D.C. Code § 28-3301 — DC Code / Title 28 / Chapter 33 / § 28-3301
§ 28-3301. Rate of interest expressed in contract.
Status: in_force

(a) Except as otherwise provided in this section, section 28-3308, and chapter 36 of this subtitle , the parties to an instrument in writing for the payment of money at a future time may contract therein for the payment of interest on the principal amount thereof at a rate not exceeding 24% per annum.
(b) It shall be lawful to contract for a rate of interest not exceeding 24% per annum on a loan or financial transaction which is secured by: (1) a first purchase mortgage or first purchase deed of trust on residential real property; (2) a first purchase security interest in stock or a membership certificate issued to a tenant stockholder or resident member by a cooperative housing organization; or (3) the assignment by way of a first security of the borrower’s interest in the proprietary lease or first right of tenancy in property covered by such organization. The first sentence of this subsection shall apply only to a loan or financial transaction which is both contracted for and consummated after the effective date of the Interest Rate Ceiling Amendment Act of 1983 and for which no written commitment to make the loan or financial transaction at a lower rate of interest was issued by the lender to the borrower prior to the effective date of the Interest Rate Ceiling Amendment Act of 1983.
(c) It shall be lawful to contract for a rate of interest not exceeding 24% per annum on a loan or financial transaction which is secured directly or indirectly by: (1) a mortgage or deed of trust, other than a first purchase mortgage or first purchase deed of trust, on residential real property; (2) a security interest in stock or a membership certificate issued to a tenant stockholder or resident member by a cooperative housing organization; or (3) the assignment by way of a security, other than a first security interest, of the borrower’s interest in the proprietary lease or first right of tenancy in property covered by such organization. The first sentence of this subsection shall apply only to a loan or financial transaction which is both contracted for and consummated after the effective date of the Interest Rate Ceiling Amendment Act of 1983 and for which no written commitment to make the loan or financial transaction at a lower rate of interest was issued by the lender to the borrower prior to the effective date of the Interest Rate Ceiling Amendment Act of 1983.
(d) Notwithstanding any other provision of this chapter:
  (1) any loan, except a loan which is secured directly or indirectly by a mortgage or deed of trust on residential real property, or by a security interest in stock or a membership certificate issued to a tenant stockholder or resident member by a cooperative housing organization, or by the assignment by the way of a security of the borrower’s interest in the proprietary lease or right of tenancy in property covered by a cooperative housing organization and the residential real property or cooperative is the place of residence of the borrower, where the borrower receives the use of an amount in excess of $2,500 shall not be subject to the provisions of this chapter and it shall be lawful to contract for, or receive, any rate of interest thereon if any of the following conditions are satisfied:
    (A) the borrower is a not for profit corporation, whether organized under the laws of the United States, the District of Columbia, or any other jurisdiction; or
    (B) the borrower is an individual, group of individuals, corporation, unincorporated association, partnership, or other entity, and the loan is made for the purpose of acquiring or carrying on a business, professional, or commercial activity; or
    (C) the borrower is an individual, a group of individuals, corporation, unincorporated association, partnership, or any other entity, and the loan is made for the purpose of acquiring any real or personal property as an investment or for carrying on an investment activity; or
    (D) the borrower is a religious society, formed under, or subject to, Chapter 4 of Title 29 , and the loan is made for the purpose of acquiring or making an improvement on any real or personal property for purposes other than commercial or investment activities.
  (2) any loan where the borrower receives the use of an amount in excess of $1,000 which is secured directly or indirectly by a mortgage or deed of trust on residential real property, or by a security interest in stock or a membership certificate issued to a tenant stockholder or resident member by a cooperative housing organization, or by the assignment by the way of a security of the borrower’s interest in the proprietary lease or right of tenancy in property covered by a cooperative housing organization and the residential real property or cooperative is the place of residence of the borrower, shall only be subject to the provisions of D.C. Official Code, sections 28-3301(f), 28-3310, 28-3311, 28-3312, 28-3313, and 28-3314, and it shall be lawful to contract for any rate of interest thereon if any of the conditions set forth in D.C. Official Code, section 28-3301(d)(1)(A), (B), (C), or (D) are satisfied.
  (3) a lender shall not require a borrower to make any sworn statement or characterization that the loan meets the requirements of subsections (d)(1)(A), (B), (C), or (D) of this section if such statement or characterization is not true. Nothing contained in this subsection shall be construed to limit a lender’s right to request information from the borrower which enables a lender to make a determination that the loan meets the requirements of subsections (d)(1)(A), (B), (C), or (D).
(e) (1) “Point” means a fee, premium, bonus, loan origination fee, service charge, or any other charge equal to 1% or less of the principal amount of a loan which is charged by the lender at or before the time the loan is made as additional compensation for the loan. The term “point” shall not include any increase in the purchase price of the residential real property or the first purchase security interest in stock, or a membership certificate issued to a tenant stockholder or resident member by a cooperative housing organization, or the borrower’s interest in a proprietary lease or first right of tenancy in the property covered by such organization which is charged by the seller (i) to recover the cost of compensation to a lender for agreeing to make a loan to the borrower which results in a reduction in the effective rate of interest charged to the borrower or (ii) in the case of a first purchase mortgage or first purchase deed of trust, to recover the cost to the seller of his agreement to reduce the effective rate of interest on the first purchase mortgage or first purchase deed of trust or (iii) any monies deposited by a borrower in a savings account to be applied to subsidize scheduled periodic payments on the loan or financial transaction.
  (2) A lender may not charge a borrower more than 1 point unless the borrower agrees to pay additional points to a lender for the sole purpose of qualifying for and obtaining a loan or financial transaction at a lower rate of interest than would otherwise have been offered. The first sentence of this paragraph shall not apply to any loan or financial transaction which is described in subsection (d) or to any loan which is described in section 501(a)(1) of the Depository Institutions Deregulation and Monetary Control Act of 1980, approved March 31, 1980 (96 Stat. 161; 12 U.S.C. § 1735f-7 , note).
(f) A loan or financial transaction which is secured by a mortgage or deed of trust on residential real property, or a security interest in stock or a membership certificate issued to a tenant stockholder or resident member by a cooperative housing organization, or the assignment by the way of security of the borrower’s interest in the proprietary lease or right of tenancy in property covered by such organization shall meet all of the following requirements:
  (1) the loan or financial transaction may be prepaid by the borrower at no penalty at any time following the expiration of 3 years from the execution of the loan or financial transaction. Within 3 years from the execution of the loan or financial transaction, no prepayment charge or penalty shall be contracted for or received which exceeds an amount equal to 2 months advance interest on the aggregate amount of all prepayments in excess of 1/3 of the amount of the original loan or financial transaction made in any 12 month period.
  (2) any borrower who, on the date of execution of the loan or financial transaction, has made a downpayment equaling 20% or more of the total purchase price of the property or who has an equity interest in the property equal to or greater than 20% of the fair market value of the property shall not be required by the term of the loan to make advance payments of the real estate taxes or casualty insurance premiums to enable the lender to have funds on hand for disbursement for payment of such taxes or insurance premiums and such borrower shall be furnished with a separate statement, in writing, which clearly and conspicuously sets forth his right to pay such taxes and insurance premiums directly. Nothing contained in this paragraph shall be construed to prohibit the lender from obtaining, during any period during which the loan is in default and in consideration for the lender not exercising some or all of the remedies to which it is entitled, a written agreement from the borrower to make such advance payments to enable the lender to have funds on hand for disbursement for payment of such taxes or insurance premiums.
  (3) prior to the execution of the loan or financial transaction, the lender shall furnish the borrower a separate statement, in writing, which complies with the disclosure provisions of the Truth-In-Lending Act, as heretofore and hereafter amended, effective May 29, 1968 (82 Stat. 146; 15 U.S.C. § 1601 et seq.), and the regulations and interpretations thereunder and, where applicable, a separate statement, in writing, which complies with the disclosure provisions of the Alternative Mortgage Transaction Parity Act of 1982, approved October 15, 1982 (96 Stat. 1545; 12 U.S.C. § 3801 et seq.), and the regulations and interpretations thereunder.
(g) The provisions of this chapter shall not apply to any international banking facility time deposit or international banking facility loan, but shall be governed solely by regulations promulgated by the Board of Governors of the Federal Reserve System. For purposes of this subsection the terms “international banking facility time deposit” and “international banking facility loan” shall have the same meaning as defined in part 204.8(a)(2) and (3), respectively, of Federal Reserve System Regulation D (12 CFR 204.8(a)(2) and (3)) (1983).
(h) Except as otherwise provided in this section, the provisions of this chapter shall apply to consumer credit transactions, including modifications (including refinancing, consolidations, and deferrals), occurring in the District of Columbia. For the purposes of this chapter, a consumer credit transaction occurs in the District of Columbia if:
  (1) A written agreement evidencing the obligation or offer of the consumer is received by the creditor in the District of Columbia; or
  (2) A consumer who is a resident of the District of Columbia enters into the transaction with a creditor who has solicited or advertised in the District of Columbia by any means, including mail, brochure, telephone, print, radio, television, internet, or any other electronic means.
(i) For the purposes of this chapter, the term “consumer” shall have the same meaning as in § 28-3901(a)(2) .
D.C. Code § 28:3-303 — DC Code / Title 28 / Chapter  / § 28:3-303
§ 28:3-303. Value and consideration.
Status: in_force

(a) An instrument is issued or transferred for value if:
  (1) The instrument is issued or transferred for a promise of performance, to the extent the promise has been performed;
  (2) The transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceeding;
  (3) The instrument is issued or transferred as payment of, or as security for, an antecedent claim against any person, whether or not the claim is due;
  (4) The instrument is issued or transferred in exchange for a negotiable instrument; or
  (5) The instrument is issued or transferred in exchange for the incurring of an irrevocable obligation to a third party by the person taking the instrument.
(b) “Consideration” means any consideration sufficient to support a simple contract. The drawer or maker of an instrument has a defense if the instrument is issued without consideration. If an instrument is issued for a promise of performance, the issuer has a defense to the extent performance of the promise is due and the promise has not been performed. If an instrument is issued for value as stated in subsection (a) of this section, the instrument is also issued for consideration.
D.C. Code § 28-3310 — DC Code / Title 28 / Chapter 33 / § 28-3310
§ 28-3310. Consumer protections.
Status: in_force

(a) (1) A lender who receives scheduled periodic payments on more than 5 loans or financial transactions in a calendar year shall furnish to the borrower, upon request, but not more than 2 times a year, a statement, in writing stating the amount of:
    (A) payments credited to reducing the principal;
    (B) payments credited to interest;
    (C) the remaining unpaid principal balance;
  (2) A lender who receives scheduled periodic payments on more than 5 loans or financial transactions in a calendar year shall furnish to the borrower, at least 6 months and not more than 12 months prior to maturity of the loan or financial transaction, or, if the loan or financial transaction is for a period of less than 1 year, halfway through the loan period, a statement, in writing, stating the following:
    (A) in the case of a loan or financial transaction which contains a schedule of payments under which each payment is not equal to, or substantially equal to, the other payments or if the intervals between payments are not substantially equal, the date or event upon which maturity occurs, and the projected principal loan balance that will be due at maturity of the loan or financial transaction; and
    (B) in the case of a loan or financial transaction where the interest rate is not fixed for the term of the loan, the projected principal loan balance that will be due at maturity, assuming no change in the interest rate, and the conditions under which the interest rate may change and what limits or restrictions, if any, apply to changes in the interest rate.
(b) No delinquent or late charge shall be contracted for or received which does not meet all of the following requirements:
  (1) the delinquency shall have continued for at least 10 calendar days;
  (2) a delinquent or late charge shall not have already been charged for the same delinquent or late periodic installment; and
  (3) the delinquent or late charge shall not exceed 5% of the total amount of the delinquent or late periodic installment of principal and interest.
D.C. Code § 28:8-302 — DC Code / Title 28 / Chapter  / § 28:8-302
§ 28:8-302. Rights of purchaser.
Status: in_force

(a) Except as otherwise provided in subsections (b) and (c), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer.
(b) A purchaser of a limited interest acquires rights only to the extent of the interest purchased.
(c) A purchaser of a certificated security who as a previous holder had notice of an adverse claim does not improve its position by taking from a protected purchaser.
D.C. Code § 28-5002 — DC Code / Title 28 / Chapter 50 / § 28-5002
§ 28-5002. Prohibitions.
Status: in_force

(a) A person or entity shall not:
  (1) Transmit, or assist in the transmission of, a commercial electronic mail message that:
    (A) Falsely identifies electronic mail transmission information, including header information, or other routing information; or
    (B) Contains false or misleading information in the subject line; or
  (2) Transmit, or assist in the transmission of, a commercial electronic mail message using a third party’s Internet address, domain name, or identity without the third party’s consent for the purpose of transmitting electronic mail in a manner that makes it appear that the third party was the sender of the message or that results in responses to the message being directed to the third party.
(b) The prohibitions contained in this section shall apply to any person or entity who transmits, or who assists in the transmission of, a commercial electronic mail message:
  (1) From a computer located in the District of Columbia;
  (2) To an electronic mail address held by a resident of the District of Columbia;
  (3) To an electronic mail service provider with equipment or its principal place of business in the District of Columbia; or
  (4) To a domain name registered to a resident of the District of Columbia.
D.C. Code § 28:8-210 — DC Code / Title 28 / Chapter  / § 28:8-210
§ 28:8-210. Overissue.
Status: in_force

(a) For the purposes of this section the term “overissue” means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue.
(b) Except as otherwise provided in subsections (c) and (d) of this section, the provisions of this article which validate a security or compel its issue or reissue do not apply to the extent that validation, issue, or reissue would result in overissue.
(c) If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase the security and deliver it if certificated or register its transfer if uncertificated, against surrender of any security certificate the person holds.
(d) If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for value paid for it with interest from the date of the person’s demand.
D.C. Code § 28-4513 — DC Code / Title 28 / Chapter 45 / § 28-4513
§ 28-4513. Cooperation with federal government and states.
Status: in_force

Except as provided in section 28-4505(k)  , the Attorney General may cooperate with the federal government and the states in the enforcement of this chapter.
D.C. Code § 28:2-403 — DC Code / Title 28 / Chapter  / § 28:2-403
§ 28:2-403. Power to transfer; good faith purchase of goods; “entrusting”.
Status: in_force

(1) A purchaser of goods acquires all title which his transferor had or had power to transfer except that a purchaser of a limited interest acquires rights only to the extent of the interest purchased. A person with voidable title has power to transfer a good title to a good faith purchaser for value. When goods have been delivered under a transaction of purchase the purchaser has such power even though
  (a) the transferor was deceived as to the identity of the purchaser, or
  (b) the delivery was in exchange for a check which is later dishonored, or
  (c) it was agreed that the transaction was to be a “cash sale”, or
  (d) the delivery was procured through fraud punishable as larcenous under the criminal law.
(2) Any entrusting of possession of goods to a merchant who deals in goods of that kind gives him power to transfer all rights of the entruster to a buyer in ordinary course of business.
(3) “Entrusting” includes any delivery and any acquiescence in retention of possession regardless of any condition expressed between the parties to the delivery or acquiescence and regardless of whether the procurement of the entrusting or the possessor’s disposition of the goods have been such as to be larcenous under the criminal law.
(4) The rights of other purchasers of goods and of lien creditors are governed by the articles on secured transactions (Article 9), bulk sales (Article 6) and documents of title (Article 7).
D.C. Code § 28-4804.12 — DC Code / Title 28 / Chapter 48 / § 28-4804.12
§ 28-4804.12. Timber.
Status: in_force

(a) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts:
  (1) To income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest;
  (2) To principal to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber;
  (3) To or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in paragraphs (1) and (2) of this subsection; or
  (4) To principal to the extent that advance payments, bonuses, and other payments are not allocated pursuant to paragraph (1), (2), or (3) of this subsection.
(b) In determining net receipts to be allocated pursuant to subsection (a) of this section, a trustee shall deduct and transfer to principal a reasonable amount for depletion.
(c) This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.
(d) If a trust owns an interest in timberland on the effective date of this chapter, the trustee may allocate net receipts from the sale of timber and related products as provided in this chapter or in the manner used by the trustee before the effective date of this chapter. If the trust acquires an interest in timberland after the effective date of this chapter, the trustee shall allocate net receipts from the sale of timber and related products as provided in this chapter.
D.C. Code § 28:2-604 — DC Code / Title 28 / Chapter  / § 28:2-604
§ 28:2-604. Buyer’s options as to salvage of rightfully rejected goods.
Status: in_force

Subject to the provisions of the immediately preceding section on perishables if the seller gives no instructions within a reasonable time after notification of rejection the buyer may store the rejected goods for the seller’s account or reship them to him or resell them for the seller’s account with reimbursement as provided in the preceding section. Such action is not acceptance or conversion.
D.C. Code § 28:9-323 — DC Code / Title 28 / Chapter  / § 28:9-323
§ 28:9-323. Future advances.
Status: in_force

(a) Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under § 28:9-322(a)(1) , perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:
  (1) Is made while the security interest is perfected only:
    (A) Under § 28:9-309 when it attaches; or
    (B) Temporarily under § 28:9-312(e) , (f), or (g); and
  (2) Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under § 28:9-309 or 28:9-312(e), (f), or (g).
(b) Except as otherwise provided in subsection (c), a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than 45 days after the person becomes a lien creditor unless the advance is made:
(b) Except as otherwise provided in subsection (c), a security interest is subordinate to the rights of a person that becomes a lien creditor while the security interest is perfected only to the extent that it secures advances made more than 45 days after the person becomes a lien creditor unless the advance is made:
  (1) Without knowledge of the lien; or
  (2) Pursuant to a commitment entered into without knowledge of the lien.
(c) Subsections (a) and (b) do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor.
(d) Except as otherwise provided in subsection (e), a buyer of goods  takes free of a security interest to the extent that it secures advances made after the earlier of:
  (1) The time the secured party acquires knowledge of the buyer’s purchase; or
  (2) Forty-five days after the purchase.
(e) Subsection (d) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer’s purchase and before the expiration of the 45-day period.
(f) Except as otherwise provided in subsection (g), a lessee of goods, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:
  (1) The time the secured party acquires knowledge of the lease; or
  (2) Forty-five days after the lease contract becomes enforceable.
(g) Subsection (f) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the 45-day period.
D.C. Code § 28-4501 — DC Code / Title 28 / Chapter 45 / § 28-4501
§ 28-4501. Definition and purpose.
Status: in_force

(a) As used in this chapter, the term “person” includes an individual, corporation, business trust, partnership, business association, or any other legal entity.
(b) The purpose of this chapter is to promote the unhampered freedom of commerce and industry throughout the District of Columbia by prohibiting restraints of trade and monopolistic practices.
D.C. Code § 28:2A-221 — DC Code / Title 28 / Chapter  / § 28:2A-221
§ 28:2A-221. Casualty to identified goods.
Status: in_force

If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor, or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or § 28:2A-219 , then:
(1) If the loss is total, the lease contract is avoided; and
(2) If the loss is partial or the goods have so deteriorated as to no longer conform to the lease contract, the lessee may nevertheless demand inspection and at his or her option either treat the lease contract as avoided or, except in a finance lease that is not a consumer lease, accept the goods with due allowance from the rent payable for the balance of the lease term for the deterioration or the deficiency in quantity but without further right against the lessor.
D.C. Code § 28:9-306B — DC Code / Title 28 / Chapter  / § 28:9-306B
§ 28:9-306B. Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles.
Status: in_force

(a) Except as provided in subsection (b) of this section, the local law of the controllable electronic record's jurisdiction specified in § 28:12-107(c) governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a controllable electronic record and a security interest in a controllable account or controllable payment intangible evidenced by the controllable electronic record.
(b) The local law of the jurisdiction in which the debtor is located governs:
  (1) Perfection of a security interest in a controllable account, controllable electronic record, or controllable payment intangible by filing; and
  (2) Automatic perfection of a security interest in a controllable payment intangible created by a sale of the controllable payment intangible.
D.C. Code § 28:8-116 — DC Code / Title 28 / Chapter  / § 28:8-116
§ 28:8-116. Securities intermediary as purchaser for value.
Status: in_force

A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder.
D.C. Code § 28:11-101 — DC Code / Title 28 / Chapter  / § 28:11-101
§ 28:11-101. Effective date.
Status: in_force

The provisions of this act which amend article 9 and the provisions affecting secured transactions shall become effective at 12:01 A.M. on the 181st day after the effective date of this act.
D.C. Code § 28:9-321 — DC Code / Title 28 / Chapter  / § 28:9-321
§ 28:9-321. Licensee of general intangible and lessee of goods in ordinary course of business.
Status: in_force

(a) In this section, “licensee in ordinary course of business” means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. A person becomes a licensee in the ordinary course if the license to the person comports with the usual or customary practices in the kind of business in which the licensor is engaged or with the licensor’s own usual or customary practices.
(b) A licensee in ordinary course of business takes its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence.
(c) A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence.
D.C. Code § 28:9-329 — DC Code / Title 28 / Chapter  / § 28:9-329
§ 28:9-329. Priority of security interests in letter-of-credit right.
Status: in_force

The following rules govern priority among conflicting security interests in the same letter-of-credit right:
(1) A security interest held by a secured party having control of the letter-of-credit right under § 28:9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(2) Security interests perfected by control under § 28:9-314 rank according to priority in time of obtaining control.
D.C. Code § 28-4805.06 — DC Code / Title 28 / Chapter 48 / § 28-4805.06
§ 28-4805.06. Adjustments between principal and income because of taxes.
Status: in_force

(a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from:
  (1) Elections and decisions, other than those described in subsection (b) of this section, that the fiduciary makes from time to time regarding tax matters;
  (2) An income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or
  (3) The ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or a beneficiary.
(b) If the amount of an estate tax marital or domestic partnership deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement shall equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital or domestic partnership deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced shall be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.
D.C. Code § 28-3701 — DC Code / Title 28 / Chapter 37 / § 28-3701
§ 28-3701. Definitions.
Status: in_force

As used in this chapter —
(1) “revolving credit account” means an arrangement between a seller or financial institution and a buyer pursuant to which (A) the seller or financial institution may permit the buyer to purchase goods or services on credit from time to time, either directly from the seller or indirectly by use of a credit card or other device, whether issued by the seller or a financial institution, (B) the unpaid balances of amount financed arising from purchases and credit service and other appropriate charges are debited to an account, (C) a credit service charge if made is not precomputed but is computed on an outstanding unpaid balance of the buyer’s account from time to time, and (D) the buyer has the privilege of paying the balances in full or in installments. The term “revolving credit account” shall not include loans obtained by a person from a financial institution where a check, credit card, or other device is used to access a line of credit.
(2) “credit service charge” means the sum of (A) all charges payable directly or indirectly by the buyer and imposed directly or indirectly by the seller or financial institution as an incident to the extension of credit, including any of the following types of charges which are applicable: time-price differential, service, carrying, or other charge, however denominated, premium or other charge for any guarantee or insurance protecting the seller or financial institution against the buyer’s default or other credit loss, and (B) charges incurred for investigating the collateral or credit-worthiness of the buyer or for commissions or brokerage for obtaining the credit irrespective of the person to whom the charges are paid or payable, unless the seller or financial institution had no notice of the charges when the credit was granted.
(3) “seller” means a person engaged in the District of Columbia in the business of selling goods or services to retail buyers.
(4) “buyer” means a person who buys goods or obtains services from a seller pursuant to a retail credit sale and not principally for the purpose of resale; and includes a person who enters into a prior agreement with a financial institution whereby the latter agrees to pay the debts of the buyer as they accrue at various retail sellers, designated by the financial institution, in consideration of the buyer paying to the financial institution the cash sales price plus the credit service charge on the purchase.
(5) “person” includes any individual, partnership, corporation, association, trust, joint stock company, or any other group of persons however organized.
(6) “financial institution” means a person who enters into an agreement with a buyer whereby the former agrees to extend credit to the buyer and to apply it as directed by the buyer pursuant to a credit card issued to the buyer by the financial institution; and this term includes any “insured bank” as defined in section 3 of the Federal Deposit Insurance Act, approved September 21, 1950 (64 Stat. 873; 12 U.S.C. sec. 1813) or any “insured institution” as defined in section 401 of the National Housing Act, approved June 27, 1934 (12 U.S.C. sec. 1724; 48 Stat. 1255) and any subsidiary corporation which is wholly-owned by a financial institution doing business in the District.
D.C. Code § 28:7-106 — DC Code / Title 28 / Chapter  / § 28:7-106
§ 28:7-106. Control of electronic document of title.
Status: in_force

(a) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.
(b) A system satisfies subsection (a) of this section, and a person has control of an electronic document of title, if the document is created, stored, and transferred in a manner that:
  (1) A single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6) of this subsection, unalterable;
  (2) The authoritative copy identifies the person asserting control as:
    (A) The person to which the document was issued; or
    (B) If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;
  (3) The authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;
  (4) Copies or amendments that add or change an identified transferee of the authoritative copy can be made only with the consent of the person asserting control;
  (5) Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and
  (6) Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
(c) A system satisfies subsection (a) of this section, and a person has control of an electronic document of title, if an authoritative electronic copy of the document, a record attached to or logically associated with the electronic copy, or a system in which the electronic copy is recorded:
  (1) Enables the person readily to identify each electronic copy as either an authoritative copy or a non-authoritative copy;
  (2) Enables the person readily to identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as the person to which each authoritative electronic copy was issued or transferred; and
  (3) Gives the person exclusive power, subject to subsection (d) of this section, to:
    (A) Prevent others from adding or changing the person to which each authoritative electronic copy has been issued or transferred; and
    (B) Transfer control of each authoritative electronic copy.
(d) Subject to subsection (e) of this section, a power is exclusive under subsection (c)(3) of this section even if:
  (1) The authoritative electronic copy, a record attached to or logically associated with the authoritative electronic copy, or a system in which the authoritative electronic copy is recorded limits the use of the document of title or has a protocol that is programmed to cause a change, including a transfer or loss of control; or
  (2) The power is shared with another person.
(e) A power of a person is not shared with another person under subsection (d)(2) of this section and the person's power is not exclusive if:
  (1) The person can exercise the power only if the power also is exercised by the other person; and
  (2) The other person:
    (A) Can exercise the power without exercise of the power by the person; or
    (B) Is the transferor to the person of an interest in the document of title.
(f) If a person has the powers specified in subsection (c)(3) of this section, those powers are presumed to be exclusive.
(g) A person has control of an electronic document of title if another person, other than the transferor to the person of an interest in the document:
  (1) Has control of the document and acknowledges that it has control on behalf of the person; or
  (2) Obtains control of the document after having acknowledged that it will obtain control of the document on behalf of the person.
(h) A person that has control under this section is not required to acknowledge that it has control on behalf of another person.
(i) If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or law other than this article or Article 9 otherwise provides, the person does not owe any duty to the other person and is not required to confirm the acknowledgment to any other person.
D.C. Code § 28-4803.02 — DC Code / Title 28 / Chapter 48 / § 28-4803.02
§ 28-4803.02. Apportionment of receipts and disbursements when decedent dies or income interest begins.
Status: in_force

(a) A trustee shall allocate an income receipt or disbursement other than one to which § 28-4802.01(1) applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest.
(b) A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement shall be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins shall be allocated to principal and the balance must be allocated to income.
(c) An item of income or an obligation is due on the date the payer is required to make a payment. If a payment date is not stated, there is no due date for the purposes of this chapter. Distributions to shareholders or other owners from an entity to which § 28-4804.01 applies are deemed to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the declaration date for the distribution. A due date is periodic for receipts or disbursements that must be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.
D.C. Code § 28:7-307 — DC Code / Title 28 / Chapter  / § 28:7-307
§ 28:7-307. Lien of carrier.
Status: in_force

(a) A carrier has a lien on the goods covered by a bill of lading or on the proceeds thereof in its possession for charges after the date of the carrier’s receipt of the goods for storage or transportation, including demurrage and terminal charges, and for expenses necessary for preservation of the goods incident to their transportation or reasonably incurred in their sale pursuant to law. However, against a purchaser for value of a negotiable bill of lading, a carrier’s lien is limited to charges stated in the bill or the applicable tariffs or, if no charges are stated, a reasonable charge.
(b) A lien for charges and expenses under subsection (a) of this section on goods that the carrier was required by law to receive for transportation is effective against the consignor or any person entitled to the goods unless the carrier had notice that the consignor lacked authority to subject the goods to those charges and expenses. Any other lien under subsection (a) of this section is effective against the consignor and any person that permitted the bailor to have control or possession of the goods unless the carrier had notice that the bailor lacked authority.
(c) A carrier loses its lien on any goods that it voluntarily delivers or unjustifiably refuses to deliver.
D.C. Code § 28:4A-101 — DC Code / Title 28 / Chapter  / § 28:4A-101
§ 28:4A-101. Short title.
Status: in_force

This article may be cited as “Uniform Commercial Code — Funds Transfers.”
D.C. Code § 28:3-308 — DC Code / Title 28 / Chapter  / § 28:3-308
§ 28:3-308. Proof of signatures and status as holder in due course.
Status: in_force

(a) In an action with respect to an instrument, the authenticity of, and authority to make, each signature on the instrument is admitted unless specifically denied in the pleadings.  If the validity of a signature is denied in the pleadings, the burden of establishing validity is on the person claiming validity, but the signature is presumed to be authentic and authorized unless the action is to enforce the liability of the purported signer and the signer is dead or incompetent at the time of trial of the issue of validity of the signature. If an action to enforce the instrument is brought against a person as the undisclosed principal of a person who signed the instrument as a party to the instrument, the plaintiff has the burden of establishing that the defendant is liable on the instrument as a represented person under section 28:3-402(a).
(b) If the validity of signatures is admitted or proved and there is compliance with subsection (a) of this section, a plaintiff producing the instrument is entitled to payment if the plaintiff proves entitlement to enforce the instrument under section 28:3-301, unless the defendant proves a defense or claim in recoupment. If a defense or claim in recoupment is proved, the right to payment of the plaintiff is subject to the defense or claim, except to the extent the plaintiff proves that the plaintiff has rights of a holder in due course which are not subject to the defense or claim.
D.C. Code § 28:3-401 — DC Code / Title 28 / Chapter  / § 28:3-401
§ 28:3-401. Signature necessary for liability on instrument.
Status: in_force

(a) A person is not liable on an instrument unless (i) the person signed the instrument, or (ii) the person is represented by an agent or representative who signed the instrument and the signature is binding on the represented person under section 28:3-402.
(b) [Repealed].
D.C. Code § 28-2951 — DC Code / Title 28 / Chapter 29A / § 28-2951
§ 28-2951. Definitions.
Status: in_force

(a) For the purposes of this chapter , the term:
  (1) "Account agreement" means an agreement that:
    (A) Is in a record between a bank and one or more depositors;
    (B) May have one or more beneficiaries as additional parties; and
    (C) States the intention of the parties to establish a special deposit governed by this chapter .
  (2) "Bank" means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. Each branch or separate office of a bank is a separate bank for the purposes of this chapter .
  (3) "Beneficiary" means a person that:
    (A) Is identified as a beneficiary in an account agreement; or
    (B) If not identified as a beneficiary in an account agreement, may be entitled to payment from a special deposit:
      (i) Under the account agreement; or
      (ii) On termination of the special deposit.
  (4) "Contingency" means an event or circumstance stated in an account agreement that is not certain to occur but must occur before the bank is obligated to pay a beneficiary.
  (5) "Creditor process" means attachment, garnishment, levy, notice of lien, sequestration, or similar process issued by or on behalf of a creditor or other claimant.
  (6) "Depositor" means a person that establishes or funds a special deposit.
  (7) "Good faith" means honesty in fact and observance of reasonable commercial standards of fair dealing.
  (8) "Knowledge" of a fact means:
    (A) With respect to a beneficiary, actual knowledge of the fact; or
    (B) With respect to a bank holding a special deposit:
      (i) Actual knowledge of the fact by an individual, if the bank:
        (I) Has established a reasonable routine for communicating material information to the individual to whom the bank has assigned responsibility for the special deposit; and
        (II) Maintains reasonable compliance with the routine; or
      (ii) If the bank has not established and maintained reasonable compliance with a routine described in sub-subparagraph (i) of this subparagraph or otherwise exercised due diligence, implied knowledge of the fact that would have come to the attention of an individual to whom the bank has assigned responsibility for the special deposit.
  (9) "Obligated to pay a beneficiary" means a beneficiary is entitled under the account agreement to receive from the bank a payment when:
    (A) A contingency has occurred; and
    (B) The bank has knowledge the contingency has occurred.
  (10) "Permissible purpose" means a governmental, regulatory, commercial, charitable, or testamentary objective of the parties stated in an account agreement. The term includes an objective to:
    (A) Hold funds:
      (i) In escrow, including for a purchase and sale, lease, buyback, or other transaction;
      (ii) As a security deposit of a tenant;
      (iii) That may be distributed to a person as remuneration, retirement or other benefit, or compensation under a judgment, consent decree, court order, or other decision of a tribunal; or
      (iv) For distribution to a defined class of persons after identification of the class members and their interest in the funds;
    (B) Provide assurance with respect to an obligation created by contract, such as earnest money to ensure a transaction closes;
    (C) Settle an obligation that arises in the operation of a payment system, securities settlement system, or other financial market infrastructure;
    (D) Provide assurance with respect to an obligation that arises in the operation of a payment system, securities settlement system, or other financial market infrastructure; or
    (E) Hold margin, other cash collateral, or funds that support the orderly functioning of financial market infrastructure or the performance of an obligation with respect to the infrastructure.
  (11) "Person" means an individual, estate, business or nonprofit entity, government or governmental subdivision, agency, or instrumentality, or other legal entity. The term includes a protected series, however denominated, of an entity if the protected series is established under law that limits, or limits if conditions specified under law are satisfied, the ability of a creditor of the entity or of any other protected series of the entity to satisfy a claim from assets of the protected series.
  (12) "Record" means information:
    (A) Inscribed on a tangible medium; or
    (B) Stored in an electronic or other medium and retrievable in perceivable form.
  (13) "Special deposit" means a deposit that satisfies the requirements set forth in § 28-2954 .
D.C. Code § 28:2-507 — DC Code / Title 28 / Chapter  / § 28:2-507
§ 28:2-507. Effect of seller’s tender; delivery on condition.
Status: in_force

(1) Tender of delivery is a condition to the buyer’s duty to accept the goods and, unless otherwise agreed, to his duty to pay for them. Tender entitles the seller to acceptance of the goods and to payment according to the contract.
(2) Where payment is due and demanded on the delivery to the buyer of goods or documents of title, his right as against the seller to retain or dispose of them is conditional upon his making the payment due.
D.C. Code § 28:1-201 — DC Code / Title 28 / Chapter  / § 28:1-201
§ 28:1-201. General definitions.
Status: in_force

(a) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other articles of this subtitle that apply to particular articles or parts thereof, have the meanings stated.
(b) Subject to definitions contained in other articles of this subtitle that apply to particular articles or parts thereof:
  (1) “Action”, in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in equity, and any other proceeding in which rights are determined.
  (2) “Aggrieved party” means a party entitled to pursue a remedy.
  (3) “Agreement”, as distinguished from “contract”, means the bargain of the parties in fact, as found in their language or inferred from other circumstances, including course of performance, course of dealing, or usage of trade as provided in § 28:1-303 .
  (4) “Bank” means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company.
  (5) “Bearer” means a person in control of a negotiable electronic document of title or a person in possession of a negotiable instrument, negotiable tangible document of title, or certificated security that is payable to bearer or indorsed in blank.
  (6) “Bill of lading” means a document of title evidencing the receipt of goods for shipment issued by a person engaged in the business of directly or indirectly transporting or forwarding goods. The term does not include a warehouse receipt.
  (7) “Branch” includes a separately incorporated foreign branch of a bank.
  (8) “Burden of establishing” a fact means the burden of persuading the trier of fact that the existence of the fact is more probable than its nonexistence.
  (9) “Buyer in ordinary course of business” means a person that buys goods in good faith, without knowledge that the sale violates the rights of another person in the goods, and in the ordinary course from a person, other than a pawnbroker, in the business of selling goods of that kind. A person buys goods in the ordinary course if the sale to the person comports with the usual or customary practices in the kind of business in which the seller is engaged or with the seller’s own usual or customary practices. A person that sells oil, gas, or other minerals at the wellhead or minehead is a person in the business of selling goods of that kind. A buyer in ordinary course of business may buy for cash, by exchange of other property, or on secured or unsecured credit, and may acquire goods or documents of title under a preexisting contract for sale. Only a buyer that takes possession of the goods or has a right to recover the goods from the seller under Article 2 may be a buyer in ordinary course of business. Buyer in ordinary course of business does not include a person that acquires goods in a transfer in bulk or as security for or in total or partial satisfaction of a money debt.
  (10) "Conspicuous", with reference to a term, means so written, displayed, or presented that, based on the totality of the circumstances, a reasonable person against which it is to operate ought to have noticed it. Whether a term is "conspicuous" or not is a decision for the court.
  (11) “Consumer” means an individual who enters into a transaction primarily for personal, family, or household purposes.
  (12) “Contract”, as distinguished from “agreement”, means the total legal obligation that results from the parties’ agreement as determined by this subtitle and as supplemented by any other applicable laws.
  (13) “Creditor” includes a general creditor, a secured creditor, a lien creditor, and any representative of creditors, including an assignee for the benefit of creditors, a trustee in bankruptcy, a receiver in equity, and an executor or administrator of an insolvent debtor’s or assignor’s estate.
  (14) “Defendant” includes a person in the position of defendant in a counterclaim, cross-claim, or third-party claim.
  (15) "Delivery", with respect to an electronic document of title, means voluntary transfer of control; and, with respect to an instrument, a tangible document of title, or an authoritative tangible copy of a record evidencing chattel paper, means voluntary transfer of possession.
  (16) (A) “Document of title” means a record that:
      (i) In the regular course of business or financing is treated as adequately evidencing that the person in possession or control of the record is entitled to receive, control, hold, and dispose of the record and the goods the record covers; and
      (ii) Purports to be issued by or addressed to a bailee and to cover goods in the bailee’s possession which are either identified or are fungible portions of an identified mass.
    (B) The term “document of title” includes a bill of lading, transport document, dock warrant, dock receipt, warehouse receipt, and order for delivery of goods. An “electronic document of title” means a document of title evidenced by a record consisting of information stored in an electronic medium. A “tangible document of title” means a document of title evidenced by a record consisting of information that is inscribed on a tangible medium.
  (16A) "Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
  (17) “Fault” means a default, breach, or wrongful act or omission.
  (18) “Fungible goods” means:
    (A) Goods of which any unit, by nature or usage of trade, is the equivalent of any other like unit; or
    (B) Goods that by agreement are treated as equivalent.
  (19) “Genuine” means free of forgery or counterfeiting.
  (20) “Good faith,” except as otherwise provided in Article 5, means honesty in fact and the observance of reasonable commercial standards of fair dealing.
  (21) “Holder” means:
    (A) The person in possession of a negotiable instrument that is payable either to bearer or to an identified person that is the person in possession; or
    (B) The person in possession of a negotiable tangible document of title if the goods are deliverable either to bearer or to the order of the person in possession; or
    (C) The person in control, other than pursuant to § 28:7-106(g) , of a negotiable electronic document of title.
  (22) “Insolvency proceeding” includes an assignment for the benefit of creditors or other proceeding intended to liquidate or rehabilitate the estate of the person involved.
  (23) “Insolvent” means:
    (A) Having generally ceased to pay debts in the ordinary course of business other than as a result of bona fide dispute;
    (B) Being unable to pay debts as they become due; or
    (C) Being insolvent within the meaning of federal bankruptcy law.
  (24) "Money" means a medium of exchange that is currently authorized or adopted by a domestic or foreign government. The term "money" includes a monetary unit of account established by an intergovernmental organization or pursuant to an agreement between 2 or more countries. The term "money" does not include an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government.
  (25) “Organization” means a person other than an individual.
  (26) “Party”, as distinguished from “third party”, means a person that has engaged in a transaction or made an agreement subject to this subtitle.
  (27) "Person" means an individual, estate, business or nonprofit entity, government or governmental subdivision, agency, or instrumentality, or other legal entity. The term "person" includes a protected series, however denominated, of an entity, if the protected series is established under law, other than this subtitle , that limits, or limits if conditions specified under the law are satisfied, the ability of a creditor of the entity or of any other protected series of the entity to satisfy a claim from assets of the protected series.
  (28) “Present value” means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain by use of either an interest rate specified by the parties if that rate is not manifestly unreasonable at the time the transaction is entered into or, if an interest rate is not so specified, a commercially reasonable rate that takes into account the facts and circumstances at the time the transaction is entered into.
  (29) “Purchase” means taking by sale, lease, discount, negotiation, mortgage, pledge, lien, security interest, issue or reissue, gift, or any other voluntary transaction creating an interest in property.
  (30) “Purchaser” means a person that takes by purchase.
  (31) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
  (32) “Remedy” means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal.
  (33) “Representative” means a person empowered to act for another, including an agent, an officer of a corporation or association, and a trustee, executor, or administrator of an estate.
  (34) “Right” includes remedy.
  (35) “Security interest” means an interest in personal property or fixtures which secures payment or performance of an obligation. The term “security interest” includes any interest of a consignor and a buyer of accounts, chattel paper, a payment intangible, or a promissory note in a transaction that is subject to Article 9. The term “security interest” does not include the special property interest of a buyer of goods on identification of those goods to a contract for sale under § 28:2-401 , but a buyer may also acquire a security interest by complying with Article 9. Except as otherwise provided in § 28:2-505 , the right of a seller or lessor of goods under Article 2 or 2A to retain or acquire possession of the goods is not a security interest, but a seller or lessor may also acquire a security interest by complying with Article 9. The retention or reservation of title by a seller of goods notwithstanding shipment or delivery to the buyer under § 28:2-401 is limited in effect to a reservation of a security interest. Whether a transaction in the form of a lease creates a security interest is determined pursuant to § 28:1-203 .
  (36) "Send" in connection with a record or notification means:
    (A) To deposit in the mail, or deliver for transmission, or transmit by any other usual means of communication, with postage or cost of transmission provided for, addressed to any address reasonable under the circumstances; or
    (B) To cause the record or notification to be received within the time it would have been received if properly sent under subparagraph (A) of this paragraph.
  (37) "Sign", "signed", "signing", and "signature" mean with present intent to authenticate or adopt a record:
    (i) To execute or adopt a tangible symbol; or
    (ii) To attach to or logically associate with the record an electronic symbol, sound, or process.
  (38) “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.
  (39) “Surety” includes a guarantor or other secondary obligor.
  (40) “Term” means a portion of an agreement that relates to a particular matter.
  (41) “Unauthorized signature” means a signature made without actual, implied, or apparent authority. The term “unauthorized signature” includes a forgery.
  (42) “Warehouse receipt” means a document of title issued by a person engaged in the business of storing goods for hire.
  (43) “Writing” includes printing, typewriting, or any other intentional reduction to tangible form. “Written” has a corresponding meaning.
D.C. Code § 28:2-605 — DC Code / Title 28 / Chapter  / § 28:2-605
§ 28:2-605. Waiver of buyer’s objections by failure to particularize.
Status: in_force

(1) The buyer’s failure to state in connection with rejection a particular defect which is ascertainable by reasonable inspection precludes him from relying on the unstated defect to justify rejection or to establish breach
  (a) where the seller could have cured it if stated seasonably; or
  (b) between merchants when the seller has after rejection made a request in writing for a full and final written statement of all defects on which the buyer proposes to rely.
(2) Payments against documents made without reservation of rights precludes recovery of the payment for defects apparent in the documents.
D.C. Code § 28-4712 — DC Code / Title 28 / Chapter 47 / § 28-4712
§ 28-4712. Application to existing relationships.
Status: repealed

Repealed.
D.C. Code § 28:2-306 — DC Code / Title 28 / Chapter  / § 28:2-306
§ 28:2-306. Output, requirements and exclusive dealings.
Status: in_force

(1) A term which measures the quantity by the output of the seller or the requirements of the buyer means such actual output or requirements as may occur in good faith, except that no quantity unreasonably disproportionate to any stated estimate or in the absence of a stated estimate to any normal or otherwise comparable prior output or requirements may be tendered or demanded.
(2) A lawful agreement by either the seller or the buyer for exclusive dealing in the kind of goods concerned imposes unless otherwise agreed an obligation by the seller to use best efforts to supply the goods and by the buyer to use best efforts to promote their sale.
D.C. Code § 28:2A-532 — DC Code / Title 28 / Chapter  / § 28:2A-532
§ 28:2A-532. Lessor’s rights to residual interest.
Status: in_force

In addition to any other necessary recovery permitted by this article or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss or damage to the lessor’s residual interest in the goods caused by the default of the lessee.
D.C. Code § 28-4510 — DC Code / Title 28 / Chapter 45 / § 28-4510
§ 28-4510. Judgment in favor of the District of Columbia as prima facie evidence.
Status: in_force

A final judgment or decree determining that a person has violated this chapter in an action brought by the District of Columbia under section 28-4506  , other than a consent judgment or decree entered before any testimony at trial has been taken or entered pursuant to a plea of nolo contendere, shall be prima facie evidence against such person in any other action against such person under section 28-4508   or 28-4509   as to all matters with respect to which the judgment or decree would be an estoppel between the parties to that judgment or decree.
D.C. Code § 28:8-207 — DC Code / Title 28 / Chapter  / § 28:8-207
§ 28:8-207. Rights and duties of issuer with respect to registered owners.
Status: in_force

(a) Before due presentment for registration of transfer of a certificated security in registered form or of an instruction requesting registration of transfer of an uncertificated security, the issuer or indenture trustee may treat the registered owner as the person exclusively entitled to vote, receive notifications, and otherwise exercise all the rights and powers of an owner.
(b) This article does not affect the liability of the registered owner of a security for a call, assessment, or the like.
D.C. Code § 28:2-103 — DC Code / Title 28 / Chapter  / § 28:2-103
§ 28:2-103. Definitions and index of definitions.
Status: in_force

(1) In this article unless the context otherwise requires:
  (a) “Buyer” means a person who buys or contracts to buy goods.
  (b) Repealed.
  (c) “Receipt” of goods means taking physical possession of them.
  (d) “Seller” means a person who sells or contracts to sell goods.
(2) Other definitions applying to this article or to specified parts thereof, and the sections in which they appear are:
“Acceptance”. Section 28:2-606  .
“Banker’s credit”. Section 28:2-325  .
“Between merchants”. Section 28:2-104  .
“Cancellation”. Section 28:2-106(4)  .
“Commercial unit”. Section 28:2-105  .
“Confirmed credit”. Section 28:2-325  .
“Conforming to contract”. Section 28:2-106  .
“Contract for sale”. Section 28:2-106  .
“Cover”. Section 28:2-712  .
“Entrusting”. Section 28:2-403  .
“Financing agency”. Section 28:2-104  .
“Future goods”. Section 28:2-105  .
“Goods”. Section 28:2-105  .
“Identification”. Section 28:2-501  .
“Installment contract”. Section 28:2-612  .
“Letter of Credit”. Section 28:2-325  .
“Lot”. Section 28:2-105  .
“Merchant”. Section 28:2-104  .
“Overseas”. Section 28:2-323  .
“Person in position of seller”. Section 28:2-707  .
“Present sale”. Section 28:2-106  .
“Sale”. Section 28:2-106  .
“Sale on approval”. Section 28:2-326  .
“Sale or return”. Section 28:2-326  .
“Termination”. Section 28:2-106  .
(3) Control as provided in § 28:7-106 and the following definitions in other articles apply to this article:
“Check”. Section 28:3-104  .
“Consignee”. Section 28:7-102  .
“Consignor”. Section 28:7-102  .
“Consumer goods”. Section 28:9-102  .
“Dishonor”. Section 28:3-502  .
“Draft”. Section 28:3-104  .
(4) In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.
D.C. Code § 28:9-402 — DC Code / Title 28 / Chapter  / § 28:9-402
§ 28:9-402. Secured party not obligated on contract of debtor or in tort.
Status: in_force

The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor’s acts or omissions.
D.C. Code § 28:8-105 — DC Code / Title 28 / Chapter  / § 28:8-105
§ 28:8-105. Notice of adverse claim.
Status: in_force

(a) A person has notice of an adverse claim if:
  (1) The person knows of the adverse claim;
  (2) The person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the existence of the adverse claim; or
  (3) The person has a duty, imposed by statute or regulation, to investigate whether an adverse claim exists, and the investigation so required would establish the existence of the adverse claim.
(b) Having knowledge that a financial asset or interest therein is or has been transferred by a representative imposes no duty of inquiry into the rightfulness of a transaction and is not notice of an adverse claim. However, a person who knows that a representative has transferred a financial asset or interest therein in a transaction that is, or whose proceeds are being used, for the individual benefit of the representative or otherwise in breach of duty has notice of an adverse claim.
(c) An act or event that creates a right to immediate performance of the principal obligation represented by a security certificate or sets a date on or after which the certificate is to be presented or surrendered for redemption or exchange does not itself constitute notice of an adverse claim except in the case of a transfer more than:
  (1) One year after a date set for presentment or surrender for redemption or exchange; or
  (2) Six months after a date set for payment of money against presentation or surrender of the certificate, if money was available for payment on that date.
(d) A purchaser of a certificated security has notice of an adverse claim if the security certificate:
  (1) Whether in bearer or registered form, has been indorsed “for collection” or “for surrender” or for some other purpose not involving transfer; or
  (2) Is in bearer form and has on it an unambiguous statement that it is the property of a person other than the transferor, but the mere writing of a name on the certificate is not such a statement.
(e) Filing of a financing statement under Article 9 is not notice of an adverse claim to a financial asset.
D.C. Code § 28:2-209 — DC Code / Title 28 / Chapter  / § 28:2-209
§ 28:2-209. Modification, rescission and waiver.
Status: in_force

(1) An agreement modifying a contract within this article needs no consideration to be binding.
(2) A signed agreement which excludes modification or rescission except by a signed writing or other signed record cannot be otherwise modified or rescinded, but except as between merchants such a requirement on a form supplied by the merchant must be separately signed by the other party.
(3) The requirements of the statute of frauds section of this article (section 28:2-201) must be satisfied if the contract as modified is within its provisions.
(4) Although an attempt at modification or rescission does not satisfy the requirements of subsection (2) or (3), it can operate as a waiver.
(5) A party who has made a waiver affecting an executory portion of the contract may retract the waiver by reasonable notification received by the other party that strict performance will be required by any term waived, unless the retraction would be unjust in view of a material change of position in reliance on the waiver.
D.C. Code § 28:2A-217 — DC Code / Title 28 / Chapter  / § 28:2A-217
§ 28:2A-217. Identification.
Status: in_force

Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement, identification occurs:
(1) When the lease contract is made if the lease contract is for a lease of goods that are existing and identified;
(2) When the goods are shipped, marked, or otherwise designated by the lessor as goods to which the lease contract refers, if the lease contract is for a lease of goods that are not existing and identified; or
(3) When the young are conceived, if the lease contract is for a lease of unborn young of animals.
D.C. Code § [28-3852.03] — DC Code / Title 28 / Chapter 38 / § [28-3852.03]
§ [28-3852.03]. Rulemaking.
Status: in_force

The Attorney General for the District of Columbia, pursuant to [Chapter 5 of Title 2] , may issue rules to implement the notification provisions pursuant to § 28-3852(b-1) .
D.C. Code § 28:1-308 — DC Code / Title 28 / Chapter  / § 28:1-308
§ 28:1-308. Performance or acceptance under reservation of rights.
Status: in_force

(a) A party that with explicit reservation of rights performs, promises performance, or assents to performance in a manner demanded or offered by the other party does not thereby prejudice the rights reserved. Such words as “without prejudice,” “under protest,” or the like are sufficient.
(b) Subsection (a) of this section does not apply to an accord and satisfaction.
D.C. Code § 28:12-104 — DC Code / Title 28 / Chapter  / § 28:12-104
§ 28:12-104. Rights in controllable account, controllable electronic record, and controllable payment intangible.
Status: in_force

(a) This section applies to the acquisition and purchase of rights in a controllable account or controllable payment intangible, including the rights and benefits under subsections (c), (d), (e), (g), and (h) of this section, of a purchaser and qualifying purchaser, in the same manner this section applies to a controllable electronic record.
(b) To determine whether a purchaser of a controllable account or a controllable payment intangible is a qualifying purchaser, the purchaser obtains control of the account or payment intangible if it obtains control of the controllable electronic record that evidences the account or payment intangible.
(c) Except as provided in this section, law other than this article determines whether a person acquires a right in a controllable electronic record and the right the person acquires.
(d) A purchaser of a controllable electronic record acquires all rights in the controllable electronic record that the transferor had or had power to transfer, except that a purchaser of a limited interest in a controllable electronic record acquires rights only to the extent of the interest purchased.
(e) A qualifying purchaser acquires its rights in the controllable electronic record free of a claim of a property right in the controllable electronic record.
(f) Except as provided in subsections (a) and (e) of this section for a controllable account and a controllable payment intangible or law other than this article , a qualifying purchaser takes a right to payment, right to performance, or other interest in property evidenced by the controllable electronic record subject to a claim of a property right in the right to payment, right to performance, or other interest in property.
(g) An action may not be asserted against a qualifying purchaser based on both a purchase by the qualifying purchaser of a controllable electronic record and a claim of a property right in another controllable electronic record, whether the action is framed in conversion, replevin, constructive trust, equitable lien, or other theory.
(h) Filing of a financing statement under Article 9 is not notice of a claim of a property right in a controllable electronic record.
D.C. Code § 28:2A-502 — DC Code / Title 28 / Chapter  / § 28:2A-502
§ 28:2A-502. Notice after default.
Status: in_force

Except as otherwise provided in this article or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement.
D.C. Code § 28:2-515 — DC Code / Title 28 / Chapter  / § 28:2-515
§ 28:2-515. Preserving evidence of goods in dispute.
Status: in_force

In furtherance of the adjustment of any claim or dispute
(a) either party on reasonable notification to the other and for the purpose of ascertaining the facts and preserving evidence has the right to inspect, test and sample the goods including such of them as may be in the possession or control of the other; and
(b) the parties may agree to a third party inspection or survey to determine the conformity or condition of the goods and may agree that the findings shall be binding upon them in any subsequent litigation or adjustment.
D.C. Code § 28-4516 — DC Code / Title 28 / Chapter 45 / § 28-4516
§ 28-4516. District of Columbia Antitrust Fund.
Status: repealed

Repealed.
D.C. Code § 28:9-626 — DC Code / Title 28 / Chapter  / § 28:9-626
§ 28:9-626. Action in which deficiency or surplus is in issue.
Status: in_force

(a) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply:
  (1) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party’s compliance in issue.
  (2) If the secured party’s compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part.
  (3) Except as otherwise provided in § 28:9-628 , if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney’s fees exceeds the greater of:
    (A) The proceeds of the collection, enforcement, disposition, or acceptance; or
    (B) The amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.
  (4) For purposes of paragraph (3)(B) of this subsection, the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney’s fees unless the secured party proves that the amount is less than that sum.
  (5) If a deficiency or surplus is calculated under § 28:9-615(f) , the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
(b) The limitation of the rules in subsection (a) to transactions other than consumer transactions is intended to leave to the court the determination of the proper rules in consumer transactions. The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches.
D.C. Code § 28:4A-207 — DC Code / Title 28 / Chapter  / § 28:4A-207
§ 28:4A-207. Misdescription of beneficiary.
Status: in_force

(a) Subject to subsection (b) of this section, if, in a payment order received by the beneficiary’s bank, the name, bank account number, or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary of the order and acceptance of the order cannot occur.
(b) If a payment order received by the beneficiary’s bank identifies the beneficiary both by name and by an identifying or bank account number and the name and number identify different persons, the following rules apply:
  (1) Except as otherwise provided in subsection (c) of this section, if the beneficiary’s bank does not know that the name and number refer to different persons, it may rely on the number as the proper identification of the beneficiary of the order. The beneficiary’s bank need not determine whether the name and number refer to the same person.
  (2) If the beneficiary’s bank pays the person identified by name or knows that the name and number identify different persons, no person has rights as beneficiary except the person paid by the beneficiary’s bank if that person was entitled to receive payment from the originator of the funds transfer. If no person has rights as beneficiary, acceptance of the order cannot occur.
(c) If (i) a payment order described in subsection (b) of this section is accepted, (ii) the originator’s payment order described the beneficiary inconsistently by name and number, and (iii) the beneficiary’s bank pays the person identified by number as permitted by subsection (b)(1) of this section, the following rules apply:
  (1) If the originator is a bank, the originator is obliged to pay its order.
  (2) If the originator is not a bank and proves that the person identified by number was not entitled to receive payment from the originator, the originator is not obliged to pay its order unless the originator’s bank proves that the originator, before acceptance of the originator’s order, had notice that payment of a payment order issued by the originator might be made by the beneficiary’s bank on the basis of an identifying or bank account number even if it identifies a person different from the named beneficiary. Proof of notice may be made by any admissible evidence. The originator’s bank satisfies the burden of proof if it proves that the originator, before the payment order was accepted, signed a record stating the information to which the notice relates.
(d) In a case governed by subsection (b)(1) of this section, if the beneficiary’s bank rightfully pays the person identified by number and that person was not entitled to receive payment from the originator, the amount paid may be recovered from that person to the extent allowed by the law governing mistake and restitution as follows:
  (1) If the originator is obliged to pay its payment order as stated in subsection (c) of this section, the originator has the right to recover.
  (2) If the originator is not a bank and is not obliged to pay its payment order, the originator’s bank has the right to recover.
D.C. Code § 28-4706 — DC Code / Title 28 / Chapter 47 / § 28-4706
§ 28-4706. Impartiality.
Status: repealed

Repealed.
D.C. Code § 28:2-614 — DC Code / Title 28 / Chapter  / § 28:2-614
§ 28:2-614. Substituted performance.
Status: in_force

(1) Where without fault of either party the agreed berthing, loading, or unloading facilities fail or an agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially impracticable but a commercially reasonable substitute is available, such substitute performance must be tendered and accepted.
(2) If the agreed means or manner of payment fails because of domestic or foreign governmental regulation, the seller may withhold or stop delivery unless the buyer provides a means or manner of payment which is commercially a substantial equivalent. If delivery has already been taken, payment by the means or in the manner provided by the regulation discharges the buyer’s obligation unless the regulation is discriminatory, oppressive or predatory.
D.C. Code § 28:6-111 — DC Code / Title 28 / Chapter  / § 28:6-111
§ 28:6-111. Limitation of actions and levies.
Status: repealed

Repealed.
D.C. Code § 28:4-102 — DC Code / Title 28 / Chapter  / § 28:4-102
§ 28:4-102. Applicability.
Status: in_force

(a) To the extent that items within this article are also within Articles 3 and 8, they are subject to those articles. If there is conflict, this Article governs Article 3, but Article 8 governs this article.
(b) The liability of a bank for action or nonaction with respect to an item handled by it for purposes of presentment, payment, or collection is governed by the law of the place where the bank is located. In the case of action or nonaction by or at a branch or separate office of a bank, its liability is governed by the law of the place where the branch or separate office is located.
D.C. Code § 28:8-305 — DC Code / Title 28 / Chapter  / § 28:8-305
§ 28:8-305. Instruction.
Status: in_force

(a) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly.
(b) Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by § 28:8-108 and not an obligation that the security will be honored by the issuer.
D.C. Code § 28:4A-506 — DC Code / Title 28 / Chapter  / § 28:4A-506
§ 28:4A-506. Rate of interest.
Status: in_force

(a) If, under this article, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined (i) by agreement of the sender and receiving bank, or (ii) by a funds-transfer system rule if the payment order is transmitted through a funds-transfer system.
(b) If the amount of interest is not determined by an agreement or rule as stated in subsection (a) of this section, the amount is calculated by multiplying the applicable Federal Funds rate by the amount on which interest is payable, and then multiplying the product by the number of days for which interest is payable. The applicable Federal Funds rate is the average of the Federal Funds rate published by the Federal Reserve Bank of New York for each of the days for which interest is payable divided by 360. The Federal Funds rate for any day on which a published rate is not available is the same as the published rate for the next preceding day for which there is a published rate. If a receiving bank that accepted a payment order is required to refund payment to the sender of the order because the funds transfer was not completed, but the failure to complete was not due to any fault by the bank, the interest payable is reduced by a percentage equal to the reserve requirement on deposits of the receiving bank.
D.C. Code § 28:4A-105 — DC Code / Title 28 / Chapter  / § 28:4A-105
§ 28:4A-105. Other definitions.
Status: in_force

(a) In this article:
  (1) “Authorized account” means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account.
  (2) “Bank” means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this article.
  (3) “Customer” means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders.
  (4) “Funds-transfer business day” of a receiving bank means the part of a day during which the receiving bank is open for the receipt, processing, and transmittal of payment orders and cancellations and amendments of payment orders.
  (5) “Funds-transfer system” means a wire transfer network, automated clearing house, or other communication system of a clearing house or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed.
  (6) Repealed.
  (7) “Prove” with respect to a fact means to meet the burden of establishing the fact under § 28:1-201(b)(8) .
(b) Other definitions applying to this article and the sections in which they appear are:
“Acceptance”. § 28:4A-209
“Beneficiary”. § 28:4A-103
“Beneficiary’s bank”. § 28:4A-103
“Executed”. § 28:4A-301
“Execution date”. § 28:4A-301
“Funds transfer”. § 28:4A-104
“Funds-transfer system rule”. § 28:4A-501
“Intermediary bank”. § 28:4A-104
“Originator”. § 28:4A-104
“Originator’s bank”. § 28:4A-104
“Payment by beneficiary’s bank to beneficiary”. § 28:4A-405
“Payment by originator to beneficiary”. § 28:4A-406
“Payment by sender to receiving bank”. § 28:4A-403
“Payment date”. § 28:4A-401
“Payment order”. § 28:4A-103
“Receiving bank”. § 28:4A-103
“Security procedure”. § 28:4A-201
“Sender”. § 28:4A-103
The following definitions in Article 4 apply to this article:
“Clearing house”. § 28:4-104
“Item”. § 28:4-104
“Suspends payments”. § 28:4-104
In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.
D.C. Code § 28:8-505 — DC Code / Title 28 / Chapter  / § 28:8-505
§ 28:8-505. Duty of securities intermediary with respect to payments and distributions.
Status: in_force

(a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if:
  (1) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
  (2) In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.
(b) A securities intermediary is obligated to its entitlement holder for a payment or distribution made by the issuer of a financial asset if the payment or distribution is received by the securities intermediary.
D.C. Code § 28-2305 — DC Code / Title 28 / Chapter 23 / § 28-2305
§ 28-2305. Contract to assign future salary or wages.
Status: in_force

(a) A contract attempting or purporting to transfer or assign salary or wages to be earned by the debtor, if made in the District of Columbia, is invalid and contrary to public policy and unenforceable, and if made outside the District of Columbia, is unenforceable in any court within the District of Columbia.
(b) Whoever, in the District of Columbia demands or receives from a debtor an assignment of salary or wages to be thereafter earned by the debtor, or notifies an employer that he holds an assignment of such salary or wages, upon conviction shall be fined not more than the amount set forth in [ § 22-3571.01 ] or imprisoned not more than sixty days. Prosecutions under this subsection shall be upon information filed in the Criminal Division of the Superior Court of the District of Columbia by the Corporation Counsel of the District of Columbia or one of his assistants.
D.C. Code § 28-4701 — DC Code / Title 28 / Chapter 47 / § 28-4701
§ 28-4701. Prudent investor rule.
Status: repealed

Repealed.
D.C. Code § 28:4A-301 — DC Code / Title 28 / Chapter  / § 28:4A-301
§ 28:4A-301. Execution and execution date.
Status: in_force

(a) A payment order is “executed” by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary’s bank can be accepted but cannot be executed.
(b) “Execution date” of a payment order means the day on which the receiving bank may properly issue a payment order in execution of the sender’s order. The execution date may be determined by instruction of the sender but cannot be earlier than the day the order is received and, unless otherwise determined, is the day the order is received. If the sender’s instruction states a payment date, the execution date is the payment date or an earlier date on which execution is reasonably necessary to allow payment to the beneficiary on the payment date.
D.C. Code § 28:9-706 — DC Code / Title 28 / Chapter  / § 28:9-706
§ 28:9-706. When initial financing statement suffices to continue effectiveness of financing statement.
Status: in_force

(a) The filing of an initial financing statement in the office specified in § 28:9-501 continues the effectiveness of a financing statement filed before July 1, 2001 if:
  (1) The filing of an initial financing statement in that office would be effective to perfect a security interest under this article;
  (2) The pre-effective-date financing statement was filed in an office in another State or another office in the District; and
  (3) The initial financing statement satisfies subsection (b).
(b) The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement:
  (1) If the initial financing statement is filed before July 1, 2001, for the period provided in former § 28:9-403 with respect to a financing statement; and
  (2) If the initial financing statement is filed after July 1, 2001, for the period provided in § 28:9-515 with respect to an initial financing statement.
(c) To be effective for purposes of subsection (a), an initial financing statement must:
  (1) Satisfy the requirements of Part 5 for an initial financing statement;
  (2) Identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
  (3) Indicate that the pre-effective-date financing statement remains effective.
D.C. Code § 28:4A-401 — DC Code / Title 28 / Chapter  / § 28:4A-401
§ 28:4A-401. Payment date.
Status: in_force

“Payment date” of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary’s bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary’s bank and, unless otherwise determined, is the day the order is received by the beneficiary’s bank.
D.C. Code § 28:2-101 — DC Code / Title 28 / Chapter  / § 28:2-101
§ 28:2-101. Short title.
Status: in_force

This article shall be known and may be cited as Uniform Commercial Code — Sales.
D.C. Code § 28:7-308 — DC Code / Title 28 / Chapter  / § 28:7-308
§ 28:7-308. Enforcement of carrier’s lien.
Status: in_force

(a) (1) A carrier’s lien on goods may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in the goods. The notification must include a statement of the amount due, the nature of the proposed sale, and the time and place of any public sale. The fact that a better price could have been obtained by a sale at a different time or in a method different from that selected by the carrier is not of itself sufficient to establish that the sale was not made in a commercially reasonable manner.
  (2) The carrier sells goods in a commercially reasonable manner if the carrier sells the goods in the usual manner in any recognized market therefor, sells at the price current in that market at the time of the sale, or otherwise sells in conformity with commercially reasonable practices among dealers in the type of goods sold.
  (3) A sale of more goods than apparently necessary to be offered to ensure satisfaction of the obligation is not commercially reasonable, except in cases covered by paragraph (2) of this subsection.
(b) Before any sale pursuant to this section, any person claiming a right in the goods may pay the amount necessary to satisfy the lien and the reasonable expenses incurred in complying with this section. In that event, the goods may not be sold but must be retained by the carrier, subject to the terms of the bill of lading and this article.
(c) A carrier may buy at any public sale pursuant to this section.
(d) A purchaser in good faith of goods sold to enforce a carrier’s lien takes the goods free of any rights of persons against which the lien was valid, despite the carrier’s noncompliance with this section.
(e) A carrier may satisfy its lien from the proceeds of any sale pursuant to this section but shall hold the balance, if any, for delivery on demand to any person to which the carrier would have been bound to deliver the goods.
(f) The rights provided by this section are in addition to all other rights allowed by law to a creditor against a debtor.
(g) A carrier’s lien may be enforced pursuant to either subsection (a) of this section or the procedure set forth in § 28:7-210(b) .
(h) A carrier is liable for damages caused by failure to comply with the requirements for sale under this section and, in case of willful violation, is liable for conversion.
D.C. Code § 28-4804.15 — DC Code / Title 28 / Chapter 48 / § 28-4804.15
§ 28-4804.15. Asset-backed securities.
Status: in_force

(a) For the purposes of this section, the term “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term “asset-backed security” includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. The term “asset-backed security” does not include an asset to which § 28-4804.01 or § 28-4804.09 applies.
(b) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.
(c) If a trust receives one or more payments in exchange for the trust’s entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal. If a payment is one of a series of payments that will result in the liquidation of the trust’s interest in the security over more than one accounting period, the trustee shall allocate 10 percent of the payment to income and the balance to principal.
D.C. Code § 28:5-113 — DC Code / Title 28 / Chapter  / § 28:5-113
§ 28:5-113. Transfer by operation of law.
Status: in_force

(a) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.
(b) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in subsection (e) of this section, an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice referred to in § 28:5-108(e) or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer.
(c) An issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized.
(d) Honor of a purported successor’s apparently complying presentation under subsection (a) or (b) of this section has the consequences specified in § 28:5-108(i) even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person who is neither the beneficiary nor the successor of the beneficiary are forged documents for the purposes of § 28:5-109 .
(e) An issuer whose rights of reimbursement are not covered by subsection (d) of this section or substantially similar law and any confirmer or nominated person may decline to recognize a presentation under subsection (b).
(f) A beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section.
D.C. Code § 28-4101 — DC Code / Title 28 / Chapter 41 / § 28-4101
§ 28-4101. Definitions.
Status: in_force

For the purposes of this chapter, the term:
(1) “Natural disaster” means the actual or imminent consequence of any disaster, catastrophe, or emergency, including fire, other than a fire caused by human error or arson, flood, earthquake, storm, or other serious act of nature, which threatens the health, safety, or welfare of persons or causes damage to property in the District of Columbia.
(2) “Normal average retail price” means:
  (A) In the case of services, not more than 10% more than the price at which similar services were sold or offered in the Washington Metropolitan Area during the 90-day period that preceded an emergency that resulted from a natural disaster, if an emergency is declared pursuant to § 28-4102(b) ; or
  (B) In the case of merchandise, the price equal to the wholesale cost plus a retail mark-up that is the same percentage over wholesale cost as the retail mark-up for similar merchandise sold in the Washington Metropolitan Area during the 90-day period that immediately preceded an emergency that resulted from a natural disaster, if an emergency has been declared pursuant to § 28-4102(b) .
(3) “Person” means a corporation, firm, agency, company, association, organization, partnership, society, joint stock company, or an individual.
D.C. Code § 28:4A-108 — DC Code / Title 28 / Chapter  / § 28:4A-108
§ 28:4A-108. Relationship to Electronic Fund Transfers Act.
Status: in_force

(a) Except as otherwise provided in subsection (b) of this section, this article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act, approved November 10, 1978 (92 Stat. 3728; 15 U.S.C. § 1693 et seq.).
(b) This article applies to a funds transfer that is a remittance transfer as defined in section 919(g)(2) of the Electronic Fund Transfer Act, approved July 21, 2010 (124 Stat. 2065; 15 U.S.C. § 1693o-1(g)(2) ), unless the remittance transfer is an electronic fund transfer as defined in section 903(7) of the Electronic Fund Transfer Act, approved November 10, 1978 (92 Stat. 3728; 15 U.S.C. § 1693a(7)).
(c) In the event of an inconsistency between a provision of this article and the Electronic Fund Transfer Act, the Electronic Fund Transfer Act governs to the extent of the inconsistency.
D.C. Code § 28-5102 — DC Code / Title 28 / Chapter 51 / § 28-5102
§ 28-5102. Art dealer and artist; relationship.
Status: in_force

If an art dealer accepts a work of fine art, on a fee, commission, or other compensation basis, on consignment from the artist who created the work of fine art:
(1) The art dealer shall be, with respect to that work of fine art, the agent of the artist;
(2) A trust shall be created;
(3) The work of fine art shall be trust property and the art dealer shall be a trustee for the benefit of the artist until the work of fine art shall be sold to a bona fide third party; and
(4) The proceeds of the sale of the work of fine art shall be trust property and the art dealer shall be a trustee for the benefit of the artist until the amount due to the artist from the sale is paid.