation of

              warehouse's liability

    490:7-205 Title under warehouse receipt defeated in certain

              cases

    490:7-206 Termination of storage at warehouse's option

    490:7-207 Goods must be kept separate; fungible goods

    490:7-208 Altered warehouse receipts

    490:7-209 Lien of warehouse

    490:7-210 Enforcement of warehouse's lien

 

        Part 3.  Bills of Lading:  Special Provisions

    490:7-301 Liability for nonreceipt or misdescription; "said

              to contain"; "shipper's weight, load, and count";

              improper handling

    490:7-302 Through bills of lading and similar documents of

              title

    490:7-303 Diversion; reconsignment; change of instructions

    490:7-304 Tangible bills of lading in a set

    490:7-305 Destination bills

    490:7-306 Altered bills of lading

    490:7-307 Lien of carrier

    490:7-308 Enforcement of carrier's lien

    490:7-309 Duty of care; contractual limitation of carrier's

              liability

 

        Part 4.  Warehouse Receipts and Bills of Lading:

                 General Obligations

    490:7-401 Irregularities in issue of receipt or bill or

              conduct of issuer

    490:7-402 Duplicate document of title; overissue

    490:7-403 Obligation of bailee to deliver; excuse

    490:7-404 No liability for good-faith delivery pursuant to

              document of title

 

        Part 5.  Warehouse Receipts and Bills of Lading:

                 Negotiation and Transfer

    490:7-501 Form of negotiation and requirements of due

              negotiation

    490:7-502 Rights acquired by due negotiation

    490:7-503 Document of title to goods defeated in certain

              cases

    490:7-504 Rights acquired in absence of due negotiation;

              effect of diversion; stoppage of delivery

    490:7-505 Indorser not guarantor for other parties

    490:7-506 Delivery without indorsement:  right to compel

              indorsement

    490:7-507 Warranties on negotiation or delivery of document

              of title

    490:7-508 Warranties of collecting bank as to documents of

              title

    490:7-509 Adequate compliance with commercial contract

 

        Part 6.  Warehouse Receipts and Bills of Lading:

                 Miscellaneous Provisions

    490:7-601 Lost, stolen, or destroyed documents of title

    490:7-602 Judicial process against goods covered by

              negotiable document of title

    490:7-603 Conflicting claims; interpleader

 

        Part 7.  Miscellaneous Provisions

    490:7-701 Applicability

    490:7-702 Savings clause

 

ARTICLE 8.  INVESTMENT SECURITIES

 

        Part 1.  Short Title and General Matters

    490:8-101 Short title

    490:8-102 Definitions

    490:8-103 Rules for determining whether certain obligations

              and interests are securities or financial assets

    490:8-104 Acquisition of security or financial asset or

              interest therein

    490:8-105 Notice of adverse claim

    490:8-106 Control

    490:8-107 Whether indorsement, instruction, or entitlement

              order is effective

    490:8-108 Warranties in direct holding

    490:8-109 Warranties in indirect holding

    490:8-110 Applicability; choice of law

    490:8-111 Clearing corporation rules

    490:8-112 Creditor's legal process

    490:8-113 Statute of frauds inapplicable

    490:8-114 Evidentiary rules concerning certificated

              securities

    490:8-115 Securities intermediary and others not liable to

              adverse claimant

    490:8-116 Securities intermediary as purchaser for value

 

        Part 2.  Issue and Issuer

    490:8-201 Issuer

    490:8-202 Issuer's responsibility and defenses; notice of

              defect or defense

    490:8-203 Staleness as notice of defect or defense

    490:8-204 Effect of issuer's restriction on transfer

    490:8-205 Effect of unauthorized signature on security

              certificate

    490:8-206 Completion or alteration of security certificate

    490:8-207 Rights and duties of issuer with respect to

              registered owners

    490:8-208 Effect of signature of authenticating trustee,

              registrar, or transfer agent

    490:8-209 Issuer's lien

    490:8-210 Overissue

 

        Part 3.  Transfer of Certificated and Uncertificated

                 Securities

    490:8-301 Delivery

    490:8-302 Rights of purchaser

    490:8-303 Protected purchaser

    490:8-304 Indorsement

    490:8-305 Instruction

    490:8-306 Effect of guaranteeing signature, indorsement, or

              instruction

    490:8-307 Purchaser's right to requisites for registration

              of transfer

 

        Part 4.  Registration

    490:8-401 Duty of issuer to register transfer

    490:8-402 Assurance that indorsement or instruction is

              effective

    490:8-403 Demand that issuer not register transfer

    490:8-404 Wrongful registration

    490:8-405 Replacement of lost, destroyed, or wrongfully

              taken security certificate

    490:8-406 Obligation to notify issuer of lost, destroyed, or

              wrongfully taken security certificate

    490:8-407 Authenticating trustee, transfer agent, and

              registrar

 

        Part 5.  Security Entitlements

    490:8-501 Securities account; acquisition of security

              entitlement from securities intermediary

    490:8-502 Assertion of adverse claim against entitlement

              holder

    490:8-503 Property interest of entitlement holder in

              financial asset held by securities intermediary

    490:8-504 Duty of securities intermediary to maintain

              financial asset

    490:8-505 Duty of securities intermediary with respect to

              payments and distributions

    490:8-506 Duty of securities intermediary to exercise rights

              as directed by entitlement holder

    490:8-507 Duty of securities intermediary to comply with

              entitlement order

    490:8-508 Duty of securities intermediary to change

              entitlement holder's position to other form of

              security holding

    490:8-509 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

    490:8-510 Rights of purchaser of security entitlement from

              entitlement holder

    490:8-511 Priority among security interests and entitlement

              holders

 

ARTICLE 9.  SECURED TRANSACTIONS

 

        Part 1.  General Provisions

 

          Subpart 1.  Short Title, Definitions, and General

                      Concepts

    490:9-101 Short title

    490:9-102 Definitions and index of definitions

    490:9-103 Purchase-money security interest; application of

              payments; burden of establishing

    490:9-104 Control of deposit account

    490:9-105 Control of electronic copy of record evidencing

              chattel paper

  490:9-105.5 Control of electronic money

    490:9-106 Control of investment property

    490:9-107 Control of letter-of-credit right

  490:9-107.5 Control of controllable electronic record,

              controllable account, or controllable payment

              intangible

  490:9-107.6 No requirement to acknowledge or confirm; no

              duties

    490:9-108 Sufficiency of description

 

          Subpart 2.  Applicability of Article

    490:9-109 Scope

    490:9-110 Security interests arising under article 2 or 2A

 

        Part 2.  Effectiveness of Security Agreement;

                 Attachment of Security Interest; Rights of

                 Parties to Security Agreement

 

          Subpart 1.  Effectiveness and Attachment

    490:9-201 General effectiveness of security agreement

    490:9-202 Title to collateral immaterial

    490:9-203 Attachment and enforceability of security

              interest; proceeds; supporting obligations; formal

              requisites

    490:9-204 After-acquired property; future advances

    490:9-205 Use or disposition of collateral permissible

    490:9-206 Security interest arising in purchase or delivery

              of financial asset

 

          Subpart 2.  Rights and Duties

    490:9-207 Rights and duties of secured party having

              possession or control of collateral

    490:9-208 Additional duties of secured party having control

              of collateral

    490:9-209 Duties of secured party if account debtor has been

              notified of assignment

    490:9-210 Request for accounting; request regarding list of

              collateral or statement of account

 

        Part 3.  Perfection and Priority

 

          Subpart 1.  Law Governing Perfection and Priority

    490:9-301 Law governing perfection and priority of

              security interests

    490:9-302 Law governing perfection and priority of

              agricultural liens

    490:9-303 Law governing perfection and priority of

              security interests in goods covered by a

              certificate of title

    490:9-304 Law governing perfection and priority of

              security interests in deposit accounts

    490:9-305 Law governing perfection and priority of

              security interests in investment property

    490:9-306 Law governing perfection and priority of

              security interests in letter-of-credit rights

  490:9-306.5 Law governing perfection and priority of security

              interests in chattel paper

  490:9-306.6 Law governing perfection and priority of security

              interests in controllable accounts, controllable

              electronic records, and controllable payment

              intangibles

    490:9-307 Location of debtor

 

          Subpart 2.  Perfection

    490:9-308 When security interest or agricultural lien is

              perfected; continuity of perfection

    490:9-309 Security interest perfected upon attachment

    490:9-310 When filing required to perfect security interest

              or agricultural lien; security interests and

              agricultural liens to which filing provisions do

              not apply

    490:9-311 Perfection of security interests in property

              subject to certain statutes, regulations, and

              treaties

    490:9-312 Perfection of security interests in chattel paper,

              controllable accounts, controllable electronic

              records, controllable payment intangibles, 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

    490:9-313 When possession by or delivery to secured party

              perfects security interest without filing

    490:9-314 Perfection by control

  490:9-314.5 Perfection by possession and control of chattel

              paper

    490:9-315 Secured party's rights on disposition of

              collateral and in proceeds

    490:9-316 Effect of change in governing law

 

          Subpart 3.  Priority

    490:9-317 Interests that take priority over or take free of

              security interest or agricultural lien

    490:9-318 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

    490:9-319 Rights and title of consignee with respect to

              creditors and purchasers

    490:9-320 Buyer of goods

    490:9-321 Licensee of general intangible and lessee of goods

              in ordinary course of business

    490:9-322 Priorities among conflicting security interests in

              and agricultural liens on same collateral

    490:9-323 Future advances

    490:9-324 Priority of purchase-money security interests

    490:9-325 Priority of security interests in transferred

              collateral

    490:9-326 Priority of security interests created by new

              debtor

  490:9-326.5 Priority of security interest in controllable

              account, controllable electronic record, and

              controllable payment intangible

    490:9-327 Priority of security interests in deposit account

    490:9-328 Priority of security interests in investment

              property

    490:9-329 Priority of security interests in letter-of-credit

              right

    490:9-330 Priority of purchaser of chattel paper or

              instrument

    490:9-331 Priority of rights of purchasers of controllable

              accounts, controllable electronic records,

              controllable payment intangibles, documents,

              instruments, and securities under other articles;

              priority of interests in financial assets and

              security entitlements and protection against

              assertion of claim under articles 8 and 12

    490:9-332 Transfer of money; transfer of funds from deposit

              account

    490:9-333 Priority of certain liens arising by operation of

              law

    490:9-334 Priority of security interests in fixtures and

              crops

    490:9-335 Accessions

    490:9-336 Commingled goods

    490:9-337 Priority of security interests in goods covered by

              certificate of title

    490:9-338 Priority of security interest or agricultural lien

              perfected by filed financing statement providing

              certain incorrect information

    490:9-339 Priority subject to subordination

 

          Subpart 4.  Rights of Bank

    490:9-340 Effectiveness of right of recoupment or set-off

              against deposit account

    490:9-341 Bank's rights and duties with respect to deposit

              account

    490:9-342 Bank's right to refuse to enter into or disclose

              existence of control agreement

 

        Part 4.  Rights of Third Parties

    490:9-401 Alienability of debtor's rights

    490:9-402 Secured party not obligated on contract of debtor

              or in tort

    490:9-403 Agreement not to assert defenses against assignee

    490:9-404 Rights acquired by assignee; claims and defenses

              against assignee

    409:9-405 Modification of assigned contract

    490:9-406 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

    490:9-407 Restrictions on creation or enforcement of

              security interest in leasehold interest or in

              lessor's residual interest

    490:9-408 Restrictions on assignment of promissory notes,

              health-care-insurance receivables, and certain

              general intangibles ineffective

    490:9-409 Restrictions on assignment of letter-of-credit

              rights ineffective

 

        Part 5.  Filing

 

          Subpart 1.  Filing Office; Contents and Effectiveness

                      of Financing Statement

    490:9-501 Filing office

    490:9-502 Contents of financing statement; record of

              mortgage as financing statement; time of filing

              financing statement

    490:9-503 Name of debtor and secured party

    490:9-504 Indication of collateral

    490:9-505 Filing and compliance with other statutes and

              treaties for consignments, leases, other

              bailments,and other transactions

    490:9-506 Effect of errors or omissions

    490:9-507 Effect of certain events on effectiveness of

              financing statement

    490:9-508 Effectiveness of financing statement if new debtor

              becomes bound by security agreement

    490:9-509 Persons entitled to file a record

    490:9-510 Effectiveness of filed record

    490:9-511 Secured party of record

    490:9-512 Amendment of financing statement

    490:9-513 Termination statement

    490:9-514 Assignment of powers of secured party of record

    490:9-515 Duration and effectiveness of financing statement;

              effect of lapsed financing statement

    490:9-516 What constitutes filing; effectiveness of filing

    490:9-517 Effect of indexing errors

    490:9-518 Claim concerning inaccurate or wrongfully filed

              record

 

          Subpart 2.  Duties and Operation of Filing Office

    490:9-519 Numbering, maintaining, and indexing records;

              communicating information provided in records

    490:9-520 Acceptance and refusal to accept record

    490:9-521 Uniform form of written financing statement and

              amendment

    490:9-522 Maintenance and destruction of records

    490:9-523 Information from filing office; sale or license of

              records

    490:9-524 Delay by filing office

    490:9-525 Fees

    490:9-526 Filing-office rules

    490:9-527 Duty to report

 

        Part 6.  Default

 

          Subpart 1.  Default and Enforcement of Security

                      Interest

    490:9-601 Rights after default; judicial enforcement;

              consignor or buyer of accounts, chattel paper,

              payment intangibles, or promissory notes

    490:9-602 Waiver and variance of rights and duties

    490:9-603 Agreement on standards concerning rights and

              duties

    490:9-604 Procedure if security agreement covers real

              property or fixtures

    490:9-605 Unknown debtor or secondary obligor

    490:9-606 Time of default for agricultural lien

    490:9-607 Collection and enforcement by secured party

    490:9-608 Application of proceeds of collection or

              enforcement; liability for deficiency and right to

              surplus

    490:9-609 Secured party's right to take possession after

              default

    490:9-610 Disposition of collateral after default

    490:9-611 Notification before disposition of collateral

    490:9-612 Timeliness of notification before disposition of

              collateral

    490:9-613 Contents and form of notification before

              disposition of collateral:  general

    490:9-614 Contents and form of notification before

              disposition of collateral:  consumer-goods

              transaction

    490:9-615 Application of proceeds of disposition; liability

              for deficiency and right to surplus

    490:9-616 Explanation of calculation of surplus or

              deficiency

    490:9-617 Rights of transferee of collateral

    490:9-618 Rights and duties of certain secondary obligors

    490:9-619 Transfer of record or legal title

    490:9-620 Acceptance of collateral in full or partial

              satisfaction of obligation; compulsory disposition

              of collateral

    490:9-621 Notification of proposal to accept collateral

    490:9-622 Effect of acceptance of collateral

    490:9-623 Right to redeem collateral

    490:9-624 Waiver

 

          Subpart 2.  Noncompliance with Article

    490:9-625 Remedies for secured party's failure to comply

              with article

    490:9-626 Action in which deficiency or surplus is in issue

    490:9-627 Determination of whether conduct was commercially

              reasonable

    490:9-628 Nonliability and limitation on liability of

              secured party; liability of secondary obligor

 

        Part 7.  Transition

    490:9-701 Effective date

    490:9-702 Savings clause

    490:9-703 Security interest perfected before effective date

    490:9-704 Security interest unperfected before effective

              date

    490:9-705 Effectiveness of action taken before effective

              date

    490:9-706 When initial financing statement suffices to

              continue effectiveness of financing statement

    490:9-707 Amendment of pre-effective-date financing

              statement

    490:9-708 Persons entitled to file initial financing

              statement or continuation statement

    490:9-709 Priority

 

        Part 8.  Transition Provisions for 2010 Amendments

    490:9-801 Effective date

    490:9-802 Savings clause

    490:9-803 Security interest perfected prior to

              July 1, 2013

    490:9-804 Security interest unperfected before

              July 1, 2013

    490:9-805 Effectiveness of action taken before

              July 1, 2013

    490:9-806 When initial financing statement suffices to

              continue effectiveness of financing statement

    490:9-807 Amendment of pre-effective-date financing

              statement

    490:9-808 Person entitled to file initial financing

              statement or continuation statement

    490:9-809 Priority

 

ARTICLE 10.  EFFECTIVE DATE AND REPEALER

 

   490:10-101 Effective date

   490:10-102 Specific repealer; provision for transition

   490:10-103 General repealer

 490:10-103.1 Inconsistent laws

   490:10-104 Laws not repealed

 

ARTICLE 11.  EFFECTIVE DATE AND TRANSITION

PROVISIONS--1978 AMENDATORY ACT

 

   490:11-101 Effective date

   490:11-102 Preservation of old transition provision

   490:11-103 Transition to new U.C.C.--General Rule

   490:11-104 Transition provision on change of requirement of

              filing

   490:11-105 Transition provision on change of place of filing

   490:11-106 Required refilings

   490:11-107 Transition provisions as to priorities

   490:11-108 Presumption that rule of law continues unchanged

 

ARTICLE 12.  CONTROLLABLE ELECTRONIC RECORDS

 

   490:12-101 Short title

   490:12-102 Definitions

   490:12-103 Relation to article 9 and consumer laws

   490:12-104 Rights in controllable account, controllable

              electronic record, and controllable payment

              intangible

   490:12-105 Control of controllable electronic record

   490:12-106 Discharge of account debtor on controllable

              account or controllable payment intangible

   490:12-107 Governing law

 

ARTICLE 13.  TRANSITIONAL PROVISIONS FOR UNIFORM

COMMERCIAL CODE AMENDMENTS (2022)

 

        Part 1.  General Provisions and Definitions

   490:13-101 Short title

   490:13-102 Definitions

 

        Part 2.  General Transitional Provision

   490:13-201 Savings clause

 

        Part 3.  Transitional Provisions for Articles 9 and 12

   490:13-301 Savings clause

   490:13-302 Security interest perfected before the effective

              date

   490:13-303 Security interest unperfected before the effective

              date

   490:13-304 Effectiveness of actions taken before the

              effective date

   490:13-305 Priority

   490:13-306 Priority of claims when priority rules of article

              9 do not apply

 

        Part 4.  Effective Date

   490:13-401 Effective date

 

Rules of Court

 

  Applicability of District Court Rules of Civil Procedure, see DCRCP rule 81(b)(5).