Feed for /1997/statutes/statutes/401 PDF
CHAPTER 401
UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS
SHORT TITLE, CONSTRUCTION, APPLICATION AND SUBJECT MATTER.
401.101 Short title.
401.102 Purposes; rules of construction; variation by agreement.
401.103 Supplementary general principles of law applicable.
401.104 Construction against implicit repeal.
401.105 Territorial application of chs. 401 to 411; parties' power to choose applicable law.
401.106 Remedies to be liberally administered.
401.107 Waiver or renunciation of claim or right after breach.
401.108 Severability.
401.109 Section captions.
GENERAL DEFINITIONS AND PRINCIPLES
OF INTERPRETATION.
401.201 General definitions.
401.202 Prima facie evidence by third party documents.
401.203 Obligation of good faith.
401.204 Time; reasonable time; "seasonably".
401.205 Course of dealing and usage of trade.
401.206 Statute of frauds for kinds of personal property not otherwise covered.
401.207 Performance or acceptance under reservation of rights.
401.208 Option to accelerate at will.
401.209 Subordinated obligations.
SHORT TITLE, CONSTRUCTION, APPLICATION AND SUBJECT MATTER.
401.101 401.101 Short title. Chapters 401 to 411 shall be known and may be cited as uniform commercial code.
401.101 History History: 1979 c. 177; 1991 a. 148, 304, 315.
401.102 401.102 Purposes; rules of construction; variation by agreement.
401.102(1)(1)Chapters 401 to 411 shall be liberally construed and applied to promote its underlying purposes and policies.
401.102(2) (2) Underlying purposes and policies of chs. 401 to 411 are:
401.102(2)(a) (a) To simplify, clarify and modernize the law governing commercial transactions;
401.102(2)(b) (b) To permit the continued expansion of commercial practices through custom, usage and agreement of the parties;
401.102(2)(c) (c) To make uniform the law among the various jurisdictions.
401.102(3) (3) The effect of chs. 401 to 411 may be varied by agreement, except as otherwise provided in chs. 401 to 411 and except that the obligations of good faith, diligence, reasonableness and care prescribed by chs. 401 to 411 may not be disclaimed by agreement but the parties may by agreement determine the standards by which the performance of such obligations is to be measured if such standards are not manifestly unreasonable.
401.102(4) (4) The presence in certain provisions of chs. 401 to 411 of the words "unless otherwise agreed" or words of similar import does not imply that the effect of other provisions may not be varied by agreement under sub. (3).
401.102(5) (5) In chs. 401 to 411 unless the context otherwise requires:
401.102(5)(a) (a) Words in the singular number include the plural, and in the plural include the singular;
401.102(5)(b) (b) Words of the masculine gender include the feminine and the neuter, and when the sense so indicates words of the neuter gender may refer to any gender.
401.102 History History: 1979 c. 89; 1991 a. 148, 304, 315.
401.103 401.103 Supplementary general principles of law applicable. Unless displaced by the particular provisions of chs. 401 to 411 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, or other validating or invalidating cause shall supplement its provisions.
401.103 History History: 1979 c. 89; 1991 a. 148, 304, 315.
401.104 401.104 Construction against implicit repeal. Chapters 401 to 411 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.
401.104 History History: 1979 c. 89; 1991 a. 148, 304, 315.
401.105 401.105 Territorial application of chs. 401 to 411;parties' power to choose applicable law.
401.105(1) (1) Except as 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 of such other state or nation shall govern their rights and duties. Failing such agreement chs. 401 to 411 apply to transactions bearing an appropriate relation to this state.
401.105(2) (2) Where one of the following provisions of chs. 401 to 411 specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law (including the conflict of laws rules) so specified:
401.105(2)(a) (a) Section 402.402 on rights of creditors against sold goods.
401.105(2)(b) (b) Section 404.102 on applicability of ch. 404.
401.105(2)(c) (c) Section 406.102 on bulk transfers subject to ch. 406.
401.105(2)(d) (d) Section 408.110 on applicability of ch. 408.
401.105(2)(e) (e) Section 409.103 on the perfection provisions of ch. 409.
401.105(2)(f) (f) Section 410.507 on the governing law on funds transfers.
401.105(2)(g) (g) Sections 411.105 and 411.106 on applicability of ch. 411.
401.105 History History: 1973 c. 215; 1979 c. 89; 1991 a. 148, 304, 315; 1997 a. 297.
401.105 Note NOTE: See 127.18 concerning conflicts between chs. 401 to 411 and ch. 127 concerning warehouse keepers and grain dealers security act.
401.105 Annotation Reasonable relation and party autonomy under the uniform commercial code. Ryan, 63 MLR 219 (1979).
401.106 401.106 Remedies to be liberally administered.
401.106(1)(1) The remedies provided by chs. 401 to 411 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 nor penal damages may be had except as specifically provided in chs. 401 to 411 or by other rule of law.
401.106(2) (2) Any right or obligation declared by chs. 401 to 411 is enforceable by action unless the provision declaring it specifies a different and limited effect.
401.106 History History: 1979 c. 89; 1991 a. 148, 304, 315.
Loading...
Loading...
This is an archival version of the Wis. Stats. database for 1997. See Are the Statutes on this Website Official?