Uniform Commercial Code - Law Dictionary Search Results
resale
who buys in good faith at a takes the goods free of any rights of the original buyer "Uniform Commercial Code"] re·sal·able [rē-sā-lə-bəl] adj
right
in pl. [a security interest is not enforceable…and does not attach unless…the debtor has s in the collateral "Uniform Commercial Code"] [leasing mineral s] see also real right e pl : the interest in property possessed (as under copyright
risk
it occurs [the of loss passes to the buyer when the goods are duly delivered to the carrier "Uniform Commercial Code"] [the of personal injury and property damage should be placed with the manufacturer rather than the consumer "Case
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sale
business of more than half of the seller's inventory called also bulk transfer NOTE: Article 6 of the Uniform Commercial Code governs bulk sales. Under section 6-102(c), in order for a sale to be considered a bulk sale, the
secured transaction
security interest in personal property (as goods) or fixtures and that is governed by Article 9 of the Uniform Commercial Code compare security agreement
self-help
act of redressing or preventing a wrong by one's own actions rather than through legal proceedings NOTE: The Uniform Commercial Code permits creditors to repossess collateral by self-help if it can be done without a breach of the peace.
statute of frauds
general principle that a contract must be in writing to be enforceable. b : a provision in the Uniform Commercial Code under which a contract for the sale of goods for $500 or more is not enforceable unless signed
interest
security interest in this entry NOTE: Security interests in personal property are governed by Article 9 of the Uniform Commercial Code. The security interest set out in Article 9 largely replaces the traditional devices for security, such as the
surety
guarantor by being immediately liable as opposed to becoming liable only upon default of the principal. Under the Uniform Commercial Code, however, a surety includes a guarantor, and the two terms are generally interchangeable.
trust receipt
lender in settlement of the debt NOTE: The Article Nine security interest replaces the trust receipt where the Uniform Commercial Code has been adopted.
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