Code of Alabama
Title 7 - Commercial Code.

Section 7-1-103 - Construction of Uniform Commercial Code to Promote Its Purposes and Policies; Applicability of Supplemental Principles of Law. - (a) This title must be liberally construed and applied to...

Section 7-1-104 - Construction Against Implied Repeal. - This title being a general act intended as a unified...

Section 7-1-105 - Severability. - If any provision or clause of this title or its...

Section 7-1-106 - Use of Singular and Plural; Gender. - In this title, unless the statutory context otherwise requires: (1)...

Section 7-1-107 - Section Captions. - Section captions are part of this title.

Section 7-1-108 - Relation to Electronic Signatures in Global and National Commerce Act. - This article modifies, limits, and supersedes the federal Electronic Signatures...

Section 7-1-109 - Section Captions. - Repealed by Act 2004-524, p. 1070, effective January 1, 2005.

Part 2 - General Definitions and Principles of Interpretation.

Section 7-1-201 - General Definitions. - (a) [Reserved]. (b) Subject to additional definitions contained in the...

Section 7-1-202 - Notice; Knowledge. - (a) Subject to subsection (f), a person has "notice" of...

Section 7-1-203 - Lease Distinguished From Security Interest. - (a) Whether a transaction in the form of a lease...

Section 7-1-204 - Value. - Except as otherwise provided in Articles 3, 4, and 5,...

Section 7-1-205 - Reasonable Time; Seasonableness. - (a) Whether a time for taking an action required by...

Section 7-1-206 - Presumptions. - Whenever this title creates a "presumption" with respect to a...

Section 7-1-207 - Performance or Acceptance Under Reservation of Rights. - Repealed Act 2004-524, p. 1070, §1, effective January 1, 2005.

Section 7-1-208 - Option to Accelerate at Will. - Repealed Act 2004-524, p. 1070, §1, effective January 1, 2005.

Part 3 - Territorial Applicability; Parties' Power to Choose Applicable Law.

Section 7-1-301 - Territorial Applicability; Parties' Power to Choose Applicable Law. - (a) Except as otherwise provided in this section, when a...

Section 7-1-302 - Variation by Agreement. - (a) Except as otherwise provided in subsection (b) or elsewhere...

Section 7-1-303 - Course of Performance, Course of Dealing, and Usage of Trade. - (a) A "course of performance" is a sequence of conduct...

Section 7-1-304 - Obligation of Good Faith. - Every contract or duty within this title imposes an obligation...

Section 7-1-305 - Remedies to Be Liberally Administered. - (a) The remedies provided by this title must be liberally...

Section 7-1-306 - Waiver or Renunciation of Claim or Right After Breach. - A claim or right arising out of an alleged breach...

Section 7-1-307 - Prima Facie Evidence by Third-Party Documents. - A document in due form purporting to be a bill...

Section 7-1-308 - Performance or Acceptance Under Reservation of Rights. - (a) A party that with explicit reservation of rights performs...

Section 7-1-309 - Option to Accelerate at Will. - A term providing that one party or that party's successor...

Section 7-1-310 - Subordinated Obligations. - An obligation may be issued as subordinated to performance of...

Article 2 - Sales.

Part 1 - Short Title, General Construction, and Subject Matter.

Section 7-2-101 - Short Title. - This article shall be known and may be cited as...

Section 7-2-102 - Scope; Certain Security and Other Transactions Excluded From This Article. - Unless the context otherwise requires, this article applies to transactions...

Section 7-2-103 - Definitions and Index of Definitions. - (1) In this article unless the context otherwise requires: (a)...

Section 7-2-104 - Definitions: "Merchant"; "Between Merchants"; "Financing agency." - (1) "Merchant" means a person who deals in goods of...

Section 7-2-105 - Definitions: "Transferability"; "Goods"; "Future Goods"; "Lot"; "Commercial unit." - (1) "Goods" means all things (including specially manufactured goods) which...

Section 7-2-106 - Definitions: "Contract"; "Agreement"; "Contract for Sale"; "Sale"; "Present Sale"; "Conforming" to Contract; "Termination"; "cancellation." - (1) In this article unless the context otherwise requires "contract"...

Section 7-2-107 - Goods to Be Severed From Realty; Recording. - (1) A contract for the sale of minerals or the...

Part 2 - Form, Formation, and Readjustment of Contract.

Section 7-2-201 - Formal Requirements; Statute of Frauds. - (1) Except as otherwise provided in this section a contract...

Section 7-2-202 - Final Written Expression: Parol or Extrinsic Evidence. - Terms with respect to which the confirmatory memoranda of the...

Section 7-2-203 - Seals Inoperative. - The affixing of a seal to a writing evidencing a...

Section 7-2-204 - Formation in General. - (1) A contract for sale of goods may be made...

Section 7-2-205 - Firm Offers. - An offer by a merchant to buy or sell goods...

Section 7-2-206 - Offer and Acceptance in Formation of Contract. - (1) Unless otherwise unambiguously indicated by the language or circumstances:...

Section 7-2-207 - Additional Terms in Acceptance or Confirmation. - (1) A definite and seasonable expression of acceptance or a...

Section 7-2-208 - Course of Performance or Practical Construction. - Repealed by Act 2004-524, p. 1070, §3, effective January 1,...

Section 7-2-209 - Modification, Rescission and Waiver. - (1) An agreement modifying a contract within this article needs...

Section 7-2-210 - Delegation of Performance; Assignment of Rights. - (1) A party may perform his duty through a delegate...

Part 3 - General Obligation and Construction of Contract.

Section 7-2-301 - General Obligations of Parties. - The obligation of the seller is to transfer and deliver...

Section 7-2-304 - Price Payable in Money, Goods, Realty, or Otherwise. - (1) The price can be made payable in money or...

Section 7-2-303 - Allocation or Division of Risks. - Where this article allocates a risk or a burden as...

Section 7-2-302 - Unconscionable Contract or Clause. - (1) If the court as a matter of law finds...

Section 7-2-305 - Open Price Term. - (1) The parties if they so intend can conclude a...

Section 7-2-306 - Output, Requirements, and Exclusive Dealings. - (1) A term which measures the quantity by the output...

Section 7-2-307 - Delivery in Single Lot or Several Lots. - Unless otherwise agreed all goods called for by a contract...

Section 7-2-308 - Absence of Specified Place for Delivery. - Unless otherwise agreed: (a) The place for delivery of goods...

Section 7-2-309 - Absence of Specific Time Provisions; Notice of Termination. - (1) The time for shipment or delivery or any other...

Section 7-2-310 - Open Time for Payment or Running of Credit; Authority to Ship Under Reservation. - Unless otherwise agreed: (a) Payment is due at the time...

Section 7-2-311 - Options and Cooperation Respecting Performance. - (1) An agreement for sale which is otherwise sufficiently definite...

Section 7-2-312 - Warranty of Title and Against Infringement; Buyer's Obligation Against Infringement. - (1) Subject to subsection (2) there is in a contract...

Section 7-2-313 - Express Warranties by Affirmation, Promise, Description, Sample. - (1) Express warranties by the seller are created as follows:...

Section 7-2-314 - Implied Warranty: Merchantability; Usage of Trade; Human Blood and Tissues. - (1) Unless excluded or modified (Section 7-2-316), a warranty that...

Section 7-2-315 - Implied Warranty: Fitness for Particular Purpose. - Where the seller at the time of contracting has reason...

Section 7-2-316 - Exclusion or Modification of Warranties. - (1) Words or conduct relevant to the creation of an...

Section 7-2-317 - Cumulation and Conflict of Warranties Express or Implied. - Warranties whether express or implied shall be construed as consistent...

Section 7-2-318 - Third-Party Beneficiaries of Warranties Express or Implied. - A sellers' warranty, whether express or implied, extends to any...

Section 7-2-319 - f.o.b. and f.a.s. Terms. - (1) Unless otherwise agreed the term F.O.B. (which means "free...

Section 7-2-320 - c.i.f. and C. & F. Terms. - (1) The term C.I.F. means that the price includes in...

Section 7-2-321 - 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. &...

Section 7-2-322 - Delivery "Ex-Ship". - (1) Unless otherwise agreed a term for delivery of goods...

Section 7-2-323 - Form of Bill of Lading Required in Overseas Shipment; "overseas." - (1) Where the contract contemplates overseas shipment and contains a...

Section 7-2-324 - "No Arrival, No Sale" Term. - Under a term "no arrival, no sale" or terms of...

Section 7-2-325 - "Letter of Credit" Term; "Confirmed credit." - (1) Failure of the buyer seasonably to furnish an agreed...

Section 7-2-326 - "Sale on Approval" and "Sale or return." - (1) Unless otherwise agreed, if delivered goods may be returned...

Section 7-2-327 - Special Incidents of Sale on Approval and Sale or Return. - (1) Under a sale on approval unless otherwise agreed: (a)...

Section 7-2-328 - Sale by Auction. - (1) In a sale by auction if goods are put...

Part 4 - Title, Creditors, and Good Faith Purchasers.

Section 7-2-401 - Passing of Title; Reservation for Security; Limited Application of This Section. - Each provision of this article with regard to the rights,...

Section 7-2-402 - Rights of Seller's Creditors Against Sold Goods. - (1) Except as provided in subsections (2) and (3), rights...

Section 7-2-403 - Power to Transfer; Good Faith Purchase of Goods; "entrusting." - (1) A purchaser of goods acquires all title which his...

Part 5 - Performance.

Section 7-2-501 - Insurable Interest in Goods; Manner of Identification of Goods. - (1) The buyer obtains a special property and an insurable...

Section 7-2-502 - Buyer's Right to Goods. - (1) Subject to subsections (2) and (3) and even though...

Section 7-2-503 - Manner of Seller's Tender of Delivery. - (1) Tender of delivery requires that the seller put and...

Section 7-2-504 - Shipment by Seller. - Where the seller is required or authorized to send the...

Section 7-2-505 - Seller's Shipment Under Reservation. - (1) Where the seller has identified goods to the contract...

Section 7-2-506 - Rights of Financing Agency. - (1) A financing agency by paying or purchasing for value...

Section 7-2-507 - Effect of Seller's Tender; Delivery on Condition. - (1) Tender of delivery is a condition to the buyer's...

Section 7-2-508 - Cure by Seller of Improper Tender or Delivery; Replacement. - (1) Where any tender or delivery by the seller is...

Section 7-2-509 - Risk of Loss in the Absence of Breach. - (1) Where the contract requires or authorizes the seller to...

Section 7-2-510 - Effect of Breach on Risk of Loss. - (1) Where a tender or delivery of goods so fails...

Section 7-2-511 - Tender of Payment by Buyer; Payment by Check. - (1) Unless otherwise agreed tender of payment is a condition...

Section 7-2-512 - Payment by Buyer Before Inspection. - (1) Where the contract requires payment before inspection nonconformity of...

Section 7-2-513 - Buyer's Right to Inspection of Goods. - (1) Unless otherwise agreed and subject to subsection (3), where...

Section 7-2-514 - When Documents Deliverable on Acceptance; When on Payment. - Unless otherwise agreed documents against which a draft is drawn...

Section 7-2-515 - Preserving Evidence of Goods in Dispute. - In furtherance of the adjustment of any claim or dispute:...

Part 6 - Breach, Repudiation, and Excuse.

Section 7-2-601 - Buyer's Rights on Improper Delivery. - Subject to the provisions of this article on breach in...

Section 7-2-602 - Manner and Effect of Rightful Rejection. - (1) Rejection of goods must be within a reasonable time...

Section 7-2-603 - Merchant Buyer's Duties as to Rightfully Rejected Goods. - (1) Subject to any security interest in the buyer (subsection...

Section 7-2-604 - Buyer's Options as to Salvage of Rightfully Rejected Goods. - Subject to the provisions of Section 7-2-603 on perishables if...

Section 7-2-605 - Waiver of Buyer's Objections by Failure to Particularize. - (1) The buyer's failure to state in connection with rejection...

Section 7-2-606 - What Constitutes Acceptance of Goods. - (1) "Acceptance" of goods occurs when the buyer: (a) After...

Section 7-2-607 - 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...

Section 7-2-608 - Revocation of Acceptance in Whole or in Part. - (1) The buyer may revoke his acceptance of a lot...

Section 7-2-609 - Right to Adequate Assurance of Performance. - (1) A contract for sale imposes an obligation on each...

Section 7-2-610 - Anticipatory Repudiation. - When either party repudiates the contract with respect to a...

Section 7-2-611 - Retraction of Anticipatory Repudiation. - (1) Until the repudiating party's next performance is due he...

Section 7-2-612 - "Installment Contract"; Breach. - (1) An "installment contract" is one which requires or authorizes...

Section 7-2-613 - Casualty to Identified Goods. - Where the contract requires for its performance goods identified when...

Section 7-2-615 - Excuse by Failure of Presupposed Conditions. - Except so far as a seller may have assumed a...

Section 7-2-614 - Substituted Performance. - (1) Where without fault of either party the agreed berthing,...

Section 7-2-616 - Procedure on Notice Claiming Excuse. - (1) Where the buyer receives notification of a material or...

Part 7 - Remedies.

Section 7-2-701 - Remedies for Breach of Collateral Contracts Not Impaired. - Remedies for breach of any obligation or promise collateral or...

Section 7-2-702 - Seller's Remedies on Discovery of Buyer's Insolvency. - (1) Where the seller discovers the buyer to be insolvent...

Section 7-2-703 - Seller's Remedies in General. - Where the buyer wrongfully rejects or revokes acceptance of goods...

Section 7-2-704 - Seller's Right to Identify Goods to the Contract Notwithstanding Breach or to Salvage Unfinished Goods. - (1) An aggrieved seller under Section 7-2-703 may: (a) Identify...

Section 7-2-705 - Seller's Stoppage of Delivery in Transit or Otherwise. - (1) The seller may stop delivery of goods in the...

Section 7-2-706 - Seller's Resale Including Contract for Resale. - (1) Under the conditions stated in Section 7-2-703 on seller's...

Section 7-2-707 - "Person in the Position of a seller." - (1) A "person in the position of a seller" includes...

Section 7-2-708 - Seller's Damages for Nonacceptance or Repudiation. - (1) Subject to subsection (2) and to the provisions of...

Section 7-2-709 - Action for the Price. - (1) When the buyer fails to pay the price as...

Section 7-2-710 - Seller's Incidental Damages. - Incidental damages to an aggrieved seller include any commercially reasonable...

Section 7-2-711 - Buyer's Remedies in General; Buyer's Security Interest in Rejected Goods. - (1) Where the seller fails to make delivery or repudiates...

Section 7-2-712 - "Cover"; Buyer's Procurement of Substitute Goods. - (1) After a breach within Section 7-2-711, the buyer may...

Section 7-2-713 - Buyer's Damages for Nondelivery or Repudiation. - (1) Subject to the provisions of this article with respect...

Section 7-2-714 - Buyer's Damages for Breach in Regard to Accepted Goods. - (1) Where the buyer has accepted goods and given notification...

Section 7-2-715 - Buyer's Incidental and Consequential Damages. - (1) Incidental damages resulting from the seller's breach include expenses...

Section 7-2-716 - Buyer's Right to Specific Performance or Replevin. - (1) Specific performance may be decreed where the goods are...

Section 7-2-717 - Deduction of Damages From the Price. - The buyer on notifying the seller of his intention to...

Section 7-2-718 - Liquidation or Limitation of Damages; Deposits. - (1) Damages for breach by either party may be liquidated...

Section 7-2-719 - Contractual Modification or Limitation of Remedy. - (1) Subject to the provisions of subsections (2) and (3)...

Section 7-2-720 - Effect of "Cancellation" or "Rescission" on Claims for Antecedent Breach. - Unless the contrary intention clearly appears, expressions of "cancellation" or...

Section 7-2-721 - Remedies for Fraud. - Remedies for material misrepresentation or fraud include all remedies available...

Section 7-2-722 - Who Can Sue Third Parties for Injury to Goods. - Where a third party so deals with goods which have...

Section 7-2-723 - Proof of Market Price: Time and Place. - (1) If an action based on anticipatory repudiation comes to...

Section 7-2-724 - Admissibility of Market Quotations. - Whenever the prevailing price or value of any goods regularly...

Section 7-2-725 - Statute of Limitations in Contracts for Sale. - (1) An action for breach of any contract for sale...

Article 2A - Leases.

Part 1 - General Provisions.

Section 7-2A-101 - Short Title. - This article shall be known and may be cited as...

Section 7-2A-102 - Scope. - This article applies to any transaction, regardless of form, that...

Section 7-2A-103 - Definitions and Index of Definitions. - (1) In this article unless the context otherwise requires: (a)...

Section 7-2A-104 - Leases Subject to Other Statutes. - (1) A lease, although subject to this article, is also...

Section 7-2A-105 - Territorial Application of Article to Goods Covered by Certificate of Title. - Subject to the provisions of Sections 7-2A-304(3) and 7-2A-305(3), with...

Section 7-2A-106 - Limitation on Power of Parties to Consumer Lease to Choose Applicable Law and Judicial Forum. - (1) If the law chosen by the parties to a...

Section 7-2A-107 - Waiver or Renunciation of Claim or Right After Default. - Any claim or right arising out of an alleged default...

Section 7-2A-108 - Unconscionability. - (1) If the court as a matter of law finds...

Section 7-2A-109 - Option to Accelerate at Will. - (1) A term providing that one party or his or...

Part 2 - Formation and Construction of Lease Contract.

Section 7-2A-201 - Statute of Frauds. - (1) A lease contract is not enforceable by way of...

Section 7-2A-202 - Final Written Expression: Parol or Extrinsic Evidence. - Terms with respect to which the confirmatory memoranda of the...

Section 7-2A-203 - Seals Inoperative. - The affixing of a seal to a writing evidencing a...

Section 7-2A-204 - Formation in General. - (1) A lease contract may be made in any manner...

Section 7-2A-205 - Firm Offers. - An offer by a merchant to lease goods to or...

Section 7-2A-206 - Offer and Acceptance in Formation of Lease Contract. - (1) Unless otherwise unambiguously indicated by the language or circumstances,...

Section 7-2A-207 - Course of Performance or Practical Construction. - Repealed by Act 2004-524, p. 1070, §3, effective January 1,...

Section 7-2A-208 - Modification, Rescission and Waiver. - (1) An agreement modifying a lease contract needs no consideration...

Section 7-2A-209 - Lessee Under Finance Lease as Beneficiary of Supply Contract. - (1) The benefit of a supplier's promises to the lessor...

Section 7-2A-210 - Express Warranties. - (1) Express warranties by the lessor are created as follows:...

Section 7-2A-211 - Warranties Against Interference and Against Infringement; Lessee's Obligation Against Infringement. - (1) There is in a lease contract a warranty that...

Section 7-2A-212 - Implied Warranty of Merchantability. - (1) Except in a finance lease, a warranty that the...

Section 7-2A-213 - Implied Warranty of Fitness for Particular Purpose. - Except in a finance lease, if the lessor at the...

Section 7-2A-214 - Exclusion or Modification of Warranties. - (1) Words or conduct relevant to the creation of an...

Section 7-2A-215 - Cumulation and Conflict of Warranties Express or Implied. - Warranties, whether express or implied, must be construed as consistent...

Section 7-2A-216 - Third-Party Beneficiaries of Express and Implied Warranties. - (1) A warranty to or for the benefit of a...

Section 7-2A-217 - Identification. - Identification of goods as goods to which a lease contract...

Section 7-2A-218 - Insurance and Proceeds. - (1) A lessee obtains an insurable interest when existing goods...

Section 7-2A-219 - Risk of Loss. - (1) Except in the case of a finance lease, risk...

Section 7-2A-220 - Effect of Default on Risk of Loss. - (1) Where risk of loss is to pass to the...

Section 7-2A-221 - Casualty to Identified Goods. - If a lease contract requires goods identified when the lease...

Part 3 - Effect of Lease Contract.

Section 7-2A-301 - Enforceability of Lease Contract. - Except as otherwise provided in this article, a lease contract...

Section 7-2A-302 - Title to and Possession of Goods. - Except as otherwise provided in this article, each provision of...

Section 7-2A-303 - Alienability of Interests, Transfer of Rights, Etc. - (1) As used in this section, "creation of a security...

Section 7-2A-304 - Subsequent Lease of Goods by Lessor. - (1) Subject to Section 7-2A-303, a subsequent lessee from a...

Section 7-2A-305 - Sale or Sublease of Goods by Lessee. - (1) Subject to the provisions of Section 7-2A-303, a buyer...

Section 7-2A-306 - Priority of Certain Liens Arising by Operation of Law. - If a person in the ordinary course of his or...

Section 7-2A-307 - Priority Over Lease Contract. - (1) Except as otherwise provided in Section 7-2A-306, a creditor...

Section 7-2A-308 - Special Rights of Creditors. - (1) A creditor of a lessor in possession of goods...

Section 7-2A-309 - Lessor's and Lessee's Rights When Goods Become Fixtures. - (1) In this section: (a) goods are "fixtures" when they...

Section 7-2A-310 - Lessor's and Lessee's Rights When Goods Become Accessions. - (1) Goods are "accessions" when they are installed in or...

Section 7-2A-311 - Priority Subject to Subordination. - Nothing in this article prevents subordination by agreement by any...

Part 4 - Performance of Lease Contract: Repudiated, Substituted and Excused.

Section 7-2A-401 - Insecurity: Adequate Assurance of Performance. - (1) A lease contract imposes an obligation on each party...

Section 7-2A-402 - Anticipatory Repudiation. - (1) If either party repudiates a lease contract with respect...

Section 7-2A-403 - Retraction of Anticipatory Repudiation. - (1) Until the repudiating party's next performance is due, the...

Section 7-2A-404 - Substituted Performance. - (1) If without fault of the lessee, the lessor and...

Section 7-2A-405 - Excused Performance. - Subject to Section 7-2A-404 on substituted performance, the following rules...

Section 7-2A-406 - Procedure on Excused Performance. - (1) If the lessee receives notification of a material or...

Section 7-2A-407 - Irrevocable Promises: Finance Leases. - (1) In the case of a finance lease that is...

Part 5 - Default.

Division A - In General.

Section 7-2A-501 - Default: Procedure. - (1) Whether the lessor or the lessee is in default...

Section 7-2A-502 - Notice After Default. - Except as otherwise provided in this article or the lease...

Section 7-2A-503 - Modification or Impairment of Rights and Remedies. - (1) Except as otherwise provided in this article, the lease...

Section 7-2A-504 - Liquidation of Damages. - (1) Damages payable by either party for default, or any...

Section 7-2A-505 - Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies. - (1) On cancellation of the lease contract, all obligations that...

Section 7-2A-506 - Statute of Limitations. - (1) An action for default under a lease contract, including...

Section 7-2A-507 - Proof of Market Rent: Time and Place. - (1) Damages based on market rent (Section 7-2A-519 or 7-2A-528)...

Division B - Default by Lessor.

Section 7-2A-508 - Lessee's Remedies. - (1) If a lessor fails to deliver the goods in...

Section 7-2A-509 - Lessee's Rights on Improper Delivery; Rightful Rejection. - (1) Subject to the provisions of Section 7-2A-510 on default...

Section 7-2A-510 - Installment Lease Contracts: Rejection and Default. - (1) Under an installment lease contract a lessee may reject...

Section 7-2A-511 - Merchant Lessee's Duties as to Rightfully Rejected Goods. - (1) Subject to any security interest of a lessee (Section...

Section 7-2A-512 - Lessee's Duties as to Rightfully Rejected Goods. - (1) Except as otherwise provided with respect to goods that...

Section 7-2A-513 - Cure by Lessor of Improper Tender or Delivery; Replacement. - (1) If any tender or delivery by the lessor or...

Section 7-2A-514 - Waiver of Lessee's Objections. - (1) In rejecting goods, a lessee's failure to state a...

Section 7-2A-515 - Acceptance of Goods. - (1) Acceptance of goods occurs after the lessee has had...

Section 7-2A-516 - Effect of Acceptance of Goods; Notice of Default; Burden of Establishing Default After Acceptance; Notice of Claim or Litigation to Person Answerable Over. - (1) A lessee must pay rent for any goods accepted...

Section 7-2A-517 - Revocation of Acceptance of Goods. - (1) A lessee may revoke acceptance of a lot or...

Section 7-2A-518 - Cover; Substitute Goods. - (1) After a default by a lessor under the lease...

Section 7-2A-519 - Lessee's Damages for Nondelivery, Repudiation, Default, and Breach of Warranty in Regard to Accepted Goods. - (1) Except as otherwise provided with respect to damages liquidated...

Section 7-2A-520 - Lessee's Incidental and Consequential Damages. - (1) Incidental damages resulting from a lessor's default include expenses...

Section 7-2A-521 - Lessee's Right to Specific Performance or Replevin. - (1) Specific performance may be decreed if the goods are...

Section 7-2A-522 - Lessee's Right to Goods on Lessor's Insolvency. - (1) Subject to subsection (2) and even though the goods...

Division C - Default by Lessee.

Section 7-2A-523 - Lessor's Remedies. - (1) If a lessee wrongfully rejects or revokes acceptance of...

Section 7-2A-524 - Lessor's Right to Identify Goods to Lease Contract. - (1) A lessor aggrieved under Section 7-2A-523(1) may: (a) identify...

Section 7-2A-525 - Lessor's Right to Possession of Goods. - (1) If a lessor discovers the lessee to be insolvent,...

Section 7-2A-526 - Lessor's Stoppage of Delivery in Transit or Otherwise. - (1) A lessor may stop delivery of goods in the...

Section 7-2A-527 - Lessor's Rights to Dispose of Goods. - (1) After a default by a lessee under the lease...

Section 7-2A-528 - Lessor's Damages for Nonacceptance, Failure to Pay, Repudiation, or Other Default. - (1) Except as otherwise provided with respect to damages liquidated...

Section 7-2A-529 - Lessor's Action for the Rent. - (1) After default by the lessee under the lease contract...

Section 7-2A-530 - Lessor's Incidental Damages. - Incidental damages to an aggrieved lessor include any commercially reasonable...

Section 7-2A-531 - Standing to Sue Third Parties for Injury to Goods. - (1) If a third party so deals with goods that...

Section 7-2A-532 - Lessor's Rights to Residual Interest. - In addition to any other recovery permitted by this article...

Article 3 - Negotiable Instruments.

Part 1 - General Provisions and Definitions.

Section 7-3-101 - Short Title. - This article may be cited as Uniform Commercial Code -...

Section 7-3-103 - Definitions. - (a) In this article: (1) "Acceptor" means a drawee who...

Section 7-3-102 - Subject Matter. - (a) This article applies to negotiable instruments. It does not...

Section 7-3-104 - Negotiable Instrument. - (a) Except as provided in subsections (c) and (d), "negotiable...

Section 7-3-105 - Issue of Instrument. - (a) "Issue" means the first delivery of an instrument by...

Section 7-3-106 - Unconditional Promise or Order. - (a) Except as provided in this section, for the purposes...

Section 7-3-107 - Instrument Payable in Foreign Money. - Unless the instrument otherwise provides, an instrument that states the...

Section 7-3-108 - Payable on Demand or at Definite Time. - (a) A promise or order is "payable on demand" if...

Section 7-3-109 - Payable to Bearer or to Order. - (a) A promise or order is payable to bearer if...

Section 7-3-110 - Identification of Person to Whom Instrument Is Payable. - (a) The person to whom an instrument is initially payable...

Section 7-3-111 - Place of Payment. - Except as otherwise provided for items in Article 4, an...

Section 7-3-112 - Interest. - (a) Unless otherwise provided in the instrument, (i) an instrument...

Section 7-3-113 - Date of Instrument. - (a) An instrument may be antedated or postdated. The date...

Section 7-3-114 - Contradictory Terms of Instrument. - If an instrument contains contradictory terms, typewritten terms prevail over...

Section 7-3-115 - Incomplete Instrument. - (a) "Incomplete instrument" means a signed writing, whether or not...

Section 7-3-116 - Joint and Several Liability; Contribution. - (a) Except as otherwise provided in the instrument, two or...

Section 7-3-117 - Other Agreements Affecting Instrument. - Subject to applicable law regarding exclusion of proof of contemporaneous...

Section 7-3-118 - Statute of Limitations. - (a) Note payable at a definite time. Except as provided...

Section 7-3-119 - Notice of Right to Defend Action. - In an action for breach of an obligation for which...

Part 2 - Negotiation, Transfer, and Indorsement.

Section 7-3-201 - Negotiation. - (a) "Negotiation" means a transfer of possession, whether voluntary or...

Section 7-3-202 - Negotiation Subject to Rescission. - (a) Negotiation is effective even if obtained (i) from an...

Section 7-3-203 - Transfer of Instrument; Rights Acquired by Transfer. - (a) An instrument is transferred when it is delivered by...

Section 7-3-204 - Indorsement. - (a) "Indorsement" means a signature, other than that of a...

Section 7-3-205 - Special Indorsement; Blank Indorsement; Anomalous Indorsement. - (a) If an indorsement is made by the holder of...

Section 7-3-206 - Restrictive Indorsement. - (a) An indorsement limiting payment to a particular person or...

Section 7-3-207 - Reacquisition. - Reacquisition of an instrument occurs if it is transferred to...

Part 3 - Enforcement of Instruments.

Section 7-3-301 - Person Entitled to Enforce Instrument. - "Person entitled to enforce" an instrument means (i) the holder...

Section 7-3-302 - Holder in Due Course. - (a) Subject to subsection (c) and Section 7-3-106(d), "holder in...

Section 7-3-303 - Value and Consideration. - (a) An instrument is issued or transferred for value if:...

Section 7-3-306 - Claims to an Instrument. - A person taking an instrument, other than a person having...

Section 7-3-304 - Overdue Instrument. - (a) An instrument payable on demand becomes overdue at the...

Section 7-3-305 - Defenses and Claims in Recoupment. - (a) Except as stated in subsection (b), the right to...

Section 7-3-307 - Notice of Breach of Fiduciary Duty. - (a) In this section: (1) "Fiduciary" means an agent, trustee,...

Section 7-3-308 - Proof of Signatures and Status as Holder in Due Course. - (a) In an action with respect to an instrument, the...

Section 7-3-309 - Enforcement of Lost, Destroyed, or Stolen Instrument. - (a) A person not in possession of an instrument is...

Section 7-3-310 - Effect of Instrument on Obligation for Which Taken. - (a) Unless otherwise agreed, if a certified check, cashier's check,...

Section 7-3-311 - Accord and Satisfaction by Use of Instrument. - (a) If a person against whom a claim is asserted...

Section 7-3-312 - Lost, Destroyed, or Stolen Cashier's Check, Teller's Check, or Certified Check. - (a) In this section: (1) "Check" means a cashier's check,...

Part 4 - Liability of Parties.

Section 7-3-401 - Signature. - (a) A person is not liable on an instrument unless...

Section 7-3-402 - Signature by Representative. - (a) If a person acting, or purporting to act, as...

Section 7-3-403 - Unauthorized Signature. - (a) Unless otherwise provided in this article or Article 4,...

Section 7-3-404 - Impostors; Fictitious Payees. - (a) If an impostor, by use of the mails or...

Section 7-3-405 - Employer's Responsibility for Fraudulent Indorsement by Employee. - (a) This section applies to fraudulent indorsements of instruments with...

Section 7-3-406 - Negligence Contributing to Forged Signature or Alteration of Instrument. - (a) A person whose failure to exercise ordinary care substantially...

Section 7-3-407 - Alteration. - (a) "Alteration" means (i) an unauthorized change in an instrument...

Section 7-3-408 - Drawee Not Liable on Unaccepted Draft. - A check or other draft does not of itself operate...

Section 7-3-409 - Acceptance of Draft; Certified Check. - (a) "Acceptance" means the drawee's signed agreement to pay a...

Section 7-3-410 - Acceptance Varying Draft. - (a) If the terms of a drawee's acceptance vary from...

Section 7-3-411 - Refusal to Pay Cashier's Checks, Teller's Checks, and Certified Checks. - (a) In this section, "obligated bank" means the acceptor of...

Section 7-3-412 - Obligation of Issuer of Note or Cashier's Check. - The issuer of a note or cashier's check or other...

Section 7-3-413 - Obligation of Acceptor. - (a) The acceptor of a draft is obliged to pay...

Section 7-3-414 - Obligation of Drawer. - (a) This section does not apply to cashier's checks or...

Section 7-3-415 - Obligation of Indorser. - (a) Subject to subsections (b), (c), and (d) and to...

Section 7-3-416 - Transfer Warranties. - (a) A person who transfers an instrument for consideration warrants...

Section 7-3-417 - Presentment Warranties. - (a) If an unaccepted draft is presented to the drawee...

Section 7-3-418 - Payment or Acceptance by Mistake. - (a) Except as provided in subsection (c), if the drawee...

Section 7-3-419 - Instruments Signed for Accommodation. - (a) If an instrument is issued for value given for...

Section 7-3-420 - Conversion of Instrument. - (a) An instrument is converted under circumstances which would constitute...

Part 5 - Dishonor.

Section 7-3-502 - Dishonor. - (a) Dishonor of a note is governed by the following...

Section 7-3-503 - Notice of Dishonor. - (a) The obligation of an indorser stated in Section 7-3-415(a)...

Section 7-3-501 - Presentment. - (a) "Presentment" means a demand made by or on behalf...

Section 7-3-504 - Excused Presentment and Notice of Dishonor. - (a) Presentment for payment or acceptance of an instrument is...

Section 7-3-505 - Evidence of Dishonor. - (a) The following are admissible as evidence and create a...

Part 6 - Discharge and Payment.

Section 7-3-601 - Discharge and Effect of Discharge. - (a) The obligation of a party to pay the instrument...

Section 7-3-602 - Payment. - (a) Subject to subsection (b), an instrument is paid to...

Section 7-3-603 - Tender of Payment. - (a) If tender of payment of an amount due on...

Section 7-3-604 - Discharge by Cancellation or Renunciation. - (a) A person entitled to enforce an instrument, with or...

Section 7-3-605 - Discharge of Indorsers and Accommodation Parties. - (a) In this section, the term "indorser" includes a drawer...

Article 4 - Bank Deposits and Collections.

Part 1 - General Provisions and Definitions.

Section 7-4-101 - Short Title. - This article may be cited as Uniform Commercial Code -...

Section 7-4-102 - Applicability. - (a) To the extent that items within this article are...

Section 7-4-103 - Variation by Agreement; Measure of Damages; Action Constituting Ordinary Care. - (a) The effect of the provisions of this article may...

Section 7-4-104 - Definitions and Index of Definitions. - (a) In this article, unless the context otherwise requires: (1)...

Section 7-4-105 - "Bank"; "Depositary Bank"; "Payor Bank"; "Intermediary Bank"; "Collecting Bank"; "Presenting bank." - In this article: (1) "Bank" means a person engaged in...

Section 7-4-106 - Payable Through or Payable at Bank; Collecting Bank. - (a) If an item states that it is "payable through"...

Section 7-4-107 - Separate Office of Bank. - A branch or separate office of a bank is a...

Section 7-4-108 - Time of Receipt of Items. - (a) For the purpose of allowing time to process items,...

Section 7-4-109 - Delays. - (a) Unless otherwise instructed, a collecting bank in a good...

Section 7-4-110 - Electronic Presentment. - (a) "Agreement for electronic presentment" means an agreement, clearing-house rule,...

Section 7-4-111 - Statute of Limitations; Accrual of Action. - An action to enforce an obligation, duty, or right arising...

Part 2 - Collection of Items: Depositary and Collecting Banks.

Section 7-4-201 - Status of Collecting Bank as Agent and Provisional Status of Credits, Applicability of Article; Item Indorsed "Pay Any bank." - (a) Unless a contrary intent clearly appears and before the...

Section 7-4-202 - Responsibility for Collection or Return; When Action Timely. - (a) A collecting bank must exercise ordinary care in: (1)...

Section 7-4-203 - Effect of Instructions. - Subject to Article 3 concerning conversion of instruments (Section 7-3-420)...

Section 7-4-204 - Methods of Sending and Presenting; Sending Directly to Payor Bank. - (a) A collecting bank shall send items by a reasonably...

Section 7-4-205 - Depositary Bank Holder of Unindorsed Item. - If a customer delivers an item to a depositary bank...

Section 7-4-206 - Transfer Between Banks. - Any agreed method that identifies the transferor bank is sufficient...

Section 7-4-208 - Presentment Warranties. - (a) If an unaccepted draft is presented to the drawee...

Section 7-4-207 - Transfer Warranties. - (a) A customer or collecting bank that transfers an item...

Section 7-4-209 - Encoding and Retention Warranties. - (a) A person who encodes information on or with respect...

Section 7-4-210 - Security Interest of Collecting Bank in Items, Accompanying Documents, and Proceeds. - (a) A collecting bank has a security interest in an...

Section 7-4-211 - When Bank Gives Value for Purposes of Holder in Due Course. - For purposes of determining its status as a holder in...

Section 7-4-212 - 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...

Section 7-4-213 - Medium and Time of Settlement by Bank. - (a) With respect to settlement by a bank, the medium...

Section 7-4-214 - Right of Charge-Back or Refund; Liability of Collecting Bank; Return of Item. - (a) If a collecting bank has made provisional settlement with...

Section 7-4-215 - 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...

Section 7-4-216 - Insolvency and Preference. - (a) If an item is in or comes into the...

Part 3 - Collection of Items: Payor Banks.

Section 7-4-301 - 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...

Section 7-4-302 - Payor Bank's Responsibility for Late Return of Item. - (a) If an item is presented to and received by...

Section 7-4-303 - When Items 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...

Part 4 - Relationship Between Payor Bank and Its Customer.

Section 7-4-401 - When Bank May Charge Customer's Account. - (a) A bank may charge against the account of a...

Section 7-4-402 - Bank's Liability to Customer for Wrongful Dishonor; Time of Determining Insufficiency of Account. - (a) Except as otherwise provided in this article, a payor...

Section 7-4-403 - Customer's Right to Stop Payment; Burden of Proof of Loss. - (a) A customer or any person authorized to draw on...

Section 7-4-404 - Bank Not Obligated to Pay Check More Than Six Months Old. - A bank is under no obligation to a customer having...

Section 7-4-405 - Death or Incompetence of Customer. - (a) A payor or collecting bank's authority to accept, pay,...

Section 7-4-406 - Customer's Duty to Discover and Report Unauthorized Signature or Alteration. - (a) A bank that sends or makes available to a...

Section 7-4-407 - Payor Bank's Right to Subrogation on Improper Payment. - If a payor bank has paid an item over the...

Part 5 - Collection of Documentary Drafts.

Section 7-4-501 - 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...

Section 7-4-502 - Presentment of "On Arrival" Drafts. - If a draft or the relevant instructions require presentment "on...

Section 7-4-503 - Responsibility of Presenting Bank for Documents and Goods; Report of Reasons for Dishonor; Referee in Case of Need. - Unless otherwise instructed and except as provided in Article 5,...

Section 7-4-504 - Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses. - (a) A presenting bank that, following the dishonor of a...

Article 4A - Funds Transfers.

Part 1 - Subject Matter and Definitions.

Section 7-4A-101 - Short Title. - This article shall be known as and may be cited...

Section 7-4A-103 - Payment Order - Definitions. - (a) In this article: (1) "Payment order" means an instruction...

Section 7-4A-102 - Subject Matter. - Except as otherwise provided in Section 7-4A-108, this article applies...

Section 7-4A-104 - Funds Transfer - Definitions. - In this article: (a) "Funds transfer" means the series of...

Section 7-4A-105 - Other Definitions. - (a) In this article: (1) "Authorized account" means a deposit...

Section 7-4A-106 - Time Payment Order Is Received. - (a) The time of receipt of a payment order or...

Section 7-4A-107 - Federal Reserve Regulations and Operating Circulars. - Regulations of the Board of Governors of the Federal Reserve...

Section 7-4A-108 - Applicability to Consumer Transactions Governed by Federal Law. - (a) Except as provided in subsection (b), this article does...

Part 2 - Issue and Acceptance of Payment Order.

Section 7-4A-201 - Security Procedure. - "Security procedure" means a procedure established by agreement of a...

Section 7-4A-202 - Authorized and Verified Payment Orders. - (a) A payment order received by the receiving bank is...

Section 7-4A-203 - Unenforceability of Certain Verified Payment Orders. - (a) If an accepted payment order is not, under Section...

Section 7-4A-204 - Refund of Payment and Duty of Customer to Report With Respect to Unauthorized Payment Order. - (a) If a receiving bank accepts a payment order issued...

Section 7-4A-205 - Erroneous Payment Orders. - (a) If an accepted payment order was transmitted pursuant to...

Section 7-4A-206 - Transmission of Payment Order Through Funds-Transfer or Other Communication System. - (a) If a payment order addressed to a receiving bank...

Section 7-4A-207 - Misdescription of Beneficiary. - (a) Subject to subsection (b), if, in a payment order...

Section 7-4A-208 - Misdescription of Intermediary Bank or Beneficiary's Bank. - (a) This subsection applies to a payment order identifying an...

Section 7-4A-209 - Acceptance of Payment Order. - (a) Subject to subsection (d), a receiving bank other than...

Section 7-4A-210 - Rejection of Payment Order. - (a) A payment order is rejected by the receiving bank...

Section 7-4A-211 - Cancellation and Amendment of Payment Order. - (a) A communication of the sender of a payment order...

Section 7-4A-212 - Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order. - If a receiving bank fails to accept a payment order...

Part 3 - Execution of Sender's Payment Order by Receiving Bank.

Section 7-4A-301 - Execution and Execution Date. - (a) A payment order is "executed" by the receiving bank...

Section 7-4A-302 - Obligations of Receiving Bank in Execution of Payment Order. - (a) Except as provided in subsections (b) through (d), if...

Section 7-4A-303 - Erroneous Execution of Payment Order. - (a) A receiving bank that (i) executes the payment order...

Section 7-4A-304 - Duty of Sender to Report Erroneously Executed Payment Order. - If the sender of a payment order that is erroneously...

Section 7-4A-305 - Liability for Late or Improper Execution or Failure to Execute Payment Order. - (a) If a funds transfer is completed but execution of...

Part 4 - Payment.

Section 7-4A-401 - Payment Date. - "Payment date" of a payment order means the day on...

Section 7-4A-402 - Obligation of Sender to Pay Receiving Bank. - (a) This section is subject to Sections 7-4A-205 and 7-4A-207....

Section 7-4A-403 - Payment by Sender to Receiving Bank. - (a) Payment of the sender's obligation under Section 7-4A-402 to...

Section 7-4A-404 - Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary. - (a) Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), if a...

Section 7-4A-405 - Payment by Beneficiary's Bank to Beneficiary. - (a) If the beneficiary's bank credits an account of the...

Section 7-4A-406 - Payment by Originator to Beneficiary; Discharge of Underlying Obligation. - (a) Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), the originator...

Part 5 - Miscellaneous Provisions.

Section 7-4A-501 - Variation by Agreement and Effect of Funds-Transfer System Rule. - (a) Except as otherwise provided in this article, the rights...

Section 7-4A-502 - Creditor Process Served on Receiving Bank; Setoff by Beneficiary's Bank. - (a) As used in this section, "creditor process" means levy,...

Section 7-4A-503 - Injunction or Restraining Order With Respect to Funds Transfer. - For proper cause and in compliance with applicable law, a...

Section 7-4A-504 - Order in Which Items and Payment Orders May Be Charged to Account; Order of Withdrawals From Account. - (a) If a receiving bank has received more than one...

Section 7-4A-505 - Preclusion of Objection to Debit of Customer's Account. - If a receiving bank has received payment from its customer...

Section 7-4A-506 - Rate of Interest. - (a) If, under this article, a receiving bank is obliged...

Section 7-4A-507 - Choice of Law. - (a) The following rules apply unless the affected parties otherwise...

Part 6 - Uniformity.

Section 7-4A-601 - Uniformity of Application and Construction. - This article shall be applied and construed so as to...

Article 5 - Letters of Credit.

Section 7-5-101 - Short Title. - This article may be cited as Uniform Commercial Code -...

Section 7-5-102 - Definitions. - (a) In this article: (1) "Adviser" means a person who,...

Section 7-5-103 - Scope. - (a) This article applies to letters of credit and to...

Section 7-5-104 - Formal Requirements. - A letter of credit, confirmation, advice, transfer, amendment, or cancellation...

Section 7-5-105 - Consideration. - Consideration is not required to issue, amend, transfer, or cancel...

Section 7-5-106 - Issuance, Amendment, Cancellation, and Duration. - (a) A letter of credit is issued and becomes enforceable...

Section 7-5-107 - Confirmer, Nominated Person, and Adviser. - (a) A confirmer is directly obligated on a letter of...

Section 7-5-108 - Issuer's Rights and Obligations. - (a) Except as otherwise provided in Section 7-5-109, an issuer...

Section 7-5-109 - Fraud and Forgery. - (a) If a presentation is made that appears on its...

Section 7-5-110 - Warranties. - (a) If its presentation is honored, the beneficiary warrants: (1)...

Section 7-5-111 - Remedies. - (a) If an issuer wrongfully dishonors or repudiates its obligation...

Section 7-5-112 - Transfer of Letter of Credit. - (a) Except as otherwise provided in Section 7-5-113, unless a...

Section 7-5-113 - Transfer by Operation of Law. - (a) A successor of a beneficiary may consent to amendments,...

Section 7-5-114 - Assignment of Proceeds. - (a) In this section, "proceeds of a letter of credit"...

Section 7-5-115 - Statute of Limitations. - An action to enforce a right or obligation arising under...

Section 7-5-116 - Choice of Law and Forum. - (a) The liability of an issuer, nominated person, or adviser...

Section 7-5-117 - Subrogation of Issuer, Applicant, and Nominated Person. - (a) An issuer that honors a beneficiary's presentation is subrogated...

Section 7-5-118 - Security Interest of Issuer or Nominated Person. - (a) An issuer or nominated person has a security interest...

Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title.

Part 1 - General.

Section 7-7-101 - Short Title. - This article may be cited as Uniform Commercial Code Documents...

Section 7-7-102 - Definitions and Index of Definitions. - (a) In this article, unless the context otherwise requires: (1)...

Section 7-7-103 - Relation of Article to Treaty or Statute. - (a) This article is subject to any treaty or statute...

Section 7-7-104 - Negotiable and Nonnegotiable Document of Title. - (a) Except as otherwise provided in subsection (c), a document...

Section 7-7-105 - Reissuance in Alternative Medium. - (a) Upon request of a person entitled under an electronic...

Section 7-7-106 - Control of Electronic Document of Title. - (a) A person has control of an electronic document of...

Part 2 - Warehouse Receipts: Special Provisions.

Section 7-7-201 - Person That May Issue a Warehouse Receipt; Storage Under Bond. - (a) A warehouse receipt may be issued by any warehouse....

Section 7-7-202 - Form of Warehouse Receipt; Effect of Omission. - (a) A warehouse receipt need not be in any particular...

Section 7-7-203 - Liability for Nonreceipt or Misdescription. - A party to or purchaser for value in good faith...

Section 7-7-204 - Duty of Care; Contractual Limitation of Warehouse's Liability. - (a) A warehouse is liable for damages for loss of...

Section 7-7-205 - Title Under Warehouse Receipt Defeated in Certain Cases. - A buyer in ordinary course of business of fungible goods...

Section 7-7-206 - Termination of Storage at Warehouse's Option. - (a) A warehouse, by giving notice to the person on...

Section 7-7-207 - Goods Must Be Kept Separate; Fungible Goods. - (a) Unless the warehouse receipt provides otherwise, a warehouse shall...

Section 7-7-208 - Altered Warehouse Receipts. - If a blank in a negotiable tangible warehouse receipt has...

Section 7-7-209 - Lien of Warehouse. - (a) A warehouse has a lien against the bailor on...

Section 7-7-210 - Enforcement of Warehouse's Lien. - (a) Except as otherwise provided in subsection (b), a warehouse's...

Part 3 - Bills of Lading: Special Provisions.

Section 7-7-301 - 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 which...

Section 7-7-302 - Through Bills of Lading and Similar Documents of Title. - (a) The issuer of a through bill of lading, or...

Section 7-7-303 - Diversion; Reconsignment; Change of Instructions. - (a) Unless the bill of lading otherwise provides, a carrier...

Section 7-7-304 - Tangible Bills of Lading in a Set. - (a) Except as customary in international transportation, a tangible bill...

Section 7-7-305 - Destination Bills. - (a) Instead of issuing a bill of lading to the...

Section 7-7-306 - Altered Bills of Lading. - An unauthorized alteration or filling in of a blank in...

Section 7-7-307 - Lien of Carrier. - (a) A carrier has a lien on the goods covered...

Section 7-7-308 - Enforcement of Carrier's Lien. - (a) A carrier's lien on goods may be enforced by...

Section 7-7-309 - Duty of Care; Contractual Limitation of Carrier's Liability. - (a) A carrier that issues a bill of lading, whether...

Part 4 - Warehouse Receipts and Bills of Lading: General Obligations.

Section 7-7-401 - Irregularities in Issue of Receipt or Bill or Conduct of Issuer. - The obligations imposed by this article on an issuer apply...

Section 7-7-402 - Duplicate Document of Title; Overissue. - A duplicate or any other document of title purporting to...

Section 7-7-403 - Obligation of Bailee to Deliver; Excuse. - (a) A bailee shall deliver the goods to a person...

Section 7-7-404 - No Liability for Good Faith Delivery Pursuant to Document of Title. - A bailee that in good faith has received goods and...

Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer.

Section 7-7-501 - Form of Negotiation and Requirements of Due Negotiation. - (a) The following rules apply to a negotiable tangible document...

Section 7-7-502 - Rights Acquired by Due Negotiation. - (a) Subject to Sections 7-7-205 and 7-7-503, a holder to...

Section 7-7-503 - Document of Title to Goods Defeated in Certain Cases. - (a) A document of title confers no right in goods...

Section 7-7-504 - Rights Acquired in Absence of Due Negotiation; Effect of Diversion; Stoppage of Delivery. - (a) A transferee of a document of title, whether negotiable...

Section 7-7-505 - Indorser Not Guarantor for Other Parties. - The indorsement of a tangible document of title issued by...

Section 7-7-506 - Delivery Without Indorsement: Right to Compel Indorsement. - The transferee of a negotiable tangible document of title has...

Section 7-7-507 - Warranties on Negotiation or Delivery of Document of Title. - If a person negotiates or delivers a document of title...

Section 7-7-508 - Warranties of Collecting Bank as to Documents of Title. - A collecting bank or other intermediary known to be entrusted...

Section 7-7-509 - Adequate Compliance With Commercial Contract. - Whether a document of title is adequate to fulfill the...

Part 6 - Warehouse Receipts and Bills of Lading: Miscellaneous Provisions.

Section 7-7-601 - Lost, Stolen, or Destroyed Documents of Title. - (a) If a document of title is lost, stolen, or...

Section 7-7-602 - Judicial Process Against Goods Covered by Negotiable Document of Title. - Unless a document of title was originally issued upon delivery...

Section 7-7-603 - Conflicting Claims; Interpleader. - If more than one person claims title to or possession...

Part 7 - Miscellanous Provisions.

Section 7-7-701 - Effective Date. - This article takes effect on January 1, 2005.

Section 7-7-702 - Repeals. - Existing Sections 7-7-101 through 7-7-603 and Section 7-10-104, are repealed.

Section 7-7-703 - Applicability. - This article applies to a document of title that is...

Section 7-7-704 - Savings Clause. - A document of title issued or a bailment that arises...

Article 8 - Investment Securities.

Part 1 - Short Title and General Matters.

Section 7-8-101 - Short Title. - This article may be cited as Uniform Commercial Code -...

Section 7-8-102 - Definitions. - (a) In this article: (1) "Adverse claim" means a claim...

Section 7-8-103 - Rules for Determining Whether Certain Obligations and Interests Are Securities or Financial Assets. - (a) A share or similar equity interest issued by a...

Section 7-8-104 - Acquisition of Security or Financial Asset or Interest Therein. - (a) A person acquires a security or an interest therein,...

Section 7-8-105 - Notice of Adverse Claim. - (a) A person has notice of an adverse claim if:...

Section 7-8-106 - Control. - (a) A purchaser has "control" of a certificated security in...

Section 7-8-107 - Whether Indorsement, Instruction, or Entitlement Order Is Effective. - (a) "Appropriate person" means: (1) with respect to an indorsement,...

Section 7-8-108 - Warranties in Direct Holding. - (a) A person who transfers a certificated security to a...

Section 7-8-109 - Warranties in Indirect Holding. - (a) A person who originates an entitlement order to a...

Section 7-8-110 - Applicability; Choice of Law. - (a) The local law of the issuer's jurisdiction, as specified...

Section 7-8-111 - Clearing Corporation Rules. - A rule adopted by a clearing corporation governing rights and...

Section 7-8-112 - Creditor's Legal Process. - (a) The interest of a debtor in a certificated security...

Section 7-8-113 - Statute of Frauds Inapplicable. - A contract or modification of a contract for the sale...

Section 7-8-114 - Evidentiary Rules Concerning Certificated Securities. - The following rules apply in an action on a certificated...

Section 7-8-115 - Securities Intermediary and Others Not Liable to Adverse Claimant. - A securities intermediary that has transferred a financial asset pursuant...

Section 7-8-116 - Securities Intermediary as Purchaser for Value. - A securities intermediary that receives a financial asset and establishes...

Part 2 - Issue and Issuer.

Section 7-8-201 - Issuer. - (a) With respect to an obligation on or a defense...

Section 7-8-202 - Issuer's Responsibility and Defenses; Notice of Defect or Defense. - (a) Even against a purchaser for value and without notice,...

Section 7-8-203 - Staleness as Notice of Defect or Defense. - After an act or event, other than a call that...

Section 7-8-204 - Effect of Issuer's Restriction on Transfer. - A restriction on transfer of a security imposed by the...

Section 7-8-205 - Effect of Unauthorized Signature on Security Certificate. - An unauthorized signature placed on a security certificate before or...

Section 7-8-206 - Completion or Alteration of Security Certificate. - (a) If a security certificate contains the signatures necessary to...

Section 7-8-207 - Rights and Duties of Issuer With Respect to Registered Owners. - (a) Before due presentment for registration of transfer of a...

Section 7-8-208 - Effect of Signature of Authenticating Trustee, Registrar, or Transfer Agent. - (a) A person signing a security certificate as authenticating trustee,...

Section 7-8-209 - Issuer's Lien. - A lien in favor of an issuer upon a certificated...

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Code of Alabama Title 7 - Commercial Code.

Code of Alabama
Title 7 - Commercial Code.