35 KiB
35 KiB
| 1 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 1 | GENERAL PROVISIONS | § 8.1A-101 | Short titles. | <p>(a) Titles 8.1A through 8.9A may be cited as the Uniform Commercial Code.</p><p>(b) This title may be cited as Uniform Commercial Code -- General Provisions.</p><p>1964, c. 219, § 8.1-101; 2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>.</p> | ||||||||
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| 2 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 1 | GENERAL PROVISIONS | § 8.1A-102 | Scope of title. | <p>This title applies to a transaction to the extent that it is governed by another title of the Uniform Commercial Code.</p><p>2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>.</p> | ||||||||
| 3 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 1 | GENERAL PROVISIONS | § 8.1A-103 | Construction of Uniform Commercial Code to promote its purposes and policies; applicability of supplemental principles of law. | <p>(a) The Uniform Commercial Code shall be liberally construed and applied to promote its underlying purposes and policies, which are:</p><p>(1) to simplify, clarify, and modernize the law governing commercial transactions;</p><p>(2) to permit the continued expansion of commercial practices through custom, usage, and agreement of the parties; and</p><p>(3) to make uniform the law among the various jurisdictions.</p><p>(b) Unless displaced by the particular provisions of the Uniform Commercial Code, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, and other validating or invalidating cause supplement its provisions.</p><p>Code 1950, §§ 6-549, 13-183, 13.1-418, 61-2; 1956, c. 428; 1964, c. 219, §§ 8.1-102, 8.1-103; 2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>.</p> | ||||||||
| 4 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 1 | GENERAL PROVISIONS | § 8.1A-104 | Construction against implied repeal. | <p>The Uniform Commercial Code being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.</p><p>1964, c. 219, § 8.1-104; 2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>.</p> | ||||||||
| 5 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 1 | GENERAL PROVISIONS | § 8.1A-105 | Repealed. | <p>Repealed by Acts 2015, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?151+ful+CHAP0709'>709</a>, cl. 2.</p> | ||||||||
| 6 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 1 | GENERAL PROVISIONS | § 8.1A-106 | Use of singular and plural; gender. | <p>In the Uniform Commercial Code, unless the statutory context otherwise requires:</p><p>(1) words in the singular number include the plural, and those in the plural include the singular; and</p><p>(2) words of any gender also refer to any other gender.</p><p>1964, c. 219, § 8.1-102; 2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>.</p> | ||||||||
| 7 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 1 | GENERAL PROVISIONS | § 8.1A-107 | Section captions. | <p>Section captions are part of the Uniform Commercial Code.</p><p>1964, c. 219, § 8.1-109; 2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>.</p> | ||||||||
| 8 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 1 | GENERAL PROVISIONS | § 8.1A-108 | Relation to Electronic Signatures in Global and National Commerce Act. | <p>This title modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., except that nothing in this title modifies, limits, or supersedes § 7001(c) of that Act or authorizes electronic delivery of any of the notices described in § 7003(b) of that Act.</p><p>2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>.</p> | ||||||||
| 9 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 2 | GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION | § 8.1A-204 | Value. | <p>Except as otherwise provided in Titles 8.3A, 8.4, and 8.5A, a person gives value for rights if the person acquires them:</p><p>(1) in return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection;</p><p>(2) as security for, or in total or partial satisfaction of, a preexisting claim;</p><p>(3) by accepting delivery under a preexisting contract for purchase; or</p><p>(4) in return for any consideration sufficient to support a simple contract.</p><p>1964, c. 219, § 8.1-201 (44); 1973, c. 509; 1984, c. 613; 1991, c. 536; 1992, c. 693; 2000, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?001+ful+CHAP1007'>1007</a>; 2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>; 2011, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?111+ful+CHAP0369'>369</a>.</p> | ||||||||
| 10 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 2 | GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION | § 8.1A-205 | Reasonable time; seasonableness. | <p>(a) Whether a time for taking an action required by the Uniform Commercial Code is reasonable depends on the nature, purpose, and circumstances of the action.</p><p>(b) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.</p><p>1964, c. 219, § 8.1-204 (2)-(3); 2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>.</p> | ||||||||
| 11 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 3 | TERRITORIAL APPLICABILITY AND GENERAL RULES | § 8.1A-301 | Territorial applicability; parties' power to choose applicable law. | <p>(a) This section applies to a transaction to the extent that it is governed by another title of the Uniform Commercial Code.</p><p>(b) Except as otherwise provided in this section, when a transaction bears a reasonable relation to this state and also to another state or nation the parties may agree that the law either of this state or such other state or nation shall govern their rights and duties.</p><p>(c) In the absence of an agreement effective under subsection (b), the rights and obligations of the parties are determined by the law that would be selected by application of this State's conflict of laws principles.</p><p>(d) To the extent that the Uniform Commercial Code governs a transaction, if one of the following provisions of the Uniform Commercial Code specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law so specified:</p><p>(1) Rights of creditors against sold goods. § <a href='http://law.lis.virginia.gov/vacode/8.2-402/'>8.2-402</a>;</p><p>(2) Applicability of the title on leases. §§ <a href='http://law.lis.virginia.gov/vacode/8.2A-105/'>8.2A-105</a> and <a href='http://law.lis.virginia.gov/vacode/8.2A-106/'>8.2A-106</a>;</p><p>(3) Applicability of the title on bank deposits and collections. § <a href='http://law.lis.virginia.gov/vacode/8.4-102/'>8.4-102</a>;</p><p>(4) Applicability of the title on funds transfers. § <a href='http://law.lis.virginia.gov/vacode/8.4A-507/'>8.4A-507</a>;</p><p>(5) Letters of credit. § <a href='http://law.lis.virginia.gov/vacode/8.5A-116/'>8.5A-116</a>;</p><p>(6) Applicability of the title on investment securities. § <a href='http://law.lis.virginia.gov/vacode/8.8A-110/'>8.8A-110</a>;</p><p>(7) Law governing perfection, the effect of perfection or nonperfection, and the priority of security interests and agricultural liens. §§ <a href='http://law.lis.virginia.gov/vacode/8.9A-301/'>8.9A-301</a> through <a href='http://law.lis.virginia.gov/vacode/8.9A-307/'>8.9A-307</a>.</p><p>1964, c. 219, § 8.1-105; 1973, c. 509; 1990, c. 9; 1991, c. 536; 1996, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?961+ful+CHAP0216'>216</a>; 1997, cc. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?971+ful+CHAP0121'>121</a>, <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?971+ful+CHAP0343'>343</a>; 2000, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?001+ful+CHAP1007'>1007</a>; 2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>; 2011, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?111+ful+CHAP0369'>369</a>.</p> | ||||||||
| 12 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 3 | TERRITORIAL APPLICABILITY AND GENERAL RULES | § 8.1A-304 | Obligation of good faith. | <p>Every contract or duty within the Uniform Commercial Code imposes an obligation of good faith in its performance and enforcement.</p><p>1964, c. 219, § 8.1-203; 2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>.</p> | ||||||||
| 13 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 3 | TERRITORIAL APPLICABILITY AND GENERAL RULES | § 8.1A-305 | Remedies to be liberally administered. | <p>(a) The remedies provided by the Uniform Commercial Code shall be liberally administered to the end that the aggrieved party may be put in as good a position as if the other party had fully performed but neither consequential or special damages nor penal damages may be had except as specifically provided in the Uniform Commercial Code or by other rule of law.</p><p>(b) Any right or obligation declared by the Uniform Commercial Code is enforceable by action unless the provision declaring it specifies a different and limited effect.</p><p>1964, c. 219, § 8.1-106; 2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>.</p> | ||||||||
| 14 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 3 | TERRITORIAL APPLICABILITY AND GENERAL RULES | § 8.1A-306 | Waiver or renunciation of claim or right after breach. | <p>A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in an authenticated record.</p><p>Code 1950, §§ 6-472, 6-473, 6-475; 1964, c. 219, § 8.1-107; 2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>.</p> | ||||||||
| 15 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 3 | TERRITORIAL APPLICABILITY AND GENERAL RULES | § 8.1A-307 | Prima facie evidence by third-party documents. | <p>A document in due form purporting to be a bill of lading, policy or certificate of insurance, official weigher's or inspector's certificate, consular invoice, or any other document authorized or required by the contract to be issued by a third party is prima facie evidence of its own authenticity and genuineness and of the facts stated in the document by the third party.</p><p>1964, c. 219, § 8.1-202; 2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>.</p> | ||||||||
| 16 | 8.1A | UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS | 3 | TERRITORIAL APPLICABILITY AND GENERAL RULES | § 8.1A-310 | Subordinated obligations. | <p>An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated. Subordination does not create a security interest as against either the common debtor or a subordinated creditor.</p><p>2003, c. <a href='http://lis.virginia.gov/cgi-bin/legp604.exe?031+ful+CHAP0353'>353</a>.</p> |