§ 554.1101 Short titles
§ 554.1102 Scope of Article
§ 554.1103 Construction of this chapter to promote its purposes and policies — applicability of supplemental principles of law.
§ 554.1104 Construction against implied repeal
§ 554.1105 Severability
§ 554.1106 Use of singular and plural — gender.
§ 554.1107 Section captions
§ 554.1108 Relation to Electronic Signatures in Global and National Commerce Act
§ 554.1110 Rules for filing and indexing
§ 554.1201 General definitions
§ 554.1202 Notice — knowledge.
§ 554.1203 Lease distinguished from security interest
§ 554.1204 Value
§ 554.1205 Reasonable time — seasonableness.
§ 554.1206 Presumptions
§ 554.1301 Territorial applicability — parties’ power to choose applicable law.
§ 554.1302 Variation by agreement
§ 554.1303 Course of performance, course of dealing, and usage of trade
§ 554.1304 Obligation of good faith
§ 554.1305 Remedies to be liberally administered
§ 554.1306 Waiver or renunciation of claim or right after breach
§ 554.1307 Prima facie evidence by third-party documents
§ 554.1308 Performance or acceptance under reservation of rights
§ 554.1309 Option to accelerate at will
§ 554.1310 Subordinated obligations
§ 554.2101 Short title
§ 554.2102 Scope — certain security and other transactions excluded from this Article.
§ 554.2103 Definitions and index of definitions
§ 554.2104 Definitions:”merchant” — “between merchants” — “financing agency”.
§ 554.2105 Definitions:transferability — “goods” — “future” goods — “lot” — “commercial unit”.
§ 554.2106 Definitions:”contract” — “agreement” — “contract for sale” — “sale” — “present sale” — “conforming” to contract — “termination” — “cancellation”.
§ 554.2107 Goods to be severed from realty:recording
§ 554.2201 Formal requirements — statute of frauds.
§ 554.2202 Final written expression — parol or extrinsic evidence.
§ 554.2203 Seals inoperative
§ 554.2204 Formation in general
§ 554.2205 Firm offers
§ 554.2206 Offer and acceptance in formation of contract
§ 554.2207 Additional terms in acceptance or confirmation
§ 554.2208 Course of performance or practical construction
§ 554.2209 Modification, rescission and waiver
§ 554.2210 Delegation of performance — assignment of rights.
§ 554.2301 General obligations of parties
§ 554.2302 Unconscionable contract or clause
§ 554.2303 Allocation or division of risks
§ 554.2304 Price payable in money, goods, realty, or otherwise
§ 554.2305 Open price term
§ 554.2306 Output, requirements and exclusive dealings
§ 554.2307 Delivery in single lot or several lots
§ 554.2308 Absence of specified place for delivery
§ 554.2309 Absence of specific time provisions — notice of termination.
§ 554.2310 Open time for payment or running of credit — authority to ship under reservation.
§ 554.2311 Options and cooperation respecting performance
§ 554.2312 Warranty of title and against infringement — buyer’s obligation against infringement.
§ 554.2313 Express warranties by affirmation, promise, description, sample
§ 554.2314 Implied warranty:merchantability — usage of trade.
§ 554.2315 Implied warranty — fitness for particular purpose.
§ 554.2316 Exclusion or modification of warranties
§ 554.2317 Cumulation and conflict of warranties express or implied
§ 554.2318 Third party beneficiaries of warranties express or implied
§ 554.2319 F.O.B. and F.A.S. terms
§ 554.2320 C.I.F. and C. & F. terms
§ 554.2321 C.I.F. or C. & F. — “net landed weights” — “payment on arrival” — warranty of condition on arrival.
§ 554.2322 Delivery “ex-ship”
§ 554.2323 Form of bill of lading required in overseas shipment — “overseas”.
§ 554.2324 “No arrival, no sale” term
§ 554.2325 “Letter of credit” term — “confirmed credit”.
§ 554.2326 Sale on approval and sale or return — rights of creditors.
§ 554.2327 Special incidents of sale on approval and sale or return
§ 554.2328 Sale by auction
§ 554.2401 Passing of title — reservation for security — limited application of this section.
§ 554.2402 Rights of seller’s creditors against sold goods.
§ 554.2403 Power to transfer — good faith purchase of goods — “entrusting”.
§ 554.2501 Insurable interest in goods — manner of identification of goods.
§ 554.2502 Buyer’s right to goods on seller’s repudiation, failure to deliver, or insolvency.
§ 554.2503 Manner of seller’s tender of delivery.
§ 554.2504 Shipment by seller
§ 554.2505 Seller’s shipment under reservation.
§ 554.2506 Rights of financing agency
§ 554.2507 Effect of seller’s tender — delivery on condition.
§ 554.2508 Cure by seller of improper tender or delivery — replacement.
§ 554.2509 Risk of loss in the absence of breach
§ 554.2510 Effect of breach on risk of loss
§ 554.2511 Tender of payment by buyer — payment by check.
§ 554.2512 Payment by buyer before inspection
§ 554.2513 Buyer’s right to inspection of goods.
§ 554.2514 When documents deliverable on acceptance — when on payment.
§ 554.2515 Preserving evidence of goods in dispute
§ 554.2601 Buyer’s rights on improper delivery.
§ 554.2602 Manner and effect of rightful rejection
§ 554.2603 Merchant buyer’s duties as to rightfully rejected goods.
§ 554.2604 Buyer’s options as to salvage of rightfully rejected goods.
§ 554.2605 Waiver of buyer’s objections by failure to particularize.
§ 554.2606 What constitutes acceptance of goods
§ 554.2607 Effect of acceptance — notice of breach — burden of establishing breach after acceptance — notice of claim or litigation to person answerable over.
§ 554.2608 Revocation of acceptance in whole or in part
§ 554.2609 Right to adequate assurance of performance
§ 554.2610 Anticipatory repudiation
§ 554.2611 Retraction of anticipatory repudiation
§ 554.2612 “Installment contract” — breach.
§ 554.2613 Casualty to identified goods
§ 554.2614 Substituted performance
§ 554.2615 Excuse by failure of presupposed conditions
§ 554.2616 Procedure on notice claiming excuse
§ 554.2701 Remedies for breach of collateral contracts not impaired
§ 554.2702 Seller’s remedies on discovery of buyer’s insolvency.
§ 554.2703 Seller’s remedies in general.
§ 554.2704 Seller’s right to identify goods to the contract notwithstanding breach or to salvage unfinished goods.
§ 554.2705 Seller’s stoppage of delivery in transit or otherwise.
§ 554.2706 Seller’s resale including contract for resale.
§ 554.2707 “Person in the position of a seller”
§ 554.2708 Seller’s damages for nonacceptance or repudiation.
§ 554.2709 Action for the price
§ 554.2710 Seller’s incidental damages.
§ 554.2711 Buyer’s remedies in general — buyer’s security interest in rejected goods.
§ 554.2712 “Cover” — buyer’s procurement of substitute goods.
§ 554.2713 Buyer’s damages for nondelivery or repudiation.
§ 554.2714 Buyer’s damages for breach in regard to accepted goods.
§ 554.2715 Buyer’s incidental and consequential damages.
§ 554.2716 Buyer’s right to specific performance or replevin.
§ 554.2717 Deduction of damages from the price
§ 554.2718 Liquidation or limitation of damages — deposits.
§ 554.2719 Contractual modification or limitation of remedy
§ 554.2720 Effect of “cancellation” or “rescission” on claims for antecedent breach
§ 554.2721 Remedies for fraud
§ 554.2722 Who can sue third parties for injury to goods
§ 554.2723 Proof of market price — time and place.
§ 554.2724 Admissibility of market quotations
§ 554.2725 Statute of limitations in contracts for sale
§ 554.3101 Short title
§ 554.3102 Subject matter
§ 554.3103 Definitions
§ 554.3104 Negotiable instrument
§ 554.3105 Issue of instrument
§ 554.3106 Unconditional promise or order
§ 554.3107 Instrument payable in foreign money
§ 554.3108 Payable on demand or at definite time
§ 554.3109 Payable to bearer or to order
§ 554.3110 Identification of person to whom instrument is payable
§ 554.3111 Place of payment
§ 554.3112 Interest
§ 554.3113 Date of instrument
§ 554.3114 Contradictory terms of instrument
§ 554.3115 Incomplete instrument
§ 554.3116 Joint and several liability — contribution.
§ 554.3117 Other agreements affecting instrument
§ 554.3118 Accrual of cause of action
§ 554.3119 Notice of right to defend action
§ 554.3120 Instruments “payable through” bank
§ 554.3121 Instruments payable at bank
§ 554.3122 Accrual of cause of action
§ 554.3201 Negotiation
§ 554.3202 Negotiation subject to rescission
§ 554.3203 Transfer of instrument — rights acquired by transfer.
§ 554.3204 Endorsement
§ 554.3205 Special endorsement — blank endorsement — anomalous endorsement.
§ 554.3206 Restrictive endorsement
§ 554.3207 Reacquisition
§ 554.3208 Reacquisition
§ 554.3301 Person entitled to enforce instrument
§ 554.3302 Holder in due course
§ 554.3303 Value and consideration
§ 554.3304 Overdue instrument
§ 554.3305 Defenses and claims in recoupment
§ 554.3306 Claims to an instrument
§ 554.3307 Notice of breach of fiduciary duty
§ 554.3308 Proof of signatures and status as holder in due course
§ 554.3309 Enforcement of lost, destroyed, or stolen instrument
§ 554.3310 Effect of instrument on obligation for which taken
§ 554.3311 Accord and satisfaction by use of instrument
§ 554.3312 Lost, destroyed, or stolen cashier’s check, teller’s check, or certified check.
§ 554.3401 Signature
§ 554.3402 Signature by representative
§ 554.3403 Unauthorized signature
§ 554.3404 Impostors — fictitious payees.
§ 554.3405 Employer’s responsibility for fraudulent endorsement by employee.
§ 554.3406 Negligence contributing to forged signature or alteration of instrument
§ 554.3407 Alteration
§ 554.3408 Drawee not liable on unaccepted draft
§ 554.3409 Acceptance of draft — certified check.
§ 554.3410 Acceptance varying draft
§ 554.3411 Refusal to pay cashier’s checks, teller’s checks, and certified checks.
§ 554.3412 Obligation of issuer of note or cashier’s check.
§ 554.3413 Obligation of acceptor
§ 554.3414 Obligation of drawer
§ 554.3415 Obligation of endorser
§ 554.3416 Transfer warranties
§ 554.3417 Presentment warranties
§ 554.3418 Payment or acceptance by mistake
§ 554.3419 Instruments signed for accommodation
§ 554.3420 Conversion of instrument
§ 554.3501 Presentment
§ 554.3502 Dishonor
§ 554.3503 Notice of dishonor
§ 554.3504 Excused presentment and notice of dishonor
§ 554.3505 Evidence of dishonor
§ 554.3506 Time allowed for acceptance or payment
§ 554.3507 Dishonor — holder’s right of recourse — term allowing re-presentment.
§ 554.3508 Notice of dishonor
§ 554.3509 Protest — noting for protest.
§ 554.3510 Evidence of dishonor and notice of dishonor
§ 554.3511 Waived or excused presentment, protest or notice of dishonor or delay therein
§ 554.3512 Holder’s recourse for dishonor.
§ 554.3513 Civil remedy for dishonor
§ 554.3601 Discharge and effect of discharge
§ 554.3602 Payment
§ 554.3603 Tender of payment
§ 554.3604 Discharge by cancellation or renunciation
§ 554.3605 Discharge of endorsers and accommodation parties
§ 554.3606 Impairment of recourse or of collateral
§ 554.3802 Effect of instrument on obligation for which it is given
§ 554.3803 Notice to third party
§ 554.3804 Lost, destroyed or stolen instruments
§ 554.3805 Instruments not payable to order or to bearer
§ 554.3806 Civil remedy for dishonor of a check, draft or order
§ 554.4101 Short title
§ 554.4102 Applicability
§ 554.4103 Variation by agreement — measure of damages — action constituting ordinary care.
§ 554.4104 Definitions and index of definitions
§ 554.4105 “Bank” — “depositary bank” — “intermediary bank” — “collecting bank” — “payor bank” — “presenting bank”.
§ 554.4106 Payable through or payable at bank — collecting bank.
§ 554.4107 Separate office of a bank
§ 554.4108 Time of receipt of items
§ 554.4109 Delays
§ 554.4110 Electronic presentment
§ 554.4111 Statute of limitations
§ 554.4201 Status of collecting bank as agent and provisional status of credits — applicability of Article — item endorsed “pay any bank”.
§ 554.4202 Responsibility for collection or return — when action timely.
§ 554.4203 Effect of instructions
§ 554.4204 Methods of sending and presenting — sending directly to payor bank.
§ 554.4205 Depositary bank holder of unendorsed item
§ 554.4206 Transfer between banks
§ 554.4207 Transfer warranties
§ 554.4208 Presentment warranties
§ 554.4209 Encoding and retention warranties
§ 554.4210 Security interest of collecting bank in items, accompanying documents and proceeds
§ 554.4211 When bank gives value for purposes of holder in due course
§ 554.4212 Presentment by notice of item not payable by, through, or at a bank; liability of drawer or endorser
§ 554.4213 Medium and time of settlement by bank
§ 554.4214 Right of charge-back or refund — liability of collecting bank — return of item.
§ 554.4215 Final payment of item by payor bank — when provisional debits and credits become final — when certain credits become available for withdrawal.
§ 554.4216 Insolvency and preference
§ 554.4301 Deferred posting — recovery of payment by return of items — time of dishonor — return of items by payor bank.
§ 554.4302 Payor bank’s responsibility for late return of item.
§ 554.4303 When items subject to notice, stop-payment order, legal process, or setoff — order in which items may be charged or certified.
§ 554.4401 When bank may charge customer’s account.
§ 554.4402 Bank’s liability to customer for wrongful dishonor — time of determining insufficiency of account.
§ 554.4403 Customer’s right to stop payment — burden of proof of loss.
§ 554.4404 Bank not obligated to pay check more than six months old
§ 554.4405 Death or incompetence of customer
§ 554.4406 Customer’s duty to discover and report unauthorized signature or alteration.
§ 554.4407 Payor bank’s right to subrogation on improper payment.
§ 554.4501 Handling of documentary drafts — duty to send for presentment and to notify customer of dishonor.
§ 554.4502 Presentment of “on arrival” drafts
§ 554.4503 Responsibility of presenting bank for documents and goods — report of reasons for dishonor — referee in case of need.
§ 554.4504 Privilege of presenting bank to deal with goods — security interest for expenses.
§ 554.5101 Short title
§ 554.5102 Definitions
§ 554.5103 Scope
§ 554.5104 Formal requirements
§ 554.5105 Consideration
§ 554.5106 Issuance, amendment, cancellation, and duration
§ 554.5107 Confirmer, nominated person, and adviser
§ 554.5108 Issuer’s rights and obligations.
§ 554.5109 Fraud and forgery
§ 554.5110 Warranties
§ 554.5111 Remedies
§ 554.5112 Transfer of letter of credit
§ 554.5113 Transfer by operation of law
§ 554.5114 Assignment of proceeds
§ 554.5115 Statute of limitations
§ 554.5116 Choice of law and forum
§ 554.5117 Subrogation of issuer, applicant, and nominated person
§ 554.5118 Security interest of issuer or nominated person
§ 554.7101 Short title
§ 554.7102 Definitions and index of definitions
§ 554.7103 Relation of Article to treaty or statute
§ 554.7104 Negotiable and nonnegotiable document of title
§ 554.7105 Reissuance in alternative medium
§ 554.7106 Control of electronic document of title
§ 554.7201 Person that may issue a warehouse receipt — storage under bond.
§ 554.7202 Form of warehouse receipt — effect of omission.
§ 554.7203 Liability for nonreceipt or misdescription
§ 554.7204 Duty of care — contractual limitation of warehouse’s liability.
§ 554.7205 Title under warehouse receipt defeated in certain cases
§ 554.7206 Termination of storage at warehouse’s option.
§ 554.7207 Goods must be kept separate — fungible goods.
§ 554.7208 Altered warehouse receipts
§ 554.7209 Lien of warehouse
§ 554.7210 Enforcement of warehouse’s lien.
§ 554.7301 Liability for nonreceipt or misdescription — “said to contain” — “shipper’s weight, load, and count” — improper handling.
§ 554.7302 Through bills of lading and similar documents of title
§ 554.7303 Diversion — reconsignment — change of instructions.
§ 554.7304 Tangible bills of lading in a set
§ 554.7305 Destination bills
§ 554.7306 Altered bills of lading
§ 554.7307 Lien of carrier
§ 554.7308 Enforcement of carrier’s lien.
§ 554.7309 Duty of care — contractual limitation of carrier’s liability.
§ 554.7401 Irregularities in issue of receipt or bill or conduct of issuer
§ 554.7402 Duplicate document of title — overissue.
§ 554.7403 Obligation of bailee to deliver — excuse.
§ 554.7404 No liability for good-faith delivery pursuant to document of title
§ 554.7501 Form of negotiation and requirements of due negotiation
§ 554.7502 Rights acquired by due negotiation
§ 554.7503 Document of title to goods defeated in certain cases
§ 554.7504 Rights acquired in absence of due negotiation — effect of diversion — stoppage of delivery.
§ 554.7505 Indorser not guarantor for other parties
§ 554.7506 Delivery without indorsement — right to compel indorsement.
§ 554.7507 Warranties on negotiation or delivery of document of title
§ 554.7508 Warranties of collecting bank as to documents of title
§ 554.7509 Adequate compliance with commercial contract
§ 554.7601 Lost, stolen, or destroyed documents of title
§ 554.7601A Lost, stolen, or destroyed documents — additional requirements.
§ 554.7602 Judicial process against goods covered by negotiable document of title
§ 554.7603 Conflicting claims — interpleader.
§ 554.8101 Short title
§ 554.8102 Definitions
§ 554.8103 Rules for determining whether certain obligations and interests are securities or financial assets
§ 554.8104 Acquisition of security or financial asset or interest therein
§ 554.8105 Notice of adverse claim
§ 554.8106 Control
§ 554.8107 Whether indorsement, instruction, or entitlement order is effective
§ 554.8108 Warranties in direct holding
§ 554.8109 Warranties in indirect holding
§ 554.8110 Applicability — choice of law.
§ 554.8111 Clearing corporation rules
§ 554.8112 Creditor’s legal process.
§ 554.8113 Statute of frauds inapplicable
§ 554.8114 Evidentiary rules concerning certificated securities
§ 554.8115 Securities intermediary and others not liable to adverse claimant
§ 554.8116 Securities intermediary as purchaser for value
§ 554.8201 Issuer
§ 554.8202 Issuer’s responsibility and defenses — notice of defect or defense.
§ 554.8203 Staleness as notice of defect or defense
§ 554.8204 Effect of issuer’s restriction on transfer.
§ 554.8205 Effect of unauthorized signature on security certificate
§ 554.8206 Completion or alteration of security certificate
§ 554.8207 Rights and duties of issuer with respect to registered owners
§ 554.8208 Effect of signature of authenticating trustee, registrar, or transfer agent
§ 554.8209 Issuer’s lien.
§ 554.8210 Overissue
§ 554.8301 Delivery
§ 554.8302 Rights of purchaser
§ 554.8303 Protected purchaser
§ 554.8304 Indorsement
§ 554.8305 Instruction
§ 554.8306 Effect of guaranteeing signature, indorsement, or instruction
§ 554.8307 Purchaser’s right to requisites for registration of transfer.
§ 554.8401 Duty of issuer to register transfer
§ 554.8402 Assurance that indorsement or instruction is effective
§ 554.8403 Demand that issuer not register transfer
§ 554.8404 Wrongful registration
§ 554.8405 Replacement of lost, destroyed, or wrongfully taken security certificate
§ 554.8406 Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate
§ 554.8407 Authenticating trustee, transfer agent, and registrar
§ 554.8408 Statements of uncertificated securities
§ 554.8501 Securities account — acquisition of security entitlement from securities intermediary.
§ 554.8502 Assertion of adverse claim against entitlement holder
§ 554.8503 Property interest of entitlement holder in financial asset held by securities intermediary
§ 554.8504 Duty of securities intermediary to maintain financial asset
§ 554.8505 Duty of securities intermediary with respect to payments and distributions
§ 554.8506 Duty of securities intermediary to exercise rights as directed by entitlement holder
§ 554.8507 Duty of securities intermediary to comply with entitlement order
§ 554.8508 Duty of securities intermediary to change entitlement holder’s position to other form of security holding.
§ 554.8509 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.
§ 554.8510 Rights of purchaser of security entitlement from entitlement holder
§ 554.8511 Priority among security interests and entitlement holders
§ 554.9101 Short title
§ 554.9102 Definitions and index of definitions
§ 554.9103 Purchase-money security interest — application of payments — burden of establishing.
§ 554.9104 Control of deposit account
§ 554.9105 Control of electronic chattel paper
§ 554.9106 Control of investment property
§ 554.9107 Control of letter-of-credit right
§ 554.9108 Sufficiency of description
§ 554.9109 Scope
§ 554.9110 Security interests arising under Article 2 or 13
§ 554.9111 Applicability of bulk transfer laws
§ 554.9201 General effectiveness of security agreement
§ 554.9202 Title to collateral immaterial
§ 554.9203 Attachment and enforceability of security interest — proceeds — supporting obligations — formal requisites.
§ 554.9204 After-acquired property — future advances.
§ 554.9205 Use or disposition of collateral permissible
§ 554.9206 Security interest arising in purchase or delivery of financial asset
§ 554.9207 Rights and duties of secured party having possession or control of collateral
§ 554.9208 Additional duties of secured party having control of collateral
§ 554.9209 Duties of secured party if account debtor has been notified of assignment
§ 554.9210 Request for accounting — request regarding list of collateral or statement of account.
§ 554.9301 Law governing perfection and priority of security interests
§ 554.9302 Law governing perfection and priority of agricultural liens
§ 554.9303 Law governing perfection and priority of security interests in goods covered by a certificate of title
§ 554.9304 Law governing perfection and priority of security interests in deposit accounts
§ 554.9305 Law governing perfection and priority of security interests in investment property
§ 554.9306 Law governing perfection and priority of security interests in letter-of-credit rights
§ 554.9307 Location of debtor
§ 554.9308 When security interest or agricultural lien is perfected — continuity of perfection.
§ 554.9309 Security interest perfected upon attachment
§ 554.9310 When filing required to perfect security interest or agricultural lien — security interests and agricultural liens to which filing provisions do not apply.
§ 554.9311 Perfection of security interests in property subject to certain statutes, regulations, and treaties
§ 554.9312 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 tra
§ 554.9313 When possession by or delivery to secured party perfects security interest without filing
§ 554.9314 Perfection by control
§ 554.9315 Secured party’s rights on disposition of collateral and in proceeds.
§ 554.9316 Effect of change in governing law
§ 554.9317 Interests that take priority over or take free of security interest or agricultural lien
§ 554.9318 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.
§ 554.9319 Rights and title of consignee with respect to creditors and purchasers
§ 554.9320 Buyer of goods
§ 554.9321 Licensee of general intangible and lessee of goods in ordinary course of business
§ 554.9322 Priorities among conflicting security interests in and agricultural liens on same collateral
§ 554.9323 Future advances
§ 554.9324 Priority of purchase-money security interests
§ 554.9325 Priority of security interests in transferred collateral
§ 554.9326 Priority of security interests created by new debtor
§ 554.9327 Priority of security interests in deposit account
§ 554.9328 Priority of security interests in investment property
§ 554.9329 Priority of security interests in letter-of-credit right
§ 554.9330 Priority of purchaser of chattel paper or instrument
§ 554.9331 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.
§ 554.9332 Transfer of money — transfer of funds from deposit account.
§ 554.9333 Priority of certain liens arising by operation of law
§ 554.9334 Priority of security interests in fixtures and crops
§ 554.9335 Accessions
§ 554.9336 Commingled goods
§ 554.9337 Priority of security interests in goods covered by certificate of title
§ 554.9338 Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information
§ 554.9339 Priority subject to subordination
§ 554.9340 Effectiveness of right of recoupment or setoff against deposit account
§ 554.9341 Bank’s rights and duties with respect to deposit account.
§ 554.9342 Bank’s right to refuse to enter into or disclose existence of control agreement.
§ 554.9401 Alienability of debtor’s rights.
§ 554.9402 Secured party not obligated on contract of debtor or in tort
§ 554.9403 Agreement not to assert defenses against assignee
§ 554.9404 Rights acquired by assignee — claims and defenses against assignee.
§ 554.9405 Modification of assigned contract
§ 554.9406 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.
§ 554.9407 Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest.
§ 554.9408 Restrictions on assignment of promissory notes, health care insurance receivables, and certain general intangibles ineffective
§ 554.9409 Restrictions on assignment of letter-of-credit rights ineffective
§ 554.9501 Filing office
§ 554.9502 Contents of financing statement — record of mortgage as financing statement — time of filing financing statement.
§ 554.9503 Name of debtor and secured party
§ 554.9504 Indication of collateral
§ 554.9505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions
§ 554.9506 Effect of errors or omissions
§ 554.9507 Effect of certain events on effectiveness of financing statement
§ 554.9508 Effectiveness of financing statement if new debtor becomes bound by security agreement
§ 554.9509 Persons entitled to file a record
§ 554.9510 Effectiveness of filed record
§ 554.9511 Secured party of record
§ 554.9512 Amendment of financing statement
§ 554.9513 Termination statement
§ 554.9514 Assignment of powers of secured party of record
§ 554.9515 Duration and effectiveness of financing statement — effect of lapsed financing statement.
§ 554.9516 What constitutes filing — effectiveness of filing.
§ 554.9517 Effect of indexing errors
§ 554.9518 Claim concerning inaccurate or wrongfully filed record
§ 554.9519 Numbering, maintaining, and indexing records — communicating information provided in records.
§ 554.9520 Acceptance and refusal to accept record
§ 554.9521 Uniform form of written financing statement and amendment
§ 554.9522 Maintenance and destruction of records
§ 554.9523 Information from filing office — sale or license of records.
§ 554.9524 Delay by filing office
§ 554.9525 Fees
§ 554.9526 Filing-office rules
§ 554.9527 Duty to report
§ 554.9601 Rights after default — judicial enforcement — consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
§ 554.9602 Waiver and variance of rights and duties
§ 554.9603 Agreement on standards concerning rights and duties
§ 554.9604 Procedure if security agreement covers real property or fixtures
§ 554.9605 Unknown debtor or secondary obligor
§ 554.9606 Time of default for agricultural lien
§ 554.9607 Collection and enforcement by secured party
§ 554.9608 Application of proceeds of collection or enforcement — liability for deficiency and right to surplus.
§ 554.9609 Secured party’s right to take possession after default.
§ 554.9610 Disposition of collateral after default
§ 554.9611 Notification before disposition of collateral
§ 554.9612 Timeliness of notification before disposition of collateral
§ 554.9613 Contents and form of notification before disposition of collateral — general.
§ 554.9614 Contents and form of notification before disposition of collateral — consumer-goods transaction.
§ 554.9615 Application of proceeds of disposition — liability for deficiency and right to surplus.
§ 554.9616 Explanation of calculation of surplus or deficiency
§ 554.9617 Rights of transferee of collateral
§ 554.9618 Rights and duties of certain secondary obligors
§ 554.9619 Transfer of record or legal title
§ 554.9620 Acceptance of collateral in full or partial satisfaction of obligation — compulsory disposition of collateral.
§ 554.9621 Notification of proposal to accept collateral
§ 554.9622 Effect of acceptance of collateral
§ 554.9623 Right to redeem collateral
§ 554.9624 Waiver
§ 554.9625 Remedies for secured party’s failure to comply with Article.
§ 554.9626 Action in which deficiency or surplus is in issue
§ 554.9627 Determination of whether conduct was commercially reasonable
§ 554.9628 Nonliability and limitation on liability of secured party — liability of secondary obligor.
§ 554.9701 Effective date
§ 554.9702 Savings clause
§ 554.9703 Security interest perfected before effective date
§ 554.9704 Security interest unperfected before effective date
§ 554.9705 Effectiveness of action taken before effective date
§ 554.9706 When initial financing statement suffices to continue effectiveness of financing statement
§ 554.9707 Amendment of pre-effective-date financing statement
§ 554.9708 Persons entitled to file initial financing statement or continuation statement
§ 554.9709 Priority
§ 554.9710 “Former” defined
§ 554.9801 Effective date
§ 554.9802 Savings clause
§ 554.9803 Security interest perfected before effective date
§ 554.9804 Security interest unperfected before effective date
§ 554.9805 Effectiveness of action taken before effective date
§ 554.9806 When initial financing statement suffices to continue effectiveness of financing statement
§ 554.9807 Amendment of pre-effective-date financing statement
§ 554.9808 Person entitled to file initial financing statement or continuation statement
§ 554.9809 Priority
§ 554.10101 Effective date
§ 554.10103 General repealer
§ 554.10104 Laws not repealed
§ 554.10105 Secretary of state exempted from personal liability
§ 554.11101 Effective date
§ 554.11102 Preservation of old transition provision
§ 554.11103 Transition to this chapter as amended — general rule.
§ 554.11104 Transition provision on change of requirement of filing
§ 554.11105 Transition provision on change of place of filing
§ 554.11107 Transition provisions as to priorities
§ 554.11108 Presumption that rule of law continues unchanged
§ 554.11109 Effect of official comments
§ 554.12101 Short title
§ 554.12102 Subject matter
§ 554.12103 Payment order — definitions.
§ 554.12104 Funds transfer — definitions.
§ 554.12105 Other definitions
§ 554.12106 Time payment order is received
§ 554.12107 Federal reserve regulations and operating circulars
§ 554.12108 Relationship to Electronic Fund Transfer Act
§ 554.12201 Security procedure
§ 554.12202 Authorized and verified payment orders
§ 554.12203 Unenforceability of certain verified payment orders
§ 554.12204 Refund of payment and duty of customer to report with respect to unauthorized payment order
§ 554.12205 Erroneous payment orders
§ 554.12206 Transmission of payment order through funds-transfer or other communication system
§ 554.12207 Misdescription of beneficiary
§ 554.12208 Misdescription of intermediary bank or beneficiary’s bank.
§ 554.12209 Acceptance of payment order
§ 554.12210 Rejection of payment order
§ 554.12211 Cancellation and amendment of payment order
§ 554.12212 Liability and duty of receiving bank regarding unaccepted payment order
§ 554.12301 Execution and execution date
§ 554.12302 Obligations of receiving bank in execution of payment order
§ 554.12303 Erroneous execution of payment order
§ 554.12304 Duty of sender to report erroneously executed payment order
§ 554.12305 Liability for late or improper execution or failure to execute payment order
§ 554.12401 Payment date
§ 554.12402 Obligation of sender to pay receiving bank
§ 554.12403 Payment by sender to receiving bank
§ 554.12404 Obligation of beneficiary’s bank to pay and give notice to beneficiary.
§ 554.12405 Payment by beneficiary’s bank to beneficiary.
§ 554.12406 Payment by originator to beneficiary — discharge of underlying obligation.
§ 554.12501 Variation by agreement and effect of funds-transfer system rule
§ 554.12502 Creditor process served on receiving bank — setoff by beneficiary’s bank.
§ 554.12503 Injunction or restraining order with respect to funds transfer
§ 554.12504 Order in which items and payment orders may be charged to account — order of withdrawals from account.
§ 554.12505 Preclusion of objection to debit of customer’s account.
§ 554.12506 Rate of interest
§ 554.12507 Choice of law
§ 554.13101 Short title
§ 554.13102 Scope
§ 554.13103 Definitions and index of definitions
§ 554.13104 Leases subject to other law
§ 554.13105 Territorial application of Article to goods covered by certificate of title
§ 554.13106 Limitation on power of parties to consumer lease to choose applicable law and judicial forum
§ 554.13107 Waiver or renunciation of claim or right after default
§ 554.13108 Unconscionability
§ 554.13109 Option to accelerate at will
§ 554.13201 Statute of frauds
§ 554.13202 Final written expression — parol or extrinsic evidence.
§ 554.13203 Seals inoperative
§ 554.13204 Formation in general
§ 554.13205 Firm offers
§ 554.13206 Offer and acceptance in formation of lease contract
§ 554.13207 Course of performance or practical construction
§ 554.13208 Modification, rescission, and waiver
§ 554.13209 Lessee under finance lease as beneficiary of supply contract
§ 554.13210 Express warranties
§ 554.13211 Warranties against interference and against infringement — lessee’s obligation against infringement.
§ 554.13212 Implied warranty of merchantability
§ 554.13213 Implied warranty of fitness for particular purpose
§ 554.13214 Exclusion or modification of warranties
§ 554.13215 Cumulation and conflict of warranties express or implied
§ 554.13216 Third-party beneficiaries of express and implied warranties
§ 554.13217 Identification
§ 554.13218 Insurance and proceeds
§ 554.13219 Risk of loss
§ 554.13220 Effect of default on risk of loss
§ 554.13221 Casualty to identified goods
§ 554.13301 Enforceability of lease contract
§ 554.13302 Title to and possession of goods
§ 554.13303 Alienability of party’s interest under lease contract or of lessor’s residual interest in goods — delegation of performance — transfer of rights.
§ 554.13304 Subsequent lease of goods by lessor
§ 554.13305 Sale or sublease of goods by lessee
§ 554.13306 Priority of certain liens arising by operation of law
§ 554.13307 Priority of liens arising by attachment or levy on, security interests in, and other claims to goods
§ 554.13308 Special rights of creditors
§ 554.13309 Lessor’s and lessee’s rights when goods become fixtures.
§ 554.13310 Lessor’s and lessee’s rights when goods become accessions.
§ 554.13311 Priority subject to subordination
§ 554.13401 Insecurity — adequate assurance of performance.
§ 554.13402 Anticipatory repudiation
§ 554.13403 Retraction of anticipatory repudiation
§ 554.13404 Substituted performance
§ 554.13405 Excused performance
§ 554.13406 Procedure on excused performance
§ 554.13407 Irrevocable promises — finance leases.
§ 554.13501 Default — procedure.
§ 554.13502 Notice after default
§ 554.13503 Modification or impairment of rights and remedies
§ 554.13504 Liquidation of damages
§ 554.13505 Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies
§ 554.13506 Statute of limitations
§ 554.13507 Proof of market rent — time and place.
§ 554.13508 Lessee’s remedies.
§ 554.13509 Lessee’s rights on improper delivery — rightful rejection.
§ 554.13510 Installment lease contracts — rejection and default.
§ 554.13511 Merchant lessee’s duties as to rightfully rejected goods.
§ 554.13512 Lessee’s duties as to rightfully rejected goods.
§ 554.13513 Cure by lessor of improper tender or delivery — replacement.
§ 554.13514 Waiver of lessee’s objections.
§ 554.13515 Acceptance of goods
§ 554.13516 Effect of acceptance of goods — notice of default — burden of establishing default after acceptance — notice of claim or litigation to person answerable over.
§ 554.13517 Revocation of acceptance of goods
§ 554.13518 Cover — substitute goods.
§ 554.13519 Lessee’s damages for nondelivery, repudiation, default, and breach of warranty in regard to accepted goods.
§ 554.13520 Lessee’s incidental and consequential damages.
§ 554.13521 Lessee’s right to specific performance or replevin.
§ 554.13522 Lessee’s right to goods on lessor’s insolvency.
§ 554.13523 Lessor’s remedies.
§ 554.13524 Lessor’s right to identify goods to lease contract.
§ 554.13525 Lessor’s right to possession of goods.
§ 554.13526 Lessor’s stoppage of delivery in transit or otherwise.
§ 554.13527 Lessor’s rights to dispose of goods.
§ 554.13528 Lessor’s damages for nonacceptance, failure to pay, repudiation, or other default.
§ 554.13529 Lessor’s action for the rent.
§ 554.13530 Lessor’s incidental damages.
§ 554.13531 Standing to sue third parties for injury to goods
§ 554.13532 Lessor’s rights to residual interest.

Terms Used In Iowa Code > Chapter 554

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Dependent: A person dependent for support upon another.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • executor: includes administrator, and the term "administrator" includes executor, where the subject matter justifies such use. See Iowa Code 4.1
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grantor: The person who establishes a trust and places property into it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Lineal descendant: Direct descendant of the same ancestors.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Livestock: includes but is not limited to an animal classified as an ostrich, rhea, or emu. See Iowa Code 4.1
  • month: means a calendar month, and the word "year" and the abbreviation "A. See Iowa Code 4.1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
  • personal property: include money, goods, chattels, evidences of debt, and things in action. See Iowa Code 4.1
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • property: includes personal and real property. See Iowa Code 4.1
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • real property: include lands, tenements, hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Iowa Code 4.1
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Rule: includes "regulation". See Iowa Code 4.1
  • seal: shall include an impression upon the paper alone, or upon wax, a wafer affixed to the paper, or an official stamp of a notarial officer as provided in chapter 9B. See Iowa Code 4.1
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Signature: includes an electronic signature as defined in section 554D. See Iowa Code 4.1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Testator: A male person who leaves a will at death.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • undertaking: means a promise or security in any form. See Iowa Code 4.1
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • United States: includes all the states. See Iowa Code 4.1
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • week: means seven consecutive days. See Iowa Code 4.1
  • year: means twelve consecutive months. See Iowa Code 4.1