TITLE 27. UNIFORM COMMERCIAL CODE
ACKNOWLEDGMENT
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
CHAPTER 490
UNIFORM COMMERCIAL CODE
ARTICLE 1. GENERAL PROVISIONS
Part 1. General Provisions
Section
490:1-101 Short title
490:1-102 Scope of article
490:1-103 Construction of chapter to promote its purposes and
policies; applicability of supplemental principles
of law
490:1-104 Construction against implied repeal
490:1-105 Severability
490:1-106 Use of singular and plural; gender
490:1-107 Section captions
490:1-108 Relation to Electronic Signatures in Global and
National Commerce Act
Part 2. General Definitions and Principles of
Interpretation
490:1-201 General definitions
490:1-202 Notice; knowledge
490:1-203 Lease distinguished from security interest
490:1-204 Value
490:1-205 Reasonable time; seasonableness
490:1-206 Presumptions
Part 3. Territorial Applicability and General Rules
490:1-301 Territorial applicability; parties' power to choose
applicable law
490:1-302 Variation by agreement
490:1-303 Course of performance, course of dealing, and usage
of trade
490:1-304 Obligation of good faith
490:1-305 Remedies to be liberally administered
490:1-306 Waiver or renunciation of claim or right after
breach
490:1-307 Prima facie evidence by third-party documents
490:1-308 Performance or acceptance under reservation of
rights
490:1-309 Option to accelerate at will
490:1-310 Subordinated obligations
ARTICLE 2. SALES
Part 1. Short Title, General Construction and
Subject Matter
490:2-101 Short title
490:2-102 Scope; certain security and other transactions
excluded from this Article
490:2-103 Definitions and index of definitions
490:2-104 Definitions: "merchant"; "between merchants";
"financing agency"
490:2-105 Definitions: transferability; "goods"; "future"
goods; "lot"; "commercial unit"
490:2-106 Definitions: "contract"; "agreement"; "contract
for sale"; "sale"; "present sale"; "conforming" to
contract; "termination"; "cancellation"
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 Repealed
490:2-209 Modification, rescission and waiver
490:2-210 Delegation of performance; assignment of rights
Part 3. General Obligation and Construction of
Contract
490:2-301 General obligation of parties
490:2-302 Unconscionable contract or clause
490:2-303 Allocation or division of risks
490:2-304 Price payable in money, goods, realty or otherwise
490:2-305 Open price term
490:2-306 Output, requirements and exclusive dealings
490:2-307 Delivery in single lot or several lots
490:2-308 Absence of specified place for delivery
490:2-309 Absence of specific time provisions; notice of
termination
490:2-310 Open time for payment or running of credit;
authority to ship under reservation
490:2-311 Options and cooperation respecting performance
490:2-312 Warranty of title and against infringement; buyer's
obligation against infringement
490:2-313 Express warranties by affirmation, promise,
description, sample
490:2-313.1, 313.2 Repealed
490:2-314 Implied warranty: merchantability; usage of trade
490:2-315 Implied warranty: fitness for particular purpose
490:2-316 Exclusion or modification of warranties
490:2-317 Cumulation and conflict of warranties express or
implied
490:2-318 Third party beneficiaries of warranties express or
implied
490:2-319 F.O.B. and F.A.S. terms
490:2-320 C.I.F. and C. & F. terms
490:2-321 C.I.F. or C. & F.: "net landed weights"; "payment
on arrival"; warranty of condition on arrival
490:2-322 Delivery "ex-ship"
490:2-323 Form of bill of lading required in overseas
shipment; "overseas"
490:2-324 "No arrival, no sale" term
490:2-325 "Letter of credit" term; "confirmed credit"
490:2-326 Sale on approval and sale or return;
rights of creditors
490:2-327 Special incidents of sale on approval and
sale or return
490:2-328 Sale by auction
Part 4. Title, Creditors and Good Faith Purchasers
490:2-401 Passing of title; reservation for security; limited
application of this section
490:2-402 Rights of seller's creditors against sold goods
490:2-403 Power to transfer; good faith purchase of goods;
"entrusting"
Part 5. Performance
490:2-501 Insurable interest in goods; manner of
identification of goods
490:2-502 Buyer's right to goods on seller's repudiation,
failure to deliver, or insolvency
490:2-503 Manner of seller's tender of delivery
490:2-504 Shipment by seller
490:2-505 Seller's shipment under reservation
490:2-506 Rights of financing agency
490:2-507 Effect of seller's tender; delivery on condition
490:2-508 Cure by seller of improper tender or delivery;
replacement
490:2-509 Risk of loss in the absence of breach
490:2-510 Effect of breach on risk of loss
490:2-511 Tender of payment by buyer; payment by check
490:2-512 Payment by buyer before inspection
490:2-513 Buyer's right to inspection of goods
490:2-514 When documents deliverable on acceptance; when on
payment
490:2-515 Preserving evidence of goods in dispute
Part 6. Breach, Repudiation and Excuse
490:2-601 Buyer's rights on improper delivery
490:2-602 Manner and effect of rightful rejection
490:2-603 Merchant buyer's duties as to rightfully rejected
goods
490:2-604 Buyer's options as to salvage of rightfully
rejected goods
490:2-605 Waiver of buyer's objections by failure to
particularize
490:2-606 What constitutes acceptance of goods
490:2-607 Effect of acceptance; notice of breach; burden of
establishing breach after acceptance; notice of
claim or litigation to person answerable over
490:2-608 Revocation of acceptance in whole or in part
490:2-609 Right to adequate assurance of performance
490:2-610 Anticipatory repudiation
490:2-611 Retraction of anticipatory repudiation
490:2-612 "Installment contract"; breach
490:2-613 Casualty to identified goods
490:2-614 Substituted performance
490:2-615 Excuse by failure of presupposed conditions
490:2-616 Procedure on notice claiming excuse
Part 7. Remedies
490:2-701 Remedies for breach of collateral contracts not
impaired
490:2-702 Seller's remedies on discovery of buyer's
insolvency
490:2-703 Seller's remedies in general
490:2-704 Seller's right to identify goods to the contract
notwithstanding breach or to salvage unfinished
goods
490:2-705 Seller's stoppage of delivery in transit or
otherwise
490:2-706 Seller's resale including contract for resale
490:2-707 "Person in the position of a seller"
490:2-708 Seller's damages for nonacceptance or repudiation
490:2-709 Action for the price
490:2-710 Seller's incidental damages
490:2-711 Buyer's remedies in general; buyer's security
interest in rejected goods
490:2-712 "Cover"; buyer's procurement of substitute goods
490:2-713 Buyer's damages for nondelivery or repudiation
490:2-714 Buyer's damages for breach in regard to accepted
goods
490:2-715 Buyer's incidental and consequential damages
490:2-716 Buyer's right to specific performance or replevin
490:2-717 Deduction of damages from the price
490:2-718 Liquidation or limitation of damages; deposits
490:2-719 Contractual modification or limitation of remedy
490:2-720 Effect of "cancellation" or "rescission" on claims
for antecedent breach
490:2-721 Remedies for fraud
490:2-722 Who can sue third parties for injury to goods
490:2-723 Proof of market price; time and place
490:2-724 Admissibility of market quotations
490:2-725 Statute of limitations in contracts for sale
ARTICLE 2A. LEASES
Part 1. General Provisions
490:2A-101 Short title
490:2A-102 Scope
490:2A-103 Definitions and index of definitions
490:2A-104 Leases subject to other law
490:2A-105 Territorial application of Article to goods covered
by certificate of title
490:2A-106 Limitation on power of parties to consumer lease to
choose applicable law and judicial forum
490:2A-107 Waiver or renunciation of claim or right after
default
490:2A-108 Unconscionability
490:2A-109 Option to accelerate at will
Part 2. Formation and Construction of Lease Contract
490:2A-201 Statute of frauds
490:2A-202 Final 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 Repealed
490:2A-208 Modification, rescission and waiver
490:2A-209 Lessee under finance lease as beneficiary of supply
contract
409:2A-210 Express warranties
490:2A-211 Warranties against interference and against
infringement; lessee's obligation against
infringement
490:2A-212 Implied warranty of merchantability
490:2A-213 Implied warranty of fitness for particular purpose
490:2A-214 Exclusion or modification of warranties
490:2A-215 Cumulation and conflict of warranties express or
implied
490:2A-216 Third-party beneficiaries of express and implied
warranties
490:2A-217 Identification
490:2A-218 Insurance and proceeds
490:2A-219 Risk of loss
490:2A-220 Effect of default on risk of loss
490:2A-221 Casualty to identified goods
Part 3. Effect of Lease Contract
490:2A-301 Enforceability of lease contract
490:2A-302 Title to and possession of goods
490:2A-303 Alienability of party's interest under lease
contract or of lessor's residual interest in goods;
delegation of performance; transfer of rights
490:2A-304 Subsequent lease of goods by lessor
490:2A-305 Sale or sublease of goods by lessee
490:2A-306 Priority of certain liens arising by operation of
law
490:2A-307 Priority of liens arising by attachment or levy on,
security interests in, and other claims to goods
490:2A-308 Special rights of creditors
490:2A-309 Lessor's and lessee's rights when goods become
fixtures
490:2A-310 Lessor's and lessee's rights when goods become
accessions
490:2A-311 Priority subject to subordination
Part 4. Performance of Lease Contract: Repudiated,
Substituted, and Excused
490:2A-401 Insecurity: adequate assurance of performance
490:2A-402 Anticipatory repudiation
490:2A-403 Retraction of anticipatory repudiation
490:2A-404 Substituted performance
490:2A-405 Excused performance
490:2A-406 Procedure on excused performance
490:2A-407 Irrevocable promises: finance leases
Part 5. Default
Subpart A. In General
490:2A-501 Default: procedure
490:2A-502 Notice after default
490:2A-503 Modification or impairment of rights and remedies
490:2A-504 Liquidation of damages
490:2A-505 Cancellation and termination and effect of
cancellation, termination, rescission, or fraud on
rights and remedies
490:2A-506 Statute of limitations
490:2A-507 Proof of market rent: time and place
Subpart B. Default by Lessor
490:2A-508 Lessee's remedies
490:2A-509 Lessee's rights on improper delivery; rightful
. rejection
490:2A-510 Installment lease contracts: rejection and default
490:2A-511 Merchant lessee's duties as to rightfully rejected
goods
490:2A-512 Lessee's duties as to rightfully rejected goods
490:2A-513 Cure by lessor of improper tender or delivery;
replacement
490:2A-514 Waiver of lessee's objections
490:2A-515 Acceptance of goods
490:2A-516 Effect of acceptance of goods; notice of default;
burden of establishing default after acceptance;
notice of claim or litigation to person answerable
over
490:2A-517 Revocation of acceptance of goods
490:2A-518 Cover; substitute goods
490:2A-519 Lessee's damages for nondelivery, repudiation,
default, and breach of warranty in regard to
accepted goods
490:2A-520 Lessee's incidental and consequential damages
490:2A-521 Lessee's right to specific performance or replevin
490:2A-522 Lessee's right to goods on lessor's insolvency
Subpart C. Default by Lessee
490:2A-523 Lessor's remedies
490:2A-524 Lessor's right to identify goods to lease contract
490:2A-525 Lessor's right to possession of goods
490:2A-526 Lessor's stoppage of delivery in transit or
otherwise
490:2A-527 Lessor's rights to dispose of goods
490:2A-528 Lessor's damages for nonacceptance, failure to pay,
repudiation, or other default
490:2A-529 Lessor's action for the rent
490:2A-530 Lessor's incidental damages
490:2A-531 Standing to sue third parties for injury to goods
490:2A-532 Lessor's rights to residual interest
ARTICLE 3. NEGOTIABLE INSTRUMENTS
Part 1. General Provisions and Definitions
490:3-101 Short title
490:3-102 Subject matter
490:3-103 Definitions
490:3-104 Negotiable instrument
490:3-105 Issue of instrument
490:3-106 Unconditional promise or order
490:3-107 Instrument payable in foreign money
490:3-108 Payable on demand or at definite time
490:3-109 Payable to bearer or to order
490:3-110 Identification of person to whom instrument is
payable
490:3-111 Place of payment
490:3-112 Interest
490:3-113 Date of instrument
490:3-114 Contradictory terms of instrument
490:3-115 Incomplete instrument
490:3-116 Joint and several liability; contribution
490:3-117 Other agreements affecting instrument
490:3-118 Statute of limitations
490:3-119 Notice of right to defend action
Part 2. Negotiation, Transfer, and Indorsement
490:3-201 Negotiation
490:3-202 Negotiation subject to rescission
490:3-203 Transfer of instrument; rights acquired by transfer
490:3-204 Indorsement
490:3-205 Special indorsement; blank indorsement; anomalous
indorsement
490:3-206 Restrictive indorsement
490:3-207 Reacquisition
Part 3. Enforcement of Instruments
490:3-301 Person entitled to enforce instrument
490:3-302 Holder in due course
490:3-303 Value and consideration
490:3-304 Overdue instrument
490:3-305 Defenses and claims in recoupment
490:3-306 Claims to an instrument
490:3-307 Notice of breach of fiduciary duty
490:3-308 Proof of signatures and status as holder in due
course
490:3-309 Enforcement of lost, destroyed, or stolen
instrument
490:3-310 Effect of instrument on obligation for which taken
490:3-311 Accord and satisfaction by use of instrument
490:3-312 Lost, destroyed, or stolen cashier's check,
teller's check, or certified check
Part 4. Liability of Parties
490:3-401 Signature
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. DOCUMENTS OF TITLE
Part 1. General
490:7-101 Short title
490:7-102 Definitions and index of definitions
490:7-103 Relation of article to treaty or statute
490:7-104 Negotiable and nonnegotiable document of title
490:7-105 Reissuance in alternative medium
490:7-106 Control of electronic document of title
Part 2. Warehouse Receipts: Special Provisions
490:7-201 Person that may issue a warehouse receipt; storage
under bond
490:7-202 Form of warehouse receipt; effect of omission
490:7-203 Liability for nonreceipt or misdescription
490:7-204 Duty of care; contractual limitation of warehouse's
liability
490:7-205 Title under warehouse receipt defeated in certain
cases
490:7-206 Termination of storage at warehouse's option
490:7-207 Goods must be kept separate; fungible goods
490:7-208 Altered warehouse receipts
490:7-209 Lien of warehouse
490:7-210 Enforcement of warehouse's lien
Part 3. Bills of Lading: Special Provisions
490:7-301 Liability for nonreceipt or misdescription; "said to
contain"; "shipper's weight, load, and count";
improper handling
490:7-302 Through bills of lading and similar documents of
title
490:7-303 Diversion; reconsignment; change of instructions
490:7-304 Tangible bills of lading in a set
490:7-305 Destination bills
490:7-306 Altered bills of lading
490:7-307 Lien of carrier
490:7-308 Enforcement of carrier's lien
490:7-309 Duty of care; contractual limitation of carrier's
liability
Part 4. Warehouse Receipts and Bills of Lading:
General Obligations
490:7-401 Irregularities in issue of receipt or bill or
conduct of issuer
490:7-402 Duplicate document of title; overissue
490:7-403 Obligation of bailee to deliver; excuse
490:7-404 No liability for good-faith delivery pursuant to
document of title
Part 5. Warehouse Receipts and Bills of Lading:
Negotiation and Transfer
490-7:501 Form of negotiation and requirements of due
negotiation
490:7-502 Rights acquired by due negotiation
490:7-503 Document of title to goods defeated in certain cases
490:7-504 Rights acquired in absence of due negotiation;
effect of diversion; stoppage of delivery
490:7-505 Indorser not guarantor for other parties
490:7-506 Delivery without indorsement: right to compel
indorsement
490:7-507 Warranties on negotiation or delivery of document of
title
490:7-508 Warranties of collecting bank as to documents of
title
490:7-509 Adequate compliance with commercial contract
Part 6. Warehouse Receipts and Bills of Lading:
Miscellaneous Provisions
490:7-601 Lost, stolen, or destroyed documents of title
490:7-602 Judicial process against goods covered by negotiable
document of title
490:7-603 Conflicting claims; interpleader
Part 7. Miscellaneous Provisions
490:7-701 Applicability
490:7-702 Savings clause
ARTICLE 8. INVESTMENT SECURITIES
Part 1. Short Title and General Matters
490:8-101 Short title
490:8-102 Definitions
490:8-103 Rules for determining whether certain obligations
and interests are securities or financial assets
490:8-104 Acquisition of security or financial asset or
interest therein
490:8-105 Notice of adverse claim
490:8-106 Control
490:8-107 Whether indorsement, instruction, or entitlement
order is effective
490:8-108 Warranties in direct holding
490:8-109 Warranties in indirect holding
490:8-110 Applicability; choice of law
490:8-111 Clearing corporation rules
490:8-112 Creditor's legal process
490:8-113 Statute of frauds inapplicable
490:8-114 Evidentiary rules concerning certificated securities
490:8-115 Securities intermediary and others not liable to
adverse claimant
490:8-116 Securities intermediary as purchaser for value
Part 2. Issue and Issuer
490:8-201 Issuer
490:8-202 Issuer's responsibility and defenses; notice of
defect or defense
490:8-203 Staleness as notice of defect or defense
490:8-204 Effect of issuer's restriction on transfer
490:8-205 Effect of unauthorized signature on security
certificate
490:8-206 Completion or alteration of security certificate
490:8-207 Rights and duties of issuer with respect to
registered owners
490:8-208 Effect of signature of authenticating trustee,
registrar, or transfer agent
490:8-209 Issuer's lien
490:8-210 Overissue
Part 3. Transfer of Certificated and Uncertificated
Securities
490:8-301 Delivery
490:8-302 Rights of purchaser
490:8-303 Protected purchaser
490:8-304 Indorsement
490:8-305 Instruction
490:8-306 Effect of guaranteeing signature, indorsement, or
instruction
490:8-307 Purchaser's right to requisites for registration of
transfer
Part 4. Registration
490:8-401 Duty of issuer to register transfer
490:8-402 Assurance that indorsement or instruction is
effective
490:8-403 Demand that issuer not register transfer
490:8-404 Wrongful registration
490:8-405 Replacement of lost, destroyed, or wrongfully taken
security certificate
490:8-406 Obligation to notify issuer of lost, destroyed, or
wrongfully taken security certificate
490:8-407 Authenticating trustee, transfer agent, and registrar
Part 5. Security Entitlements
490:8-501 Securities account; acquisition of security
entitlement from securities intermediary
490:8-502 Assertion of adverse claim against entitlement
holder
490:8-503 Property interest of entitlement holder in financial
asset held by securities intermediary
490:8-504 Duty of securities intermediary to maintain
financial asset
490:8-505 Duty of securities intermediary with respect to
payments and distributions
490:8-506 Duty of securities intermediary to exercise rights
as directed by entitlement holder
490:8-507 Duty of securities intermediary to comply with
entitlement order
490:8-508 Duty of securities intermediary to change
entitlement holder's position to other form of
security holding
490:8-509 Specification of duties of securities intermediary
by other statute or regulation; manner of
performance of duties of securities intermediary and
exercise of rights of entitlement holder
490:8-510 Rights of purchaser of security entitlement from
entitlement holder
490:8-511 Priority among security interests and entitlement
holders
ARTICLE 9. SECURED TRANSACTIONS
Part 1. General Provisions
Subpart 1. Short Title, Definitions, and General
Concepts
490:9-101 Short title
490:9-102 Definitions and index of definitions
490:9-103 Purchase-money security interest; application of
payments; burden of establishing
490:9-104 Control of deposit account
490:9-105 Control of electronic 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
Rules of Court
Applicability of District Court Rules of Civil Procedure, see DCRCP rule 81(b)(5).