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Arizona
Law
Arizona Revised Statutes
Title 47Arizona Revised Statutes Title 47
Uniform Commercial Code
| Chapter 1 | GENERAL PROVISIONS |
| Article 1 | Short Title, Construction, Application, and Subject Matter of the Title |
| 47-1101 | Short title |
| 47-1102 | Purposes; rules of construction; variation by agreement |
| 47-1103 | Supplementary general principles of law applicable |
| 47-1104 | Construction against implicit repeal |
| 47-1105 | Territorial application of the title; parties' power to choose applicable law |
| 47-1106 | Remedies to be liberally administered |
| 47-1107 | Waiver or renunciation of claim or right after breach |
| 47-1108 | Section captions |
| Article 2 | General Definitions and Principles of Interpretation |
| 47-1201 | General definitions |
| 47-1202 | Prima facie evidence by third party documents |
| 47-1203 | Obligation of good faith |
| 47-1204 | Time; reasonable time; "seasonably" |
| 47-1205 | Course of dealing and usage of trade |
| 47-1206 | Statute of frauds for kinds of personal property not otherwise covered |
| 47-1207 | Performance or acceptance under reservation of rights |
| 47-1208 | Option to accelerate at will |
| 47-1209 | Subordinated obligations |
| Chapter 2 | SALES |
| Article 1 | Short Title, General Construction and Subject Matter |
| 47-2101 | Short title |
| 47-2102 | Scope; certain security and other transactions excluded from this chapter |
| 47-2103 | Definitions and index of definitions |
| 47-2104 | Definitions: "merchant"; "between merchants"; "financing agency" |
| 47-2105 | Definitions: transferability; "goods"; "future" goods; "lot"; "commercial unit" |
| 47-2106 | Definitions: "contract"; "agreement"; "contract for sale"; "sale"; "present sale"; "conforming" to contract; "termination"; "cancellation" |
| 47-2107 | Goods to be severed from realty; recording |
| Article 2 | Form, Formation and Readjustment of Contract |
| 47-2201 | Formal requirements; statute of frauds |
| 47-2202 | Final written expression: parol or extrinsic evidence |
| 47-2203 | Seals inoperative |
| 47-2204 | Formation in general |
| 47-2205 | Firm offers |
| 47-2206 | Offer and acceptance in formation of contract |
| 47-2207 | Additional terms in acceptance or confirmation |
| 47-2208 | Course of performance or practical construction |
| 47-2209 | Modification, rescission and waiver |
| 47-2210 | Delegation of performance; assignment of rights |
| Article 3 | General Obligation and Construction of Contract |
| 47-2301 | General obligations of parties |
| 47-2302 | Unconscionable contract or clause |
| 47-2303 | Allocation or division of risks |
| 47-2304 | Price payable in money, goods, realty, or otherwise |
| 47-2305 | Open price term |
| 47-2306 | Output, requirements and exclusive dealings |
| 47-2307 | Delivery in single lot or several lots |
| 47-2308 | Absence of specified place for delivery |
| 47-2309 | Absence of specific time provisions; notice of termination |
| 47-2310 | Open time for payment or running of credit; authority to ship under reservation |
| 47-2311 | Options and cooperation respecting performance |
| 47-2312 | Warranty of title and against infringement; buyer's obligation against infringement |
| 47-2313 | Express warranties by affirmation, promise, description, sample |
| 47-2314 | Implied warranty: merchantability; usage of trade |
| 47-2315 | Implied warranty: fitness for particular purpose |
| 47-2316 | Exclusion or modification of warranties |
| 47-2317 | Cumulation and conflict of warranties express or implied |
| 47-2318 | Third party beneficiaries of warranties express or implied |
| 47-2319 | F.O.B. and F.A.S. terms |
| 47-2320 | C.I.F. and C. & F. terms |
| 47-2321 | C.I.F. or C. & F.: "net landed weights"; "payment on arrival"; warranty of condition on arrival |
| 47-2322 | Delivery "ex-ship" |
| 47-2323 | Form of bill of lading required in overseas shipment; "overseas" |
| 47-2324 | "No arrival, no sale" term |
| 47-2325 | "Letter of credit" term; "confirmed credit" |
| 47-2326 | Sale on approval and sale or return; rights of creditors |
| 47-2327 | Special incidents of sale on approval and sale or return |
| 47-2328 | Sale by auction |
| Article 4 | Title, Creditors and Good Faith Purchases |
| 47-2401 | Passing of title; reservation for security; limited application of this section |
| 47-2402 | Rights of seller's creditors against sold goods |
| 47-2403 | Power to transfer; good faith purchase of goods; "entrusting" |
| Article 5 | Performance |
| 47-2501 | Insurable interest in goods; manner of identification of goods |
| 47-2502 | Buyer's right to goods on seller's insolvency |
| 47-2503 | Manner of seller's tender of delivery |
| 47-2504 | Shipment by seller |
| 47-2505 | Seller's shipment under reservation |
| 47-2506 | Rights of financing agency |
| 47-2507 | Effect of seller's tender; delivery on condition |
| 47-2508 | Cure by seller of improper tender or delivery; replacement |
| 47-2509 | Risk of loss in the absence of breach |
| 47-2510 | Effect of breach on risk of loss |
| 47-2511 | Tender of payment by buyer; payment by check |
| 47-2512 | Payment by buyer before inspection |
| 47-2513 | Buyer's right to inspection of goods |
| 47-2514 | When documents deliverable on acceptance; when on payment |
| 47-2515 | Preserving evidence of goods in dispute |
| Article 6 | Breach, Repudiation and Excuse |
| 47-2601 | Buyer's rights on improper delivery |
| 47-2602 | Manner and effect of rightful rejection |
| 47-2603 | Merchant buyer's duties as to rightfully rejected goods |
| 47-2604 | Buyer's options as to salvage of rightfully rejected goods |
| 47-2605 | Waiver of buyer's objections by failure to particularize |
| 47-2606 | What constitutes acceptance of goods |
| 47-2607 | Effect of acceptance; notice of breach; burden of establishing breach after acceptance; notice of claim or litigation to person answerable over |
| 47-2608 | Revocation of acceptance in whole or in part |
| 47-2609 | Right to adequate assurance of performance |
| 47-2610 | Anticipatory repudiation |
| 47-2611 | Retraction of anticipatory repudiation |
| 47-2612 | "Installment contract"; breach |
| 47-2613 | Casualty to identified goods |
| 47-2614 | Substituted performance |
| 47-2615 | Excuse by failure of presupposed conditions |
| 47-2616 | Procedure on notice claiming excuse |
| Article 7 | Remedies |
| 47-2701 | Remedies for breach of collateral contracts not impaired |
| 47-2702 | Seller's remedies on discovery of buyer's insolvency |
| 47-2703 | Seller's remedies in general |
| 47-2704 | Seller's right to identify goods to the contract notwithstanding breach or to salvage unfinished goods |
| 47-2705 | Seller's stoppage of delivery in transit or otherwise |
| 47-2706 | Seller's resale including contract for resale |
| 47-2707 | "Person in the position of a seller" |
| 47-2708 | Seller's damages for non-acceptance or repudiation |
| 47-2709 | Action for the price |
| 47-2710 | Seller's incidental damages |
| 47-2711 | Buyer's remedies in general; buyer's security interest in rejected goods |
| 47-2712 | "Cover"; buyer's procurement of substitute goods |
| 47-2713 | Buyer's damages for non-delivery or repudiation |
| 47-2714 | Buyer's damages for breach in regard to accepted goods |
| 47-2715 | Buyer's incidental and consequential damages |
| 47-2716 | Buyer's right to specific performance or replevin |
| 47-2717 | Deduction of damages from the price |
| 47-2718 | Liquidation or limitation of damages; deposits |
| 47-2719 | Contractual modification or limitation of remedy |
| 47-2720 | Effect of "cancellation" or "rescission" on claims for antecedent breach |
| 47-2721 | Remedies for fraud |
| 47-2722 | Who can sue third parties for injury to goods |
| 47-2723 | Proof of market price: time and place |
| 47-2724 | Admissibility of market quotations |
| 47-2725 | Statute of limitations in contracts for sale |
| Chapter 3 | NEGOTIABLE INSTRUMENTS |
| Article 1 | General Provisions and Definitions |
| 47-3101 | Short title |
| 47-3102 | Subject matter |
| 47-3103 | Definitions |
| 47-3104 | Negotiable instrument |
| 47-3105 | Issue of instrument |
| 47-3106 | Unconditional promise or order |
| 47-3107 | Instrument payable in foreign money |
| 47-3108 | Payable on demand or at definite time |
| 47-3109 | Payable to bearer or to order |
| 47-3110 | Identification of person to whom instrument is payable |
| 47-3111 | Place of payment |
| 47-3112 | Interest |
| 47-3113 | Date of instrument |
| 47-3114 | Contradictory terms of instrument |
| 47-3115 | Incomplete instrument |
| 47-3116 | Joint and several liability; contribution |
| 47-3117 | Other agreements affecting instrument |
| 47-3118 | Statute of limitations |
| 47-3119 | Notice of right to defend action |
| Article 2 | Negotiation, Transfer and Indorsement |
| 47-3201 | Negotiation |
| 47-3202 | Negotiation subject to rescission |
| 47-3203 | Transfer of instrument; rights acquired by transfer |
| 47-3204 | Indorsement |
| 47-3205 | Special indorsement; blank indorsement; anomalous indorsement |
| 47-3206 | Restrictive indorsement |
| 47-3207 | Reacquisition |
| Article 3 | Enforcement of Instruments |
| 47-3301 | Person entitled to enforce instrument |
| 47-3302 | Holder in due course |
| 47-3303 | Value and consideration |
| 47-3304 | Overdue instrument |
| 47-3305 | Defenses and claims in recoupment |
| 47-3306 | Claims to an instrument |
| 47-3307 | Notice of breach of fiduciary duty |
| 47-3308 | Proof of signatures and status as holder in due course |
| 47-3309 | Enforcement of lost, destroyed or stolen instrument |
| 47-3310 | Effect of instrument on obligation for which taken |
| 47-3311 | Accord and satisfaction by use of instrument |
| Article 4 | Liability of Parties |
| 47-3401 | Signature |
| 47-3402 | Signature by representative |
| 47-3403 | Unauthorized signature |
| 47-3404 | Impostors; fictitious payees |
| 47-3405 | Employer's responsibility for fraudulent indorsement by employee |
| 47-3406 | Negligence contributing to forged signature or alteration of instrument |
| 47-3407 | Alteration |
| 47-3408 | Drawee not liable on unaccepted draft |
| 47-3409 | Acceptance of draft; certified check |
| 47-3410 | Acceptance varying draft |
| 47-3411 | Refusal to pay cashier's checks, teller's checks and certified checks |
| 47-3412 | Obligation of issuer of note or cashier's check |
| 47-3413 | Obligation of acceptor |
| 47-3414 | Obligation of drawer |
| 47-3415 | Obligation of indorser |
| 47-3416 | Transfer warranties |
| 47-3417 | Presentment warranties |
| 47-3418 | Payment or acceptance by mistake |
| 47-3419 | Instruments signed for accommodation |
| 47-3420 | Conversion of instrument |
| Article 5 | Dishonor |
| 47-3501 | Presentment |
| 47-3502 | Dishonor |
| 47-3503 | Notice of dishonor |
| 47-3504 | Excused presentment and notice of dishonor |
| 47-3505 | Evidence of dishonor |
| Article 6 | Discharge and Payment |
| 47-3601 | Discharge and effect of discharge |
| 47-3602 | Payment |
| 47-3603 | Tender of payment |
| 47-3604 | Discharge by cancellation or renunciation |
| 47-3605 | Discharge of indorsers and accommodation parties |
| Chapter 4 | BANK DEPOSITS AND COLLECTIONS |
| Article 1 | General Provisions and Definitions |
| 47-4101 | Short title |
| 47-4102 | Applicability |
| 47-4103 | Variation by agreement; measure of damages; action constituting ordinary care |
| 47-4104 | Definitions and index of definitions |
| 47-4105 | "Bank"; "depositary bank"; "payor bank"; "intermediary bank"; "collecting bank"; "presenting bank" |
| 47-4106 | Payable through or payable at bank; collecting bank |
| 47-4107 | Separate office of bank |
| 47-4108 | Time of receipt of items |
| 47-4109 | Delays |
| 47-4110 | Electronic presentment |
| 47-4111 | Statute of limitations |
| Article 2 | Collection of Items; Depositary and Collecting Banks |
| 47-4201 | Status of collecting bank as agent and provisional status of credits; applicability of chapter; item indorsed "pay any bank" |
| 47-4202 | Responsibility for collection or return; when action timely |
| 47-4203 | Effect of instructions |
| 47-4204 | Methods of sending and presenting; sending directly to payor bank |
| 47-4205 | Depositary bank holder of unindorsed item |
| 47-4206 | Transfer between banks |
| 47-4207 | Transfer warranties |
| 47-4208 | Presentment warranties |
| 47-4209 | Encoding and retention warranties |
| 47-4210 | Security interest of collecting bank in items, accompanying documents and proceeds |
| 47-4211 | When bank gives value for purposes of holder in due course |
| 47-4212 | Presentment by notice of item not payable by, through or at a bank; liability of drawer or indorser |
| 47-4213 | Medium and time of settlement by bank |
| 47-4214 | Right of charge-back or refund; liability of collecting bank; return of item |
| 47-4215 | Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal |
| 47-4216 | Insolvency and preference |
| Article 3 | Collection of Items; Payor Banks |
| 47-4301 | Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank |
| 47-4302 | Payor bank's responsibility for late return of item |
| 47-4303 | When items subject to notice, stop-payment order, legal process or setoff; order in which items may be charged or certified |
| Article 4 | Relationship Between Payor Bank and Its Customer |
| 47-4401 | When bank may charge customer's account |
| 47-4402 | Bank's liability to customer for wrongful dishonor; time of determining insufficiency of amount |
| 47-4403 | Customer's right to stop payment; burden of proof of loss |
| 47-4404 | Bank not obligated to pay check more than six months old |
| 47-4405 | Death or incompetence of customer |
| 47-4406 | Customer's duty to discover and report unauthorized signature or alteration |
| 47-4407 | Payor bank's right to subrogation on improper payment |
| Article 5 | Collection of Documentary Drafts |
| 47-4501 | Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor |
| 47-4502 | Presentment of "on arrival" drafts |
| 47-4503 | Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need |
| 47-4504 | Privilege of presenting bank to deal with goods; security interest for expenses |
| Chapter 5 | LETTERS OF CREDIT |
| 47-5101 | Short title |
| 47-5102 | Definitions |
| 47-5103 | Scope |
| 47-5104 | Formal requirements |
| 47-5105 | Consideration |
| 47-5106 | Issuance; amendment; cancellation; duration |
| 47-5107 | Confirmer; nominated person |
| 47-5108 | Issuer's rights and obligations |
| 47-5109 | Fraud and forgery |
| 47-5110 | Warranties |
| 47-5111 | Remedies |
| 47-5112 | Transfer of letter of credit |
| 47-5113 | Transfer by operation of law |
| 47-5114 | Assignment of proceeds |
| 47-5115 | Statute of limitations |
| 47-5116 | Choice of law and forum |
| 47-5117 | Subrogation of issuer, applicant and nominated person |
| 47-5118 | Security interest of issuer or nominated person |
| Chapter 7 | WAREHOUSE RECEIPTS, BILLS OF LADING AND OTHER DOCUMENTS OF TITLE |
| Article 1 | General |
| 47-7101 | Short title |
| 47-7102 | Definitions and index of definitions |
| 47-7103 | Relation of chapter to treaty, statute, tariff, classification or regulation |
| 47-7104 | Negotiable and non-negotiable warehouse receipt, bill of lading or other document of title |
| 47-7105 | Construction against negative implication |
| Article 2 | Warehouse Receipts; Special Provisions |
| 47-7201 | Who may issue a warehouse receipt; storage under government bond |
| 47-7202 | Form of warehouse receipt; essential terms; optional terms |
| 47-7203 | Liability for non-receipt or misdescription |
| 47-7204 | Duty of care; contractual limitation of warehouseman's liability |
| 47-7205 | Title under warehouse receipt defeated in certain cases |
| 47-7206 | Termination of storage at warehouseman's option |
| 47-7207 | Goods must be kept separate; fungible goods |
| 47-7208 | Altered warehouse receipts |
| 47-7209 | Lien of warehouseman |
| 47-7210 | Enforcement of warehouseman's lien |
| Article 3 | Bills of Lading; Special Provisions |