South Carolina Code of Laws
Title 36 - Commercial Code

Section 36-1-103. Construction of Uniform Commercial Code to promote its purposes and policies; supplementary general principles of law applicable. - (a) This title must be liberally construed and applied to...

Section 36-1-104. Construction against implicit repeal. - The Uniform Commercial Code, being a general enactment of chapters...

Section 36-1-105. Severability. - If any provision or clause of this title or its...

Section 36-1-106. Use of singular and plural; gender. - In the Uniform Commercial Code, unless the statutory context otherwise...

Section 36-1-107. Section captions. - Section captions are part of the Uniform Commercial Code, with...

Section 36-1-108. Relation to Electronic Signatures in Global and National Commerce Act. - This title modifies, limits, and supersedes the federal Electronic Signatures...

Section 36-1-109. Omitted by 2014 Act No. 213, Section 1, eff October 1, 2014. - Editor's Note Former Section 36-1-109 was titled Section captions and...

Section 36-1-201. General definitions. - (a) Unless the context otherwise requires, words or phrases defined...

Section 36-1-202. Notice; knowledge. - (a) Subject to subsection (f), a person has "notice" of...

Section 36-1-203. Lease distinguished from security interest. - (a) Whether a transaction in the form of a lease...

Section 36-1-204. Value. - Except as otherwise provided in Chapters 3, 4, 4A, 5,...

Section 36-1-205. Reasonable time; seasonableness. - (a) Whether a time for taking an action required by...

Section 36-1-206. Presumptions. - Whenever the provisions of this title create a "presumption" with...

Section 36-1-207. Omitted by 2014 Act No. 213, Section 1, eff October 1, 2014. - Editor's Note Former Section 36-1-207 was titled Performance or acceptance...

Section 36-1-208. Omitted by 2014 Act No. 213, Section 1, eff October 1, 2014. - Editor's Note Former Section 36-1-208 was titled Option to accelerate...

Section 36-1-301. Territorial applicability; parties' power to choose applicable law. - (a) Except as otherwise provided in this section, when a...

Section 36-1-302. Variation by agreement. - (a) Except as otherwise provided in subsection (b) or elsewhere...

Section 36-1-303. Course of performance, course of dealing, and usage of trade. - (a) A "course of performance" is a sequence of conduct...

Section 36-1-304. Obligation of good faith. - Every contract or duty within the Uniform Commercial Code imposes...

Section 36-1-305. Remedies to be liberally administered. - (a) The remedies provided by the Uniform Commercial Code must...

Section 36-1-306. Waiver or renunciation of claim or right after breach. - A claim or right arising out of an alleged breach...

Section 36-1-307. Prima facie evidence by third-party documents. - A document in due form purporting to be a bill...

Section 36-1-308. Performance or acceptance under reservation of rights. - (a) A party that with explicit reservation of rights performs...

Section 36-1-309. Option to accelerate at will. - A term providing that one party or that party's successor...

Section 36-1-310. Subordinated obligations. - An obligation may be issued as subordinated to performance of...

Chapter 2 - Commercial Code - Sales

Section 36-2-101. Short title. - This Chapter shall be known and may be cited as...

Section 36-2-102. Scope; certain security and other transactions excluded from this Chapter. - Unless the context otherwise requires, this Chapter applies to transactions...

Section 36-2-103. Definitions and index of definitions. - (1) In this chapter unless the context otherwise requires: (a)...

Section 36-2-104. Definitions: "Merchant"; "between merchants"; "financing agency". - (1) "Merchant" means a person who deals in goods of...

Section 36-2-105. Definitions: transferability; "goods"; "future" goods; "lot"; "commercial unit". - (1) "Goods" means all things (including specially manufactured goods) which...

Section 36-2-106. Definitions: "contract"; "agreement"; "contract for sale"; "sale"; "present sale"; "conforming to contract"; "termination"; "cancellation". - (1) In this chapter unless the context otherwise requires "contract"...

Section 36-2-107. Goods to be severed from realty; recording. - (1) A contract for the sale of minerals or the...

Section 36-2-201. Formal requirements; statute of frauds. - (1) Except as otherwise provided in this section a contract...

Section 36-2-202. Final written expression; parol or extrinsic evidence. - Terms with respect to which the confirmatory memoranda of the...

Section 36-2-203. Seals inoperative. - The affixing of a seal to a writing evidencing a...

Section 36-2-204. Formation in general. - (1) A contract for sale of goods may be made...

Section 36-2-205. Firm offers. - An offer by a merchant to buy or sell goods...

Section 36-2-206. Offer and acceptance in formation of contract. - (1) Unless otherwise unambiguously indicated by the language or circumstances...

Section 36-2-207. Additional terms in acceptance or confirmation. - (1) A definite and seasonable expression of acceptance or a...

Section 36-2-208. Repealed by 2014 Act No. 213, Section 46, eff October 1, 2014. - Editor's Note Former Section 36-2-208 was titled Course of performance...

Section 36-2-209. Modification, rescission and waiver. - (1) An agreement modifying a contract within this chapter needs...

Section 36-2-210. Delegation of performance; assignment of rights. - (1) A party may perform his duty through a delegate...

Section 36-2-301. General obligations of parties. - The obligation of the seller is to transfer and deliver...

Section 36-2-302. Unconscionable contract or clause. - (1) If the court as a matter of law finds...

Section 36-2-303. Allocation or division of risks. - Where this chapter allocates a risk or a burden as...

Section 36-2-304. Price payable in money, goods, realty, or otherwise. - (1) The price can be made payable in money or...

Section 36-2-305. Open price term. - (1) The parties if they so intend can conclude a...

Section 36-2-306. Output, requirements and exclusive dealings. - (1) A term which measures the quantity by the output...

Section 36-2-307. Delivery in single lot or several lots. - Unless otherwise agreed all goods called for by a contract...

Section 36-2-308. Absence of specified place for delivery. - Unless otherwise agreed (a) the place for delivery of goods...

Section 36-2-309. Absence of specific time provisions; notice of termination. - (1) The time for shipment or delivery or any other...

Section 36-2-310. Open time for payment or running of credit; authority to ship under reservation. - Unless otherwise agreed (a) payment is due at the time...

Section 36-2-311. Options and cooperation respecting performance. - (1) An agreement for sale which is otherwise sufficiently definite...

Section 36-2-312. Warranty of title and against infringement; buyer's obligation against infringement. - (1) Subject to subsection (2) there is in a contract...

Section 36-2-313. Express warranties by affirmation, promise, description, sample. - (1) Express warranties by the seller are created as follows:...

Section 36-2-314. Implied warranty; merchantability; usage of trade. - (1) Unless excluded or modified (Section 36-2-316), a warranty that...

Section 36-2-315. Implied warranty: Fitness for particular purpose. - Where the seller at the time of contracting has reason...

Section 36-2-316. Exclusion or modification of warranties. - (1) If the agreement creates an express warranty words disclaiming...

Section 36-2-317. Cumulation and conflict of warranties express or implied. - Warranties whether express or implied shall be construed as consistent...

Section 36-2-318. Third party beneficiaries of warranties express or implied. - A seller's warranty whether express or implied extends to any...

Section 36-2-319. F.O.B. and F.A.S. terms. - (1) Unless otherwise agreed the term F.O.B. (which means "free...

Section 36-2-320. C.I.F. and C. & F. terms. - (1) The term C.I.F. means that the price includes in...

Section 36-2-321. 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 36-2-322. Delivery "ex-ship". - (1) Unless otherwise agreed a term for delivery of goods...

Section 36-2-323. Form of bill of lading required in overseas shipment; "overseas". - (1) Where the contract contemplates overseas shipment and contains a...

Section 36-2-324. "No arrival, no sale" term. - Under a term "no arrival, no sale" or terms of...

Section 36-2-325. "Letter of credit" term; "confirmed credit". - (1) Failure of the buyer seasonably to furnish an agreed...

Section 36-2-326. Sale on approval and sale or return; consignment sales and rights of creditors. - (1) Unless otherwise agreed, if delivered goods may be returned...

Section 36-2-327. Special incidents of sale on approval and sale or return. - (1) Under a sale on approval unless otherwise agreed (a)...

Section 36-2-328. Sale by auction. - (1) In a sale by auction if goods are put...

Section 36-2-401. Passing of title; reservation for security; limited application of this section. - Each provision of this chapter with regard to the rights,...

Section 36-2-402. Rights of seller's creditors against sold goods. - (1) Except as provided in subsections (2) and (3), rights...

Section 36-2-403. Power to transfer; good faith purchase of goods; "entrusting". - (1) A purchaser of goods acquires all title which his...

Section 36-2-501. Insurable interest in goods; manner of identification of goods. - (1) The buyer obtains a special property and an insurable...

Section 36-2-502. Buyer's right to goods on seller's insolvency. - (1) Subject to subsection (2) and even though the goods...

Section 36-2-503. Manner of seller's tender of delivery. - (1) Tender of delivery requires that the seller put and...

Section 36-2-504. Shipment by seller. - Where the seller is required or authorized to send the...

Section 36-2-505. Seller's shipment under reservation. - (1) Where the seller has identified goods to the contract...

Section 36-2-506. Rights of financing agency. - (1) A financing agency by paying or purchasing for value...

Section 36-2-507. Effect of seller's tender; delivery on condition. - (1) Tender of delivery is a condition to the buyer's...

Section 36-2-508. Cure by seller of improper tender or delivery; replacement. - (1) Where any tender or delivery by the seller is...

Section 36-2-509. Risk of loss in the absence of breach. - (1) Where the contract requires or authorizes the seller to...

Section 36-2-510. Effect of breach on risk of loss. - (1) Where a tender or delivery of goods so fails...

Section 36-2-511. Tender of payment by buyer; payment by check. - (1) Unless otherwise agreed tender of payment is a condition...

Section 36-2-512. Payment by buyer before inspection. - (1) Where the contract requires payment before inspection nonconformity of...

Section 36-2-513. Buyer's right to inspection of goods. - (1) Unless otherwise agreed and subject to subsection (3), where...

Section 36-2-514. When documents deliverable on acceptance; when on payment. - Unless otherwise agreed documents against which a draft is drawn...

Section 36-2-515. Preserving evidence of goods in dispute. - In furtherance of the adjustment of any claim or dispute...

Section 36-2-601. Buyer's rights on improper delivery. - Subject to the provisions of this chapter on breach in...

Section 36-2-602. Manner and effect of rightful rejection. - (1) Rejection of goods must be within a reasonable time...

Section 36-2-603. Merchant buyer's duties as to rightfully rejected goods. - (1) Subject to any security interest in the buyer (subsection...

Section 36-2-604. Buyer's options as to salvage of rightfully rejected goods. - Subject to the provisions of the immediately preceding section (Section...

Section 36-2-605. Waiver of buyer's objections by failure to particularize. - (1) The buyer's failure to state in connection with rejection...

Section 36-2-606. What constitutes acceptance of goods. - (1) Acceptance of goods occurs when the buyer (a) after...

Section 36-2-607. 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 36-2-608. Revocation of acceptance in whole or in part. - (1) The buyer may revoke his acceptance of a lot...

Section 36-2-609. Right to adequate assurance of performance. - (1) A contract for sale imposes an obligation on each...

Section 36-2-610. Anticipatory repudiation. - When either party repudiates the contract with respect to a...

Section 36-2-611. Retraction of anticipatory repudiation. - (1) Until the repudiating party's next performance is due he...

Section 36-2-612. "Installment contract"; breach. - (1) An "installment contract" is one which requires or authorizes...

Section 36-2-613. Casualty to identified goods. - Where the contract requires for its performance goods identified when...

Section 36-2-614. Substituted performance. - (1) Where without fault of either party the agreed berthing,...

Section 36-2-615. Excuse by failure of presupposed conditions. - Except so far as a seller may have assumed a...

Section 36-2-616. Procedure on notice claiming excuse. - (1) Where the buyer receives notification of a material or...

Section 36-2-701. Remedies for breach of collateral contracts not impaired. - Remedies for breach of any obligation or promise collateral or...

Section 36-2-702. Seller's remedies on discovery of buyer's insolvency. - (1) Where the seller discovers the buyer to be insolvent...

Section 36-2-703. Seller's remedies in general. - Where the buyer wrongfully rejects or revokes acceptance of goods...

Section 36-2-704. Seller's right to identify goods to the contract notwithstanding breach or to salvage unfinished goods. - (1) An aggrieved seller under the preceding section (Section 36-2-703)...

Section 36-2-705. Seller's stoppage of delivery in transit or otherwise. - (1) The seller may stop delivery of goods in the...

Section 36-2-706. Seller's resale including contract for resale. - (1) Under the conditions stated in Section 36-2-703 on seller's...

Section 36-2-707. "Person in the position of a seller". - (1) A "person in the position of a seller" includes...

Section 36-2-708. Seller's damages for nonacceptance or repudiation. - (1) Subject to subsection (2) and to the provisions of...

Section 36-2-709. Action for the price. - (1) When the buyer fails to pay the price as...

Section 36-2-710. Seller's incidental damages. - Incidental damages to an aggrieved seller include any commercially reasonable...

Section 36-2-711. Buyer's remedies in general; buyer's security interest in rejected goods. - (1) Where the seller fails to make delivery or repudiates...

Section 36-2-712. "Cover"; buyer's procurement of substitute goods. - (1) After a breach within the preceding section (Section 36-2-711)...

Section 36-2-713. Buyer's damages for nondelivery or repudiation. - (1) Subject to the provisions of this chapter with respect...

Section 36-2-714. Buyer's damages for breach in regard to accepted goods. - (1) Where the buyer has accepted goods and given notification...

Section 36-2-715. Buyer's incidental and consequential damages. - (1) Incidental damages resulting from the seller's breach include expenses...

Section 36-2-716. Buyer's right to specific performance or replevin. - (1) Specific performance may be decreed where the goods are...

Section 36-2-717. Deduction of damages from the price. - The buyer on notifying the seller of his intention to...

Section 36-2-718. Liquidation or limitation of damages; deposits. - (1) Damages for breach by either party may be liquidated...

Section 36-2-719. Contractual modification or limitation of remedy. - (1) Subject to the provisions of subsections (2) and (3)...

Section 36-2-720. Effect of "cancellation" or "rescission" on claims for antecedent breach. - Unless the contrary intention clearly appears, expressions of "cancellation" or...

Section 36-2-721. Remedies for fraud. - Remedies for material misrepresentation or fraud include all remedies available...

Section 36-2-722. Who can sue third parties for injury to goods. - Where a third party so deals with goods which have...

Section 36-2-723. Proof of market price; time and place. - (1) If an action based on anticipatory repudiation comes to...

Section 36-2-724. Admissibility of market quotations. - Whenever the prevailing price or value of any goods regularly...

Section 36-2-725. Statute of limitations in contracts for sale. - (1) An action for breach of any contract for sale...

Section 36-2-801. Definitions. - As used in this chapter "person" includes an individual, his...

Section 36-2-802. Personal jurisdiction based upon enduring relationship. - A court may exercise personal jurisdiction over a person domiciled...

Section 36-2-803. Personal jurisdiction based upon conduct. - (A) A court may exercise personal jurisdiction over a person...

Section 36-2-804. Service outside the State. - When the exercise of personal jurisdiction is authorized by this...

Section 36-2-805. Other bases of jurisdiction unaffected. - A court of this State may exercise jurisdiction on any...

Section 36-2-806. Manner and proof of service. - (1) When the law of this State authorizes service outside...

Section 36-2-807. Individuals eligible to make service. - Service outside this State may be made by an individual...

Section 36-2-808. Individuals to be served; special cases. - When the law of this State requires that in order...

Section 36-2-809. Other provisions of law unaffected. - This chapter does not repeal or modify any other law...

Chapter 2A - Commercial Code - Leases

Section 36-2A-101. Short title. - This chapter may be cited as the Uniform Commercial Code-Leases....

Section 36-2A-102. Scope. - This chapter applies to any transaction, regardless of form, that...

Section 36-2A-103. Definitions and index of definitions. - (1) In this chapter unless the context otherwise requires: (a)...

Section 36-2A-104. Leases subject to other law. - (1) A lease, although subject to this chapter, is also...

Section 36-2A-105. Territorial application of chapter to goods covered by certificate of title. - Subject to the provisions of Sections 36-2A-304(3) and 36-2A-305(3), with...

Section 36-2A-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 36-2A-107. Waiver or renunciation of claim or right after default. - Any claim or right arising out of an alleged default...

Section 36-2A-108. Unconscionability. - (1) If the court as a matter of law finds...

Section 36-2A-109. Option to accelerate at will. - (1) A term providing that one party or his successor...

Section 36-2A-201. Statute of frauds. - (1) A lease contract is not enforceable by way of...

Section 36-2A-202. Final written expression: parol or extrinsic evidence. - Terms with respect to which the confirmatory memoranda of the...

Section 36-2A-203. Seals inoperative. - The affixing of a seal to a writing evidencing a...

Section 36-2A-204. Formation in general. - (1) A lease contract may be made in any manner...

Section 36-2A-205. Firm offers. - An offer by a merchant to lease goods to or...

Section 36-2A-206. Offer and acceptance in formation of lease contract. - (1) Unless otherwise unambiguously indicated by the language or circumstances,...

Section 36-2A-207. Repealed by 2014 Act No. 213, Section 46, eff October 1, 2014. - Editor's Note Former Section 36-2A-207 was titled Course of performance...

Section 36-2A-208. Modification, rescission and waiver. - (1) An agreement modifying a lease contract needs no consideration...

Section 36-2A-209. Lessee under finance lease as beneficiary of supply contract. - (1) The benefit of a supplier's promises to the lessor...

Section 36-2A-210. Express warranties. - (1) Express warranties by the lessor are created as follows:...

Section 36-2A-211. Warranties against interference and against infringement; lessee's obligation against infringement. - (1) There is in a lease contract a warranty that...

Section 36-2A-212. Implied warranty of merchantability. - (1) Except in a finance lease, a warranty that the...

Section 36-2A-213. Implied warranty of fitness for particular purpose. - Except in a finance lease, if the lessor at the...

Section 36-2A-214. Exclusion or modification of warranties. - (1) If the agreement creates an express warranty, words disclaiming...

Section 36-2A-215. Cumulation and conflict of warranties express or implied. - Warranties, whether express or implied, must be construed as consistent...

Section 36-2A-216. Third-party beneficiaries of express and implied warranties. - A warranty to or for the benefit of a lessee...

Section 36-2A-217. Identification. - Identification of goods as goods to which a lease contract...

Section 36-2A-218. Insurance and proceeds. - (1) A lessee obtains an insurable interest when existing goods...

Section 36-2A-219. Risk of loss. - (1) Except in the case of a finance lease, risk...

Section 36-2A-220. Effect of default on risk of loss. - (1) Where risk of loss is to pass to the...

Section 36-2A-221. Casualty to identified goods. - If a lease contract requires goods identified when the lease...

Section 36-2A-301. Enforceability of lease contract. - Except as otherwise provided in this chapter, a lease contract...

Section 36-2A-302. Title to and possession of goods. - Except as otherwise provided in this chapter, each provision of...

Section 36-2A-303. Alienability of party's interest under lease contract or of lessor's interest in goods; delegation of performance; transfer of rights. - (1) As used in this section, "creation of a security...

Section 36-2A-304. Subsequent lease of goods by lessor. - (1) Subject to Section 36-2A-303, a subsequent lessee from a...

Section 36-2A-305. Sale or sublease of goods by lessee. - (1) Subject to the provisions of Section 36-2A-303, a buyer...

Section 36-2A-306. Priority of certain liens arising by operation of law. - If a person in the ordinary course of his business...

Section 36-2A-307. Priority of liens arising by attachment or levy on, security interests in, and other claims to goods. - (1) Except as otherwise provided in Section 36-2A-306, a creditor...

Section 36-2A-308. Special rights of creditors. - (1) A creditor of a lessor in possession of goods...

Section 36-2A-309. Lessor's and lessee's rights when goods become fixtures. - (1) In this section: (a) goods are "fixtures" when they...

Section 36-2A-310. Lessor's and lessee's rights when goods become accessions. - (1) Goods are "accessions" when they are installed in or...

Section 36-2A-311. Priority subject to subordination. - Nothing in this chapter prevents subordination by agreement by any...

Section 36-2A-401. Insecurity: adequate assurance of performance. - (1) A lease contract imposes an obligation on each party...

Section 36-2A-402. Anticipatory repudiation. - If either party repudiates a lease contract with respect to...

Section 36-2A-403. Retraction of anticipatory repudiation. - (1) Until the repudiating party's next performance is due, the...

Section 36-2A-404. Substituted performance. - (1) If without fault of the lessee, the lessor and...

Section 36-2A-405. Excused performance. - Subject to Section 36-2A-404 on substituted performance, the following rules...

Section 36-2A-406. Procedure on excused performance. - (1) If the lessee receives notification of a material or...

Section 36-2A-407. Irrevocable promises: finance leases. - (1) In the case of a finance lease that is...

Section 36-2A-501. Default: procedure. - (1) Whether the lessor or the lessee is in default...

Section 36-2A-502. Notice after default. - Except as otherwise provided in this chapter or the lease...

Section 36-2A-503. Modification or impairment of rights and remedies. - (1) Except as otherwise provided in this chapter, the lease...

Section 36-2A-504. Liquidation of damages. - (1) Damages payable by either party for default, or any...

Section 36-2A-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 36-2A-506. Statute of limitations. - (1) An action for default under a lease contract, including...

Section 36-2A-507. Proof of market rent: time and place. - (1) Damages based on market rent (Section 36-2A-519 or 36-2A-528)...

Section 36-2A-508. Lessee's remedies. - (1) If a lessor fails to deliver the goods in...

Section 36-2A-509. Lessee's rights on improper delivery; rightful rejection. - (1) Subject to the provisions of Section 36-2A-510 on default...

Section 36-2A-510. Installment lease contracts: rejection and default. - (1) Under an installment lease contract a lessee may reject...

Section 36-2A-511. Merchant lessee's duties as to rightfully rejected goods. - (1) Subject to any security interest of a lessee (Section...

Section 36-2A-512. Lessee's duties as to rightfully rejected goods. - (1) Except as otherwise provided with respect to goods that...

Section 36-2A-513. Cure by lessor of improper tender or delivery; replacement. - (1) If any tender or delivery by the lessor or...

Section 36-2A-514. Waiver of lessee's objections. - (1) In rejecting goods, a lessee's failure to state a...

Section 36-2A-515. Acceptance of goods. - (1) Acceptance of goods occurs after the lessee has had...

Section 36-2A-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 36-2A-517. Revocation of acceptance of goods. - (1) A lessee may revoke acceptance of a lot or...

Section 36-2A-518. Cover; substitute goods. - (1) After a default by a lessor under the lease...

Section 36-2A-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 36-2A-520. Lessee's incidental and consequential damages. - (1) Incidental damages resulting from a lessor's default include expenses...

Section 36-2A-521. Lessee's right to specific performance or replevin. - (1) Specific performance may be decreed if the goods are...

Section 36-2A-522. Lessee's right to goods on lessor's insolvency. - (1) Subject to subsection (2) and even though the goods...

Section 36-2A-523. Lessor ' s remedies. - (1) If a lessee wrongfully rejects or revokes acceptance of...

Section 36-2A-524. Lessor ' s right to identify goods to lease contract. - (1) After default by the lessee under the lease contract...

Section 36-2A-525. Lessor ' s right to possession of goods. - (1) If a lessor discovers the lessee to be insolvent,...

Section 36-2A-526. Lessor ' s stoppage of delivery in transit or otherwise. - (1) A lessor may stop delivery of goods in the...

Section 36-2A-527. Lessor ' s rights to dispose of goods. - (1) After a default by a lessee under the lease...

Section 36-2A-528. Lessor ' s damages for nonacceptance, failure to pay, repudiation, or other default. - (1) Except as otherwise provided with respect to damages liquidated...

Section 36-2A-529. Lessor ' s action for the rent. - (1) After default by the lessee under the lease contract...

Section 36-2A-530. Lessor ' s incidental damages. - Incidental damages to an aggrieved lessor include any commercially reasonable...

Section 36-2A-531. Standing to sue third parties for injury to goods. - (1) If a third party so deals with goods that...

Section 36-2A-532. Lessor ' s rights to residual interest. - In addition to any other recovery permitted by this chapter...

Chapter 3 - Commercial Code - Negotiable Instruments

Section 36-3-101. Short title. - This chapter may be cited as Uniform Commercial Code-Negotiable Instruments....

Section 36-3-102. Subject matter. - (a) This chapter applies to negotiable instruments. It does not...

Section 36-3-103. Definitions. - (a) In this chapter: (1) "Acceptor" means a drawee who...

Section 36-3-104. Negotiable instrument. - (a) Except as provided in Subsections (c) and (d), "negotiable...

Section 36-3-105. Issue of instrument. - (a) "Issue" means the first delivery of an instrument by...

Section 36-3-106. Unconditional promise or order. - (a) Except as provided in this section, for the purposes...

Section 36-3-107. Instrument payable in foreign money. - Unless the instrument otherwise provides, an instrument that states the...

Section 36-3-108. Payable on demand or at definite time. - (a) A promise or order is "payable on demand" if...

Section 36-3-109. Payable to bearer or order. - (a) A promise or order is payable to bearer if...

Section 36-3-110. Identification of person to whom instrument is payable. - (a) The person to whom an instrument is initially payable...

Section 36-3-111. Place of payment. - Except as otherwise provided for items in Chapter 4, an...

Section 36-3-112. Interest. - (a) Unless otherwise provided in the instrument, (i) an instrument...

Section 36-3-113. Date of instrument. - (a) An instrument may be antedated or postdated. The date...

Section 36-3-114. Contradictory terms of instrument. - If an instrument contains contradictory terms, typewritten terms prevail over...

Section 36-3-115. Incomplete instrument. - (a) "Incomplete instrument" means a signed writing, whether or not...

Section 36-3-116. Joint and several liability; contribution. - (a) Except as otherwise provided in the instrument, two or...

Section 36-3-117. Other agreements affecting instrument. - Subject to applicable law regarding exclusion of proof of contemporaneous...

Section 36-3-118. Statute of limitations. - (a) Except as provided in Subsection (e), an action to...

Section 36-3-119. Notice of right to defend action. - In an action for breach of an obligation for which...

Section 36-3-120 to 36-3-122. Omitted by 2008 Act No. 204, Section 2, eff July 1, 2008. - Editor's Note Former Section 36-3-120 was entitled "Instruments 'payable through'...

Section 36-3-201. Negotiation. - (a) "Negotiation" means a transfer of possession, whether voluntary or...

Section 36-3-202. Negotiation subject to rescission. - (a) Negotiation is effective even if obtained (i) from an...

Section 36-3-203. Transfer of instrument; rights acquired by transfer. - (a) An instrument is transferred when it is delivered by...

Section 36-3-204. Indorsement. - (a) "Indorsement" means a signature, other than that of a...

Section 36-3-205. Special indorsement; blank indorsement; anomalous indorsement. - (a) If an indorsement is made by the holder of...

Section 36-3-206. Restrictive endorsements. - (a) An indorsement limiting payment to a particular person or...

Section 36-3-207. Reacquisition. - Reacquisition of an instrument occurs if it is transferred to...

Section 36-3-208. Omitted by 2008 Act No. 204, Section 2, eff July 1, 2008. - Editor's Note Former Section 36-3-208 was entitled "Reacquisition" and was...

Section 36-3-301. Person entitled to enforce instrument. - "Person entitled to enforce" an instrument means (i) the holder...

Section 36-3-302. Holder in due course. - (a) Subject to Subsection (c) and Section 36-3-106(d), "holder in...

Section 36-3-303. Value and consideration. - (a) An instrument is issued or transferred for value if:...

Section 36-3-304. Overdue instrument. - (a) An instrument payable on demand becomes overdue at the...

Section 36-3-305. Defenses and claims in recoupment. - (a) Except as otherwise provided in this section, the right...

Section 36-3-306. Claims to instrument. - A person taking an instrument, other than a person having...

Section 36-3-307. Notice of breach of fiduciary duty. - (a) In this section: (1) "Fiduciary" means an agent, trustee,...

Section 36-3-308. Proof of signatures and status as holder in due course. - (a) In an action with respect to an instrument, the...

Section 36-3-309. Enforcement of lost, destroyed, or stolen instrument. - (a) A person not in possession of an instrument is...

Section 36-3-310. Effect on obligation when instrument taken. - (a) Unless otherwise agreed, if a certified check, cashier's check,...

Section 36-3-311. Accord and satisfaction by use of instrument. - (a) If a person against whom a claim is asserted...

Section 36-3-312. Lost, destroyed, or stolen cashier's check, teller's check, or certified check. - (a) In this section: (1) "Check" means a cashier's check,...

Section 36-3-401. Signature. - (a) A person is not liable on an instrument unless...

Section 36-3-402. Signature by representative. - (a) If a person acting, or purporting to act, as...

Section 36-3-403. Unauthorized signature. - (a) Unless otherwise provided in this chapter or Chapter 4,...

Section 36-3-404. Imposters; fictitious payees. - (a) If an impostor, by use of the mails or...

Section 36-3-405. Employer's responsibility for fraudulent indorsement by employee. - (a) In this section: (1) "Employee" includes an independent contractor...

Section 36-3-406. Negligence contributing to forged signature or alteration of instrument. - (a) A person whose failure to exercise ordinary care substantially...

Section 36-3-407. Alteration. - (a) "Alteration" means (i) an unauthorized change in an instrument...

Section 36-3-408. Drawee not liable on unaccepted draft. - A check or other draft does not of itself operate...

Section 36-3-409. Acceptance of draft; certified check. - (a) "Acceptance" means the drawee's signed agreement to pay a...

Section 36-3-410. Acceptance varying draft. - (a) If the terms of a drawee's acceptance vary from...

Section 36-3-411. Refusal to pay cashier's check, teller's check, and certified check. - (a) In this section, "obligated bank" means the acceptor of...

Section 36-3-412. Obligation of issuer of note or cashier's check. - The issuer of a note or cashier's check or other...

Section 36-3-413. Obligation of acceptor. - (a) The acceptor of a draft is obliged to pay...

Section 36-3-414. Obligation of drawer. - (a) This section does not apply to cashier's checks or...

Section 36-3-415. Obligation of indorser. - (a) Subject to Subsections (b), (c), (d), (e) and to...

Section 36-3-416. Transfer warranties. - (a) A person who transfers an instrument for consideration warrants...

Section 36-3-417. Presentment warranties. - (a) If an unaccepted draft is presented to the drawee...

Section 36-3-418. Payment for acceptance by mistake. - (a) Except as provided in Subsection (c), if the drawee...

Section 36-3-419. Instrument signed for accommodation. - (a) If an instrument is issued for value given for...

Section 36-3-420. Conversion of instrument. - (a) The law applicable to conversion of personal property applies...

Section 36-3-501. Presentment. - (a) "Presentment" means a demand made by or on behalf...

Section 36-3-502. Dishonor. - (a) Dishonor of a note is governed by the following...

Section 36-3-503. Notice of dishonor. - (a) The obligation of an indorser stated in Section 36-3-415(a)...

Section 36-3-504. Excused presentment and notice of dishonor. - (a) Presentment for payment or acceptance of an instrument is...

Section 36-3-505. Evidence of dishonor. - (a) The following are admissible as evidence and create a...

Section 36-3-506 to 36-3-511. Omitted by 2008 Act No. 204, Section 2, eff July 1, 2008. - Editor's Note Former Section 36-3-506 was entitled "Time allowed for...

Section 36-3-601. Discharge and effect of discharge. - (a) The obligation of a party to pay the instrument...

Section 36-3-602. Payment. - (a) Subject to Subsection (e), an instrument is paid to...

Section 36-3-603. Tender of payment. - (a) If tender of payment of an obligation to pay...

Section 36-3-604. Discharge by cancellation or renunciation. - (a) A person entitled to enforce an instrument, with or...

Section 36-3-605. Discharge of secondary obligors. - (a) If a person entitled to enforce an instrument releases...

Section 36-3-606. Omitted by 2008 Act 204, Section 2, eff July 1, 2008. - Editor's Note Former Section 36-3-606 was entitled "Impairment of recourse...

Section 36-3-701. Omitted by 2008 Act No. 204, Section 2, eff July 1, 2008. - Editor's Note Former Section 36-3-701 was entitled "Letter of advice...

Section 36-3-801 to 36-3-805. Omitted by 2008 Act No. 204, Section 2, eff July 1, 2008. - Editor's Note Former Section 36-3-801 was entitled "Drafts in a...

Chapter 4 - Commercial Code - Bank Deposits And Collections

Section 36-4-101. Short title. - This chapter may be cited as Uniform Commercial Code-Bank Deposits...

Section 36-4-102. Applicability - (a) To the extent that items within this chapter are...

Section 36-4-103. Variation by agreement; measure of damages; action constituting ordinary care. - (a) The effect of the provisions of this chapter may...

Section 36-4-104. Definitions and index of definitions. - (a) In this chapter, unless the context otherwise requires: (1)...

Section 36-4-105. Definitions of types of banks. - In this chapter: (1) "Bank" means a person engaged in...

Section 36-4-106. Payable through or payable at bank; collecting bank. - (a) If an item states that it is "payable through"...

Section 36-4-107. Separate office of bank. - A branch or separate office of a bank is a...

Section 36-4-108. Time of receipt of items. - (a) For the purpose of allowing time to process items,...

Section 36-4-109. Delays. - (a) Unless otherwise instructed, a collecting bank in a good...

Section 36-4-110. Electronic presentment. - (a) "Agreement for electronic presentment" means an agreement, clearing-house rule,...

Section 36-4-111. Statute of limitations. - An action to enforce an obligation, duty, or right arising...

Section 36-4-201. 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 36-4-202. Responsibility for collections or return; when action timely. - (a) A collecting bank must exercise ordinary care in: (1)...

Section 36-4-203. Effect of instructions. - Subject to Chapter 3 concerning conversion of instruments (Section 36-3-420)...

Section 36-4-204. Methods of sending and presenting; sending directly to payor bank. - (a) A collecting bank shall send items by a reasonably...

Section 36-4-205. Depositary bank holder of unindorsed item. - If a customer delivers an item to a depositary bank...

Section 36-4-206. Transfer between banks. - Any agreed method that identifies the transferor bank is sufficient...

Section 36-4-207. Transfer warranties. - (a) A customer or collecting bank that transfers an item...

Section 36-4-208. Presentment warranties. - (a) If an unaccepted draft is presented to the drawee...

Section 36-4-209. Encoding and retention warranties. - (a) A person who encodes information on or with respect...

Section 36-4-210. Security interest of collecting bank in items, accompanying documents, and proceeds. - (a) A collecting bank has a security interest in an...

Section 36-4-211. When bank gives value for purposes of holder in due course. - For purposes of determining its status as a holder in...

Section 36-4-212. 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 36-4-213. Medium and time of settlement by bank. - (a) With respect to settlement by a bank, the medium...

Section 36-4-214. Right of charge-back or refund; liability of collecting bank; return of item. - (a) If a collecting bank has made provisional settlement with...

Section 36-4-215. 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 36-4-216. Insolvency and preference. - (a) If an item is in or comes into the...

Section 36-4-301. 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 36-4-302. Payor bank's responsibility for late return of item. - (a) If an item is presented to and received by...

Section 36-4-303. When items subject to notice, stop-payment order, legal process, or setoff; order in which items may be changed or certified. - (a) Any knowledge, notice, or stop-payment order received by, legal...

Section 36-4-401. When bank may charge customer's account. - (a) A bank may charge against the account of a...

Section 36-4-402. Bank's liability to customer for wrongful dishonor; time of determining insufficiency of account. - (a) Except as otherwise provided in this Chapter, a payor...

Section 36-4-403. Customer's right to stop payment; burden of proof of loss. - (a) A customer or any person authorized to draw on...

Section 36-4-404. Bank not obliged to pay check more than six months old. - A bank is under no obligation to a customer having...

Section 36-4-405. Death or incompetence of a customer. - (a) A payor or collecting bank's authority to accept, pay,...

Section 36-4-406. Customer's duty to discover and report unauthorized signature or alteration. - (a) A bank that sends or makes available to a...

Section 36-4-407. Payor bank's right to subrogation on improper payment. - If a payor bank has paid an item over the...

Section 36-4-501. 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 36-4-502. Presentment of "on arrival" drafts. - If a draft or the relevant instructions require presentment "on...

Section 36-4-503. 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 Chapter 5,...

Section 36-4-504. Privilege of presenting bank to deal with goods; security interest for expenses. - (a) A presenting bank that, following the dishonor of a...

Chapter 4A - Commercial Code - Funds Transfers

Section 36-4A-101. Short title. - This chapter may be cited as Uniform Commercial Code-Funds Transfers....

Section 36-4A-102. Subject matter. - Except as otherwise provided in Section 36-4A-108, this chapter applies...

Section 36-4A-103. Payment order-Definitions. - (a) In this chapter: (1) "Payment order" means an instruction...

Section 36-4A-104. Funds transfer-Definitions. - In this chapter: (a) "Funds transfer" means the series of...

Section 36-4A-105. Other definitions. - (a) In this chapter: (1) "Authorized account" means a deposit...

Section 36-4A-106. Time payment order is received. - (a) The time of receipt of a payment order or...

Section 36-4A-107. Federal reserve regulations and operating circulars. - Regulations of the Board of Governors of the Federal Reserve...

Section 36-4A-108. Application of chapter. - (a) Except as provided in subsection (b), this chapter does...

Section 36-4A-201. Security procedure. - "Security procedure" means a procedure established by agreement of a...

Section 36-4A-202. Authorized and verified payment orders. - (a) A payment order received by the receiving bank is...

Section 36-4A-203. Unenforceability of certain verified payment orders. - (a) If an accepted payment order is not, under Section...

Section 36-4A-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 36-4A-205. Erroneous payment orders. - (a) If an accepted payment order was transmitted pursuant to...

Section 36-4A-206. Transmission of payment order through funds-transfer or other communication system. - (a) If a payment order addressed to a receiving bank...

Section 36-4A-207. Misdescription of beneficiary. - (a) Subject to subsection (b), if, in a payment order...

Section 36-4A-208. Misdescription of intermediary bank or beneficiary's bank. - (a) This subsection applies to a payment order identifying an...

Section 36-4A-209. Acceptance of payment order. - (a) Subject to subsection (d), a receiving bank other than...

Section 36-4A-210. Rejection of payment order. - (a) A payment order is rejected by the receiving bank...

Section 36-4A-211. Cancellation and amendment of payment order. - (a) A communication of the sender of a payment order...

Section 36-4A-212. Liability and duty of receiving bank regarding unaccepted payment order. - If a receiving bank fails to accept a payment order...

Section 36-4A-301. Execution and execution date. - (a) A payment order is "executed" by the receiving bank...

Section 36-4A-302. Obligations of receiving bank in execution of payment order. - (a) Except as provided in subsections (b) through (d), if...

Section 36-4A-303. Erroneous execution of payment order. - (a) A receiving bank that (i) executes the payment order...

Section 36-4A-304. Duty of sender to report erroneously executed payment order. - If the sender of a payment order that is erroneously...

Section 36-4A-305. Liability for late or improper execution or failure to execute payment order. - (a) If a funds transfer is completed but execution of...

Section 36-4A-401. Payment date. - "Payment date" of a payment order means the day on...

Section 36-4A-402. Obligation of sender to pay receiving bank. - (a) This section is subject to Sections 36-4A-205 and 36-4A-207....

Section 36-4A-403. Payment by sender to receiving bank. - (a) Payment of the sender's obligation under Section 36-4A-402 to...

Section 36-4A-404. Obligation of beneficiary's bank to pay and give notice to beneficiary. - (a) Subject to Sections 36-4A-211(e), 36-4A-405(d), and 36-4A-405(e), if a...

Section 36-4A-405. Payment by beneficiary's bank to beneficiary. - (a) If the beneficiary's bank credits an account of the...

Section 36-4A-406. Payment by originator to beneficiary; discharge of underlying obligation. - (a) Subject to Sections 36-4A-211(e), 36-4A-405(d), and 36-4A-405(e), the originator...

Section 36-4A-501. Variation by agreement and effect of funds-transfer system rule. - (a) Except as otherwise provided in this chapter, the rights...

Section 36-4A-502. Creditor process served on receiving bank; setoff by beneficiary's bank. - (a) As used in this section, "creditor process" means levy,...

Section 36-4A-503. Injunction or restraining order with respect to funds transfer. - For proper cause and in compliance with applicable law, a...

Section 36-4A-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 36-4A-505. Preclusion of objection to debit of customer's account. - If a receiving bank has received payment from its customer...

Section 36-4A-506. Rate of interest. - (a) If, under this chapter, a receiving bank is obliged...

Section 36-4A-507. Choice of law. - (a) The following rules apply unless the affected parties otherwise...

Chapter 5 - Commercial Code - Letters Of Credit

Section 36-5-101. Short title. - This chapter may be cited as Uniform Commercial Code-Letters of...

Section 36-5-102. Definitions. - (a) In this chapter: (1) "Adviser" means a person who,...

Section 36-5-103. Scope. - (a) This chapter applies to letters of credit and to...

Section 36-5-104. Formal requirements. - A letter of credit, confirmation, advice, transfer, amendment, or cancellation...

Section 36-5-105. Consideration. - Consideration is not required to issue, amend, transfer, or cancel...

Section 36-5-106. Issuance, amendment, cancellation, and duration. - (a) A letter of credit is issued and becomes enforceable...

Section 36-5-107. Confirmer, nominated person, and adviser. - (a) A confirmer is directly obligated on a letter of...

Section 36-5-108. Issuer's rights and obligations. - (a) Except as otherwise provided in Section 36-5-109, an issuer...

Section 36-5-109. Fraud and forgery. - (a) If a presentation is made that appears on its...

Section 36-5-110. Warranties. - (a) If its presentation is honored, the beneficiary warrants: (1)...

Section 36-5-111. Remedies. - (a) If an issuer wrongfully dishonors or repudiates its obligation...

Section 36-5-112. Transfer of letter of credit. - (a) Except as otherwise provided in Section 36-5-113, unless a...

Section 36-5-113. Transfer by operation of law. - (a) A successor of a beneficiary may consent to amendments,...

Section 36-5-114. Assignment of proceeds. - (a) In this section, "proceeds of a letter of credit"...

Section 36-5-115. Statute of limitations. - An action to enforce a right or obligation arising under...

Section 36-5-116. Choice of law and forum. - (a) The liability of an issuer, nominated person, or adviser...

Section 36-5-117. Subrogation of issuer, applicant, and nominated person. - (a) An issuer that honors a beneficiary's presentation is subrogated...

Section 36-5-118. Security interest of issuer or nominated person. - (a) An issuer or nominated person has a security interest...

Section 36-5-119. Transition. - (a) This chapter takes effect July 1, 2001. (b) This...

Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title

Section 36-7-101. Short title. - This chapter must be known and may be cited as...

Section 36-7-102. Definitions and index of definitions. - (a) In this chapter, unless the context otherwise requires: (1)...

Section 36-7-103. Relation of chapter to treaty, statute, tariff, classification or regulation. - (a) This chapter is subject to any treaty or statute...

Section 36-7-104. Negotiable and nonnegotiable warehouse receipt, bill of lading or other document of title. - (a) Except as provided in subsection (c), a warehouse receipt,...

Section 36-7-105. Reissuance in alternative medium. - (a) Upon request of a person entitled under an electronic...

Section 36-7-106. Control of electronic document of title. - (a) A person has control of an electronic document of...

Section 36-7-201. Who may issue a warehouse receipt; storage under government bond. - (a) A warehouse receipt may be issued by any warehouse....

Section 36-7-202. Form of warehouse receipt; essential terms; optional terms. - (a) A warehouse receipt need not be in any particular...

Section 36-7-203. Liability for nonreceipt or misdescription. - A party to or purchaser for value in good faith...

Section 36-7-204. Duty of care; contractual limitation of warehouse's liability. - (a) A warehouse is liable for damages for loss of...

Section 36-7-205. Title under warehouse receipt defeated in certain cases. - A buyer in the ordinary course of business of fungible...

Section 36-7-206. Termination of storage at warehouse's option. - (a) A warehouse, by giving notice to the person on...

Section 36-7-207. Goods must be kept separate; fungible goods. - (a) Unless the warehouse receipt otherwise provides, a warehouse shall...

Section 36-7-208. Altered warehouse receipts. - If a blank in a negotiable tangible warehouse receipt has...

Section 36-7-209. Lien of warehouse. - (a) A warehouse has a lien against the bailor on...

Section 36-7-210. Enforcement of warehouse's Lien. - (a) Except as provided in subsection (b), a warehouse's lien...

Section 36-7-301. 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 36-7-302. Through bills of lading and similar documents. - (a) The issuer of a through bill of lading or...

Section 36-7-303. Diversion; reconsignment; change of instructions. - (a) Unless the bill of lading otherwise provides, a carrier...

Section 36-7-304. Tangible bills of lading in a set. - (a) Except as customary in international transportation, a tangible bill...

Section 36-7-305. Destination bills. - (a) Instead of issuing a bill of lading to the...

Section 36-7-306. Altered bills of lading. - An unauthorized alteration or filling in of a blank in...

Section 36-7-307. Lien of carrier. - (a) A carrier has a lien on the goods covered...

Section 36-7-308. Enforcement of carrier's lien. - (a) A carrier's lien on goods may be enforced by...

Section 36-7-309. Duty of care; contractual limitation of carrier's liability. - (a) A carrier that issues a bill of lading, whether...

Section 36-7-401. Irregularities in issue of receipt or bill or conduct of issuer. - The obligations imposed by this chapter on an issuer apply...

Section 36-7-402. Duplicate document of title; overissue. - A duplicate or any other document of title purporting to...

Section 36-7-403. Obligation of bailee to deliver; excuse. - (a) A bailee shall deliver the goods to a person...

Section 36-7-404. No liability for good-faith delivery pursuant to document of title. - A bailee that in good faith has received goods and...

Section 36-7-501. Form of negotiation and requirements of "due negotiation". - (a) The following rules apply to a negotiable tangible document...

Section 36-7-502. Rights acquired by due negotiation. - (a) Subject to Section 36-7-503, a holder to which a...

Section 36-7-503. Document of title to goods defeated in certain cases. - (a) A document of title confers no right in goods...

Section 36-7-504. Rights acquired in the absence of due negotiation; effect of diversion; seller's stoppage of delivery. - (a) A transferee of a document of title, whether negotiable...

Section 36-7-505. Indorser not a guarantor for other parties. - The indorsement of a tangible document of title issued by...

Section 36-7-506. Delivery without indorsement; right to compel indorsement. - The transferee of a negotiable tangible document of title has...

Section 36-7-507. Warranties on negotiation or delivery of document of title. - If a person negotiates or delivers a document of title...

Section 36-7-508. Warranties of collecting bank as to documents of title. - A collecting bank or other intermediary known to be entrusted...

Section 36-7-509. Adequate compliance with commercial contract. - Whether a document of title is adequate to fulfill the...

Section 36-7-601. Lost, stolen, or destroyed documents of title. - (a) If a document of title is lost, stolen or...

Section 36-7-602. Judicial process against goods covered by negotiable document of title. - Unless a document of title was originally issued upon delivery...

Section 36-7-603. Conflicting claims; interpleader. - If more than one person claims title to or possession...

Chapter 8 - Commercial Code - Investment Securities

Section 36-8-101. Short title. - This chapter may be cited as Uniform Commercial Code-Investment Securities....

Section 36-8-102. Definitions. - (a) In this chapter: (1) "Adverse claim" means a claim...

Section 36-8-103. Rules for determining whether certain obligations and interests are securities or financial assets. - (a) A share or similar equity interest issued by a...

Section 36-8-104. Acquisition of security or financial asset or interest therein. - (a) A person acquires a security or an interest therein,...

Section 36-8-105. Notice of adverse claim. - (a) A person has notice of an adverse claim if:...

Section 36-8-106. Control. - (a) A purchaser has "control" of a certificated security in...

Section 36-8-107. Whether indorsement, instruction, or entitlement order is effective. - (a) "Appropriate person" means: (1) with respect to an indorsement,...

Section 36-8-108. Warranties in direct holding. - (a) A person who transfers a certificated security to a...

Section 36-8-109. Warranties in indirect holding. - (a) A person who originates an entitlement order to a...

Section 36-8-110. Applicability; choice of law. - (a) The local law of the issuer's jurisdiction, as specified...

Section 36-8-111. Clearing corporation rules. - A rule adopted by a clearing corporation governing rights and...

Section 36-8-112. Creditor's legal process. - (a) The interest of a debtor in a certificated security...

Section 36-8-113. Statute of frauds inapplicable. - A contract or modification of a contract for the sale...

Section 36-8-114. Evidentiary rules concerning certificated securities. - The following rules apply in an action on a certificated...

Section 36-8-115. Securities intermediary and others not liable to adverse claimant. - A securities intermediary that has transferred a financial asset pursuant...

Section 36-8-116. Securities intermediary as purchaser for value. - A securities intermediary that receives a financial asset and establishes...

Section 36-8-201. Issuer. - (a) With respect to an obligation on or a defense...

Section 36-8-202. Issuer's responsibility and defenses; notice of defect or defense. - (a) Even against a purchaser for value and without notice,...

Section 36-8-203. Staleness as notice of defect or defense. - After an act or event, other than a call that...

Section 36-8-204. Effect of issuer's restriction on transfer. - A restriction on transfer of a security imposed by the...

Section 36-8-205. Effect of unauthorized signature on security certificate. - An unauthorized signature placed on a security certificate before or...

Section 36-8-206. Completion or alteration of security certificate. - (a) If a security certificate contains the signatures necessary to...

Section 36-8-207. Rights and duties of issuer with respect to registered owners. - (a) Before due presentment for registration of transfer of a...

Section 36-8-208. Effect of signature of authenticating trustee, registrar, or transfer agent. - (a) A person signing a security certificate as authenticating trustee,...

Section 36-8-209. Issuer's lien. - A lien in favor of an issuer upon a certificated...

Section 36-8-210. Overissue. - (a) In this section, "overissue" means the issue of securities...

Section 36-8-301. Delivery. - (a) Delivery of a certificated security to a purchaser occurs...

Section 36-8-302. Rights of purchaser. - (a) Except as otherwise provided in subsections (b) and (c),...

Section 36-8-303. Protected purchaser. - (a) "Protected purchaser" means a purchaser of a certificated or...

Section 36-8-304. Indorsement. - (a) An indorsement may be in blank or special. An...

Section 36-8-305. Instruction. - (a) If an instruction has been originated by an appropriate...

Section 36-8-306. Effect of guaranteeing signature, indorsement, or instruction. - (a) A person who guarantees a signature of an indorser...

Section 36-8-307. Registration of transfer of security; proof of authority to transfer. - (A) Unless otherwise agreed, the transferor of a security on...

Section 36-8-401. Duty of issuer to register transfer. - (a) If a certificated security in registered form is presented...

Section 36-8-402. Assurance that indorsement or instruction is effective. - (a) An issuer may require the following assurance that each...

Section 36-8-403. Demand that issuer not register transfer. - (a) A person who is an appropriate person to make...

Section 36-8-404. Wrongful registration. - (a) Except as otherwise provided in Section 36-8-406, an issuer...

Section 36-8-405. Replacement of lost, destroyed, or wrongfully taken security certificate. - (a) If an owner of a certificated security, whether in...

Section 36-8-406. Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate. - If a security certificate has been lost, apparently destroyed, or...

Section 36-8-407. Authenticating trustee, transfer agent, and registrar. - A person acting as authenticating trustee, transfer agent, registrar, or...

Section 36-8-501. Securities account; acquisition of security entitlement from securities intermediary. - (a) "Securities account" means an account to which a financial...

Section 36-8-502. Assertion of adverse claim against entitlement holder. - An action based on an adverse claim to a financial...

Section 36-8-503. Property interest of entitlement holder in financial asset held by securities intermediary. - (a) To the extent necessary for a securities intermediary to...

Section 36-8-504. Duty of securities intermediary to maintain financial asset. - (a) A securities intermediary shall promptly obtain and thereafter maintain...

Section 36-8-505. Duty of securities intermediary with respect to payments and distributions. - (a) A securities intermediary shall take action to obtain a...

Section 36-8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder. - A securities intermediary shall exercise rights with respect to a...

Section 36-8-507. Duty of securities intermediary to comply with entitlement order. - (a) A securities intermediary shall comply with an entitlement order...

Section 36-8-508. Duty of securities intermediary to change entitlement holder's position to other form of security holding. - A securities intermediary shall act at the direction of an...

Section 36-8-509. 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. - (a) If the substance of a duty imposed upon a...

Section 36-8-510. Rights of purchaser of security entitlement from entitlement holder. - (a) In a case not covered by the priority rules...

Section 36-8-511. Priority among security interests and entitlement holders. - (a) Except as otherwise provided in subsections (b) and (c),...

Chapter 9 - Commercial Code - Secured Transactions

Section 36-9-101. Short title. - This chapter may be cited as "Uniform Commercial Code-Secured Transactions"....

Section 36-9-102. Definitions and index of definitions. - (a) In this chapter: (1) "Accession" means goods that are...

Section 36-9-103. Purchase-money security interest; application of payments; burden of establishing. - (a) In this section: (1) "purchase-money collateral" means goods or...

Section 36-9-104. Control of deposit account. - (a) A secured party has control of a deposit account...

Section 36-9-105. Control of electronic chattel paper - (a) A secured party has control of electronic chattel paper...

Section 36-9-106. Control of investment property. - (a) A person has control of a certificated security, uncertificated...

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South Carolina Code of Laws Title 36 - Commercial Code

South Carolina Code of Laws
Title 36 - Commercial Code