What is Article 1 of the UCC?

What is Article 1 of the UCC?

Uniform Commercial Code Article 1 contains definitions and general provisions applicable as default rules to transactions covered under other articles of the UCC. Article 1 was last revised in 2001, with a few minor amendments since then to harmonize with recent revisions of other UCC articles.

What does UCC 1 103 mean?

UCC 1-103(a) states that the provisions of UCC must be construed and applied in light of one another, liberally, broadly and in such a way to promote its purpose, objective and policies.

What are a secured party’s rights on a debtor’s default?

Upon default, a secured party can either take possession of the collateral or render collateral such as equipment unusable, or dispute of collateral on a debtor’s premises under Section 9-1610. A secured party may also collect the collateral by collection whatever may become due on the collateral.

Is money defined in the UCC?

(24) “Money” means a medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries.

What is a UCC 1 308?

UCC ยง 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 in a manner demanded or offered by the other party does not thereby prejudice the rights reserved.

What is the purpose of UCC Article 9?

Article 9 regulates the creation of security interests, and the enforcement of those interests, in movable or intangible property and fixtures. It encompasses a wide variety of possessory liens and determines the legal right of ownership if a debtor does not meet their obligations.

What is the meaning of section 1-201?

Section 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 articles of this act that apply to particular articles or parts thereof, have the meanings stated.

What does bearer mean in the Uniform Commercial Code?

(5) ” Bearer ” means a person in possession of a negotiable instrument, document of title, or certificated security that is payable to bearer or indorsed in blank. (6) ” Bill of lading ” means a document evidencing the receipt of goods for shipment issued by a person engaged in the business of transporting or forwarding goods.

What does conspicuous mean in Uniform Commercial Code?

(10) ” Conspicuous “, with reference to a term, means so written, displayed, or presented that a reasonable person against which it is to operate ought to have noticed it. Whether a term is “conspicuous” or not is a decision for the court.

What does agreement mean in Uniform Commercial Code?

(3) ” Agreement “, as distinguished from ” contract “, means the bargain of the parties in fact, as found in their language or inferred from other circumstances, including course of performance, course of dealing, or usage of trade as provided in Section 1-303.