Utah Code 70A-7a-509. Adequate compliance with commercial contract
Current as of: 2023 | Check for updates
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Terms Used In Utah Code 70A-7a-509
- Contract: A legal written agreement that becomes binding when signed.
- 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
- 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
Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease, or the conditions of a letter of credit is determined by Chapter 2, Uniform Commercial Code – Sales, 2a, Uniform Commercial Code – Leases, or 5, Uniform Commercial Code – Letters of Credit.
Enacted by Chapter 42, 2006 General Session