Following each section of chapter 490, the Uniform Commercial Code, appear "Comments To Official Text," which are the comments prepared by The American Law Institute and the National Conference of Commissioners on Uniform State Laws as they appear in the "1962 Official Text." These comments were copyrighted in 1967 by and are reprinted with the permission of The American Law Institute and the National Conference of Commissioners on Uniform State Laws.

Chapter

490 Uniform Commercial Code

ARTICLE 1. GENERAL PROVISIONS

Part 1. Short Title, Construction, Application and

Subject Matter of the Chapter

Section

490:1-101 Short title

490:1-102 Purposes; rules of construction; variation by

agreement

490:1-103 Supplementary general principles of law applicable

490:1-104 Construction against implicit repeal

490:1-105 Territorial application of the chapter; parties'

power to choose applicable law

490:1-106 Remedies to be liberally administered

490:1-107 Waiver or renunciation of claim or right after

breach

490:1-108 Severability

490:1-109 Section captions

Part 2. General Definitions and Principles of

Interpretation

490:1-201 General definitions

490:1-202 Prima facie evidence by third party documents

490:1-203 Obligation of good faith

490:1-204 Time; reasonable time; "seasonably"

490:1-205 Course of dealing and usage of trade

490:1-206 Statute of frauds for kinds of personal property

not otherwise covered

490:1-207 Performance or acceptance under reservation of

rights

490:1-208 Option to accelerate at will

ARTICLE 2. SALES

Part 1. Short Title, General Construction and

Subject Matter

490:2-101 Short title

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

excluded from this Article

490:2-103 Definitions and index of definitions

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

"financing agency"

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

goods; "lot"; "commercial unit"

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

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

contract; "termination"; "cancellation"

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

Part 2. Form, Formation and Readjustment of Contract

490:2-201 Formal requirements; statute of frauds

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

evidence

490:2-203 Seals inoperative

490:2-204 Formation in general

490:2-205 Firm offers

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

490:2-207 Additional terms in acceptance or confirmation

490:2-208 Course of performance or practical construction

490:2-209 Modification, rescission and waiver

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

Part 3. General Obligation and Construction of

Contract

490:2-301 General obligation of parties

490:2-302 Unconscionable contract or clause

490:2-303 Allocation or division of risks

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

490:2-305 Open price term

490:2-306 Output, requirements and exclusive dealings

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

490:2-308 Absence of specified place for delivery

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

termination

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

authority to ship under reservation

490:2-311 Options and cooperation respecting performance

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

obligation against infringement

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

description, sample

490:2-313.1, 313.2 Repealed

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

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

490:2-316 Exclusion or modification of warranties

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

implied

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

implied

490:2-319 F.O.B. and F.A.S. terms

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

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

on arrival"; warranty of condition on arrival

490:2-322 Delivery "ex-ship"

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

shipment; "overseas"

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

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

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

rights of creditors

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

sale or return

490:2-328 Sale by auction

Part 4. Title, Creditors and Good Faith Purchasers

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

application of this section

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

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

"entrusting"

Part 5. Performance

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

identification of goods

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

repudiation, failure to delivery,

or insolvency

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

490:2-504 Shipment by seller

490:2-505 Seller's shipment under reservation

490:2-506 Rights of financing agency

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

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

replacement

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

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

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

490:2-512 Payment by buyer before inspection

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

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

payment

490:2-515 Preserving evidence of goods in dispute

Part 6. Breach, Repudiation and Excuse

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

490:2-602 Manner and effect of rightful rejection

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

goods

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

rejected goods

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

particularize

490:2-606 What constitutes acceptance of goods

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

establishing breach after acceptance; notice of

claim or litigation to person answerable over

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

490:2-609 Right to adequate assurance of performance

490:2-610 Anticipatory repudiation

490:2-611 Retraction of anticipatory repudiation

490:2-612 "Installment contract"; breach

490:2-613 Casualty to identified goods

490:2-614 Substituted performance

490:2-615 Excuse by failure of presupposed conditions

490:2-616 Procedure on notice claiming excuse

Part 7. Remedies

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

impaired

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

insolvency

490:2-703 Seller's remedies in general

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

notwithstanding breach or to salvage unfinished

goods

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

otherwise

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

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

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

490:2-709 Action for the price

490:2-710 Seller's incidental damages

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

interest in rejected goods

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

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

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

goods

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

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

490:2-717 Deduction of damages from the price

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

490:2-719 Contractual modification or limitation of remedy

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

for antecedent breach

490:2-721 Remedies for fraud

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

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

490:2-724 Admissibility of market quotations

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

ARTICLE 2A. LEASES

Part 1. General Provisions

490:2A-101 Short title

490:2A-102 Scope

490:2A-103 Definitions and index of definitions

490:2A-104 Leases subject to other law

490:2A-105 Territorial application of Article to goods covered

by certificate of title

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

choose applicable law and judicial forum

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

default

490:2A-108 Unconscionability

490:2A-109 Option to accelerate at will

Part 2. Formation and Construction of Lease Contract

490:2A-201 Statute of frauds

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

evidence

490:2A-203 Seals inoperative

490:2A-204 Formation in general

490:2A-205 Firm offers

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

490:2A-207 Course of performance or practical construction

490:2A-208 Modification, rescission and waiver

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

contract

409:2A-210 Express warranties

490:2A-211 Warranties against interference and against

infringement; lessee's obligation against

infringement

490:2A-212 Implied warranty of merchantability

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

490:2A-214 Exclusion or modification of warranties

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

implied

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

warranties

490:2A-217 Identification

490:2A-218 Insurance and proceeds

490:2A-219 Risk of loss

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

490:2A-221 Casualty to identified goods

Part 3. Effect of Lease Contract

490:2A-301 Enforceability of lease contract

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

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

contract or of lessor's residual interest in goods;

delegation of performance; transfer of rights

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

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

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

law

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

security interests in, and other claims to goods

490:2A-308 Special rights of creditors

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

fixtures

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

accessions

490:2A-311 Priority subject to subordination

Part 4. Performance of Lease Contract: Repudiated,

Substituted, and Excused

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

490:2A-402 Anticipatory repudiation

490:2A-403 Retraction of anticipatory repudiation

490:2A-404 Substituted performance

490:2A-405 Excused performance

490:2A-406 Procedure on excused performance

490:2A-407 Irrevocable promises: finance leases

Part 5. Default

Subpart A. In General

490:2A-501 Default: procedure

490:2A-502 Notice after default

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

490:2A-504 Liquidation of damages

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

cancellation, termination, rescission, or fraud on

rights and remedies

490:2A-506 Statute of limitations

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

Subpart B. Default by Lessor

490:2A-508 Lessee's remedies

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

. rejection

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

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

goods

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

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

replacement

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

490:2A-515 Acceptance of goods

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

burden of establishing default after acceptance;

notice of claim or litigation to person answerable

over

490:2A-517 Revocation of acceptance of goods

490:2A-518 Cover; substitute goods

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

default, and breach of warranty in regard to

accepted goods

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

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

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

Subpart C. Default by Lessee

490:2A-523 Lessor's remedies

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

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

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

otherwise

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

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

repudiation, or other default

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

490:2A-530 Lessor's incidental damages

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

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

ARTICLE 3. NEGOTIABLE INSTRUMENTS

Part 1. General Provisions and Definitions

490:3-101 Short title

490:3-102 Subject matter

490:3-103 Definitions

490:3-104 Negotiable instrument

490:3-105 Issue of instrument

490:3-106 Unconditional promise or order

490:3-107 Instrument payable in foreign money

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

490:3-109 Payable to bearer or to order

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

payable

490:3-111 Place of payment

490:3-112 Interest

490:3-113 Date of instrument

490:3-114 Contradictory terms of instrument

490:3-115 Incomplete instrument

490:3-116 Joint and several liability; contribution

490:3-117 Other agreements affecting instrument

490:3-118 Statute of limitations

490:3-119 Notice of right to defend action

Part 2. Negotiation, Transfer, and Indorsement

490:3-201 Negotiation

490:3-202 Negotiation subject to rescission

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

490:3-204 Indorsement

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

indorsement

490:3-206 Restrictive indorsement

490:3-207 Reacquisition

Part 3. Enforcement of Instruments

490:3-301 Person entitled to enforce instrument

490:3-302 Holder in due course

490:3-303 Value and consideration

490:3-304 Overdue instrument

490:3-305 Defenses and claims in recoupment

490:3-306 Claims to an instrument

490:3-307 Notice of breach of fiduciary duty

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

course

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

instrument

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

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

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

teller's check, or certified check

Part 4. Liability of Parties

490:3-401 Signature

490:3-402 Signature by representative

490:3-403 Unauthorized signature

490:3-404 Impostors; fictitious payees

490:3-405 Employer responsibility for fraudulent indorsement

by employee

490:3-406 Negligence contributing to forged signature or

alteration of instrument

490:3-407 Alteration

490:3-408 Drawee not liable on unaccepted draft

490:3-409 Acceptance of draft; certified check

490:3-410 Acceptance varying draft

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

and certified checks

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

490:3-413 Obligation of acceptor

490:3-414 Obligation of drawer

490:3-415 Obligation of indorser

490:3-416 Transfer warranties

490:3-417 Presentment warranties

490:3-418 Payment or acceptance by mistake

490:3-419 Instruments signed for accommodation

490:3-420 Conversion of instrument

Part 5. Dishonor

490:3-501 Presentment

490:3-502 Dishonor

490:3-503 Notice of dishonor

490:3-504 Excused presentment and notice of dishonor

490:3-505 Evidence of dishonor

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

procedures

490:3-506.5 Charges for dishonored checks

Part 6. Discharge and Payment

490:3-601 Discharge and effect of discharge

490:3-602 Payment

490:3-603 Tender of payment

490:3-604 Discharge by cancellation or renunciation

490:3-605 Discharge of indorsers and accommodation parties

ARTICLE 4. BANK DEPOSITS AND COLLECTIONS

Part 1. General Provisions and Definitions

490:4-101 Short title

490:4-102 Applicability

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

constituting ordinary care

490:4-104 Definitions and index of definitions

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

"intermediary bank"; "collecting bank"; "presenting

bank"

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

490:4-107 Separate office of a bank

490:4-108 Time of receipt of items

490:4-109 Delays

490:4-110 Electronic presentment

490:4-111 Statute of limitations

Part 2. Collection of Items: Depositary and

Collecting Banks

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

status of credits; applicability of Article; item

indorsed "pay any bank"

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

action timely

490:4-203 Effect of instructions

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

to payor bank

490:4-205 Depositary bank holder of unindorsed item

490:4-206 Transfer between banks

490:4-207 Transfer warranties

490:4-208 Presentment warranties

490:4-209 Encoding and retention warranties

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

accompanying documents and proceeds

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

course

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

through, or at a bank; liability of drawer or

indorser

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

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

collecting bank; return of item

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

provisional debits and credits become final; when

certain credits become available for withdrawal

490:4-216 Insolvency and preference

Part 3. Collection of Items; Payor Banks

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

items; time of dishonor; return of items by payor

bank

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

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

legal process, or setoff; order in which items may

be charged or certified

Part 4. Relationship Between Payor Bank and its

Customer

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

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

time of determining insufficiency of account

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

of loss

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

months old

490:4-405 Death or incompetence of customer

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

signature or alteration

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

payment

Part 5. Collection of Documentary Drafts

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

presentment and to notify customer of dishonor

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

490:4-503 Responsibility of presenting bank for documents and

goods; report of reasons for dishonor; referee in

case of need

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

security interest for expenses

ARTICLE 4A. FUNDS TRANSFERS

Part 1. Subject Matter and Definitions

490:4A-101 Short title

490:4A-102 Subject matter

490:4A-103 Payment order-definitions

490:4A-104 Funds transfer-definitions

490:4A-105 Other definitions

490:4A-106 Time payment order is received

490:4A-107 Federal reserve regulations and operating circulars

490:4A-108 Exclusion of consumer transactions governed by

federal law

Part 2. Issue and Acceptance of Payment Order

490:4A-201 Security procedure

490:4A-202 Authorized and verified payment orders

490:4A-203 Unenforceability of certain verified payment orders

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

with respect to unauthorized payment order

490:4A-205 Erroneous payment orders

490:4A-206 Transmission of payment order through

funds-transfer or other communication system

490:4A-207 Misdescription of beneficiary

490:4A-208 Misdescription of intermediary bank or

beneficiary's bank

490:4A-209 Acceptance of payment order

490:4A-210 Rejection of payment order

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

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

unaccepted payment order

Part 3. Execution of Sender's Payment Order by

Receiving Bank

490:4A-301 Execution and execution date

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

payment order

490:4A-303 Erroneous execution of payment order

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

payment order

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

to execute payment order

Part 4. Payment

490:4A-401 Payment date

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

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

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

notice to beneficiary

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

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

underlying obligation

Part 5. Miscellaneous Provisions

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

system rule

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

by beneficiary's bank

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

funds transfer

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

charged to account; order of withdrawals from

account

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

account

490:4A-506 Rate of interest

490:4A-507 Choice of law

ARTICLE 5. LETTERS OF CREDIT

490:5-101 Short title

490:5-102 Definitions

490:5-103 Scope

490:5-104 Formal requirements

490:5-105 Consideration

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

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

490:5-108 Issuer's rights and obligations

490:5-109 Fraud and forgery

490:5-110 Warranties

490:5-111 Remedies

490:5-112 Transfer of letter of credit

490:5-113 Transfer by operation of law

490:5-114 Assignment of proceeds

490:5-115 Statute of limitations

490:5-116 Choice of law and forum

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

nominated person

490:5-118 Security interest of issuer or nominated

person

ARTICLE 6. BULK SALES--REPEALED

490:6-101 to 110 Repealed

ARTICLE 7. WAREHOUSE RECEIPTS, BILLS OF LADING

AND OTHER DOCUMENTS OF TITLE

Part 1. General

490:7-101 Short title

490:7-102 Definitions and index of definitions

490:7-103 Relation of article to treaty, statute, tariff,

classification or regulation

490:7-104 Negotiable and nonnegotiable warehouse receipt,

bill of lading or other document of title

490:7-105 Construction against negative implication

Part 2. Warehouse Receipts: Special Provisions

490:7-201 Who may issue a warehouse receipt; storage under

government bond

490:7-202 Form of warehouse receipt; essential terms;

optional terms

490:7-203 Liability for nonreceipt or misdescription

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

warehouseman's liability

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

cases

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

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

490:7-208 Altered warehouse receipts

490:7-209 Lien of warehouseman

490:7-210 Enforcement of warehouseman's lien

Part 3. Bills of Lading: Special Provisions

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

to contain"; "shipper's load and count"; improper

handling

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

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

490:7-304 Bills of lading in a set

490:7-305 Destination bills

490:7-306 Altered bills of lading

490:7-307 Lien of carrier

490:7-308 Enforcement of carrier's lien

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

liability

Part 4. Warehouse Receipts and Bills of Lading:

General Obligations

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

conduct of issuer

490:7-402 Duplicate receipt or bill; overissue

490:7-403 Obligation of warehouseman or carrier to deliver;

excuse

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

receipt or bill

Part 5. Warehouse Receipts and Bills of Lading:

Negotiation and Transfer

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

negotiation"

490:7-502 Rights acquired by due negotiation

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

cases

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

effect of diversion; seller's stoppage of delivery

490:7-505 Indorser not a guarantor for other parties

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

indorsement

490:7-507 Warranties on negotiation or transfer of receipt or

bill

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

490:7-509 Receipt or bill: when adequate compliance with

commercial contract

Part 6. Warehouse Receipts and Bills of Lading:

Miscellaneous Provisions

490:7-601 Lost and missing documents

490:7-602 Attachment of goods covered by a negotiable

document

490:7-603 Conflicting claims; interpleader

ARTICLE 8. INVESTMENT SECURITIES

Part 1. Short Title and General Matters

490:8-101 Short title

490:8-102 Definitions

490:8-103 Rules for determining whether certain obligations

and interests are securities or financial assets

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

interest therein

490:8-105 Notice of adverse claim

490:8-106 Control

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

order is effective

490:8-108 Warranties in direct holding

490:8-109 Warranties in indirect holding

490:8-110 Applicability; choice of law

490:8-111 Clearing corporation rules

490:8-112 Creditor's legal process

490:8-113 Statute of frauds inapplicable

490:8-114 Evidentiary rules concerning certificated securities

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

adverse claimant

490:8-116 Securities intermediary as purchaser for value

Part 2. Issue and Issuer

490:8-201 Issuer

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

defect or defense

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

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

490:8-205 Effect of unauthorized signature on security

certificate

490:8-206 Completion or alteration of security certificate

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

registered owners

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

registrar, or transfer agent

490:8-209 Issuer's lien

490:8-210 Overissue

Part 3. Transfer of Certificated and Uncertificated

Securities

490:8-301 Delivery

490:8-302 Rights of purchaser

490:8-303 Protected purchaser

490:8-304 Indorsement

490:8-305 Instruction

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

instruction

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

transfer

Part 4. Registration

490:8-401 Duty of issuer to register transfer

490:8-402 Assurance that indorsement or instruction is

effective

490:8-403 Demand that issuer not register transfer

490:8-404 Wrongful registration

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

security certificate

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

wrongfully taken security certificate

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

registrar

Part 5. Security Entitlements

490:8-501 Securities account; acquisition of security

entitlement from securities intermediary

490:8-502 Assertion of adverse claim against entitlement

holder

490:8-503 Property interest of entitlement holder in financial

asset held by securities intermediary

490:8-504 Duty of securities intermediary to maintain

financial asset

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

payments and distributions

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

as directed by entitlement holder

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

entitlement order

490:8-508 Duty of securities intermediary to change

entitlement holder's position to other form of

security holding

490:8-509 Specification of duties of securities intermediary

by other statute or regulation; manner of

performance of duties of securities intermediary and

exercise of rights of entitlement holder

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

entitlement holder

490:8-511 Priority among security interests and entitlement

holders

ARTICLE 9. SECURED TRANSACTIONS

Part 1. General Provisions

Subpart 1. Short Title, Definitions, and

General Concepts

490:9-101 Short title

490:9-102 Definitions and index of definitions

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

payments; burden of establishing

490:9-104 Control of deposit account

490:9-105 Control of electronic chattel paper

490:9-106 Control of investment property

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

490:9-108 Sufficiency of description

Subpart 2. Applicability of Article

490:9-109 Scope

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

Part 2. Effectiveness Of Security Agreement;

Attachment of Security Interest;

Rights of Parties to Security Agreement

Subpart 1. Effectiveness and Attachment

490:9-201 General effectiveness of security agreement

490:9-202 Title to collateral immaterial

490:9-203 Attachment and enforceability of security interest;

proceeds; supporting obligations; formal requisites

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

490:9-205 Use or disposition of collateral permissible

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

financial asset

Subpart 2. Rights and Duties

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

or control of collateral

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

collateral

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

notified of assignment

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

collateral or statement of account

Part 3. Perfection and Priority

Subpart 1. Law Governing Perfection and Priority

490:9-301 Law governing perfection and priority of security

interests

490:9-302 Law governing perfection and priority of

agricultural liens

490:9-303 Law governing perfection and priority of security

interests in goods covered by a certificate of title

490:9-304 Law governing perfection and priority of security

interests in deposit accounts

490:9-305 Law governing perfection and priority of security

interests in investment property

490:9-306 Law governing perfection and priority of security

interests in letter-of-credit rights

490:9-307 Location of debtor

Subpart 2. Perfection

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

perfected; continuity of perfection

490:9-309 Security interest perfected upon attachment

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

agricultural lien; security interests and

agricultural liens to which filing provisions do not

apply

490:9-311 Perfection of security interests in property subject

to certain statutes, regulations, and treaties

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

deposit accounts, documents, goods covered by

documents, instruments, investment property, letter-

of-credit rights, and money; perfection by

permissive filing; temporary perfection without

filing or transfer of possession

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

perfects security interest without filing

490:9-314 Perfection by control

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

and in proceeds

490:9-316 Continued perfection of security interest following

change in governing law

Subpart 3. Priority

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

security interest or agricultural lien

490:9-318 No interest retained in right to payment that is

sold; rights and title of seller of account or

chattel paper with respect to creditors and

purchasers

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

creditors and purchasers

490:9-320 Buyer of goods

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

in ordinary course of business

490:9-322 Priorities among conflicting security interests in

and agricultural liens on same collateral

490:9-323 Future advances

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

490:9-325 Priority of security interests in transferred

collateral

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

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

490:9-328 Priority of security interests in investment

property

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

right

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

490:9-331 Priority of rights of purchasers of instruments,

documents, and securities under other articles;

priority of interests in financial assets and

security entitlements under Article 8

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

account

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

law

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

490:9-335 Accessions

490:9-336 Commingled goods

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

certificate of title

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

perfected by filed financing statement providing

certain incorrect information

490:9-339 Priority subject to subordination

Subpart 4. Rights of Bank

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

against deposit account

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

account

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

existence of control agreement

Part 4. Rights of Third Parties

490:9-401 Alienability of debtor's rights

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

in tort

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

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

against assignee

409:9-405 Modification of assigned contract

490:9-406 Discharge of account debtor; notification of

assignment; identification and proof of assignment;

restrictions on assignment of accounts, chattel

paper, payment intangibles, and promissory notes

ineffective

490:9-407 Restrictions on creation or enforcement of security

interest in leasehold interest or in lessor's

residual interest

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

health-care-insurance receivables, and certain

general intangibles ineffective

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

rights ineffective

Part 5. Filing

Subpart 1. Filing Office; Contents and

Effectiveness of Financing Statement

490:9-501 Filing office

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

as financing statement; time of filing financing

statement

490:9-503 Name of debtor and secured party

490:9-504 Indication of collateral

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

treaties for consignments, leases, other bailments,

and other transactions

490:9-506 Effect of errors or omissions

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

financing statement

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

becomes bound by security agreement

490:9-509 Persons entitled to file a record

490:9-510 Effectiveness of filed record

490:9-511 Secured party of record

490:9-512 Amendment of financing statement

490:9-513 Termination statement

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

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

effect of lapsed financing statement

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

490:9-517 Effect of indexing errors

490:9-518 Claim concerning inaccurate or wrongfully filed

record

Subpart 2. Duties and Operation of Filing Office

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

communicating information provided in records

490:9-520 Acceptance and refusal to accept record

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

amendment

490:9-522 Maintenance and destruction of records

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

records

490:9-524 Delay by filing office

490:9-525 Fees

490:9-526 Filing-office rules

490:9-527 Duty to report

Part 6. Default

Subpart 1. Default and Enforcement of Security

Interest

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

consignor or buyer of accounts, chattel paper,

payment intangibles, or promissory notes

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

490:9-603 Agreement on standards concerning rights and duties

490:9-604 Procedure if security agreement covers real property

or fixtures

490:9-605 Unknown debtor or secondary obligor

490:9-606 Time of default for agricultural lien

490:9-607 Collection and enforcement by secured party

490:9-608 Application of proceeds of collection or

enforcement; liability for deficiency and right to

surplus

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

default

490:9-610 Disposition of collateral after default

490:9-611 Notification before disposition of collateral

490:9-612 Timeliness of notification before disposition of

collateral

490:9-613 Contents and form of notification before disposition

of collateral: general

490:9-614 Contents and form of notification before disposition

of collateral: Consumer-goods transaction

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

for deficiency and right to surplus

490:9-616 Explanation of calculation of surplus or deficiency

490:9-617 Rights of transferee of collateral

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

490:9-619 Transfer of record or legal title

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

satisfaction of obligation; compulsory disposition

of collateral

490:9-621 Notification of proposal to accept collateral

490:9-622 Effect of acceptance of collateral

490:9-623 Right to redeem collateral

490:9-624 Waiver

Subpart 2. Noncompliance with Article

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

article

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

490:9-627 Determination of whether conduct was commercially

reasonable

490:9-628 Nonliability and limitation on liability of secured

party; liability of secondary obligor

Part 7. Transition

490:9-701 Effective date

490:9-702 Savings clause

490:9-703 Security interest perfected before effective date

490:9-704 Security interest unperfected before effective date

490:9-705 Effectiveness of action taken before effective date

490:9-706 When initial financing statement suffices to

continue effectiveness of financing statement

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

490:9-708 Persons entitled to file initial financing statement

or continuation statement

490:9-709 Priority

ARTICLE 10. EFFECTIVE DATE AND REPEALER

490:10-101 Effective date

490:10-102 Specific repealer; provision for transition

490:10-103 General repealer

490:10-103.1 Inconsistent laws

490:10-104 Laws not repealed

ARTICLE 11. EFFECTIVE DATE AND TRANSITION

PROVISIONS--1978 AMENDATORY ACT

490:11-101 Effective date

490:11-102 Preservation of old transition provision

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

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

filing

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

490:11-106 Required refilings

490:11-107 Transition provisions as to priorities

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