There is a newer version of the Hawaii Revised Statutes
2013 Hawaii Revised Statutes
TITLE 27. UNIFORM COMMERCIAL CODE
490. Uniform Commercial Code
ARTICLE 1. OLDGENERAL PROVISIONS
- 490:1-101 to 490:1-208 REPEALED.
- 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.
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.
- 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.
SALES
- 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
- 490:2-107 Goods to be severed from realty: recording.
- 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- 490:2-208 REPEALED.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.
- 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.
- 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".
- 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.
- 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.
- 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.
LEASES
- 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.
- 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.
- 490:2A-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.
- 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.
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.
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.
- 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.
- 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.
COMMERCIAL PAPER
REPEALED. L 1991, c 118, §5.
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.
- 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.
- 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.
- 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.
- 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.
- 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.
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 [OLD] REPEALED.
- 490:4-110 Electronic presentment.
- 490:4-111 Statute of limitations.
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 [OLD] REPEALED.
- 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.
- 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.
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.
- 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.
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 Relationship to Electronic Fund Transfer Act.
- 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.
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.
- 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.
- 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.
LETTERS OF CREDIT
- 490:5-101 to 490:5-117 REPEALED.
- 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.
BULK TRANSFERS
REPEALED. L 1991, c 119, §4.
ARTICLE 6.
BULK SALES--REPEALEDARTICLE 7. OLD
WAREHOUSE RECEIPTS, BILLS OF LADING
AND OTHER DOCUMENTS OF TITLE
- 490:7-101 to 490:7-603 REPEALED.
- 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.
- 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.
- 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.
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.
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.
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.
INVESTMENT SECURITIES
- 490:8-101 to 490:8-408 REPEALED.
- 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.
- 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.
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.
- 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.
- 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.
SECURED TRANSACTIONS; SALES OF ACCOUNTS,
CONTRACT RIGHTS AND CHATTEL PAPER
- 490:9-101 to 490:9-507 REPEALED.
- 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.
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.
- 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.
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.
- 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 Effect of change in governing law.
- 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.
- 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.
- 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.
- 490:9-405 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.
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.
- 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.
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.
- 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.
- 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.
- 490:9-801 Effective date.
- 490:9-802 Savings clause.
- 490:9-803 Security interest perfected prior to July 1, 2013.
- 490:9-804 Security interest unperfected before July 1, 2013.
- 490:9-805 Effectiveness of action taken before July 1, 2013.
- 490:9-806 When initial financing statement suffices to continue effectiveness of financing statement.
- 490:9-807 Amendment of pre-effective-date financing statement.
- 490:9-808 Person entitled to file initial financing statement or continuation statement.
- 490:9-809 Priority.
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.
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.
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