Source: http://scratchinpost.net/barefootsworld/sui_juris/UCC/article7.html
Timestamp: 2018-02-19 01:54:04
Document Index: 768460031

Matched Legal Cases: ['§7', '§7', '§7', '§7', '§ 7', '§7', 'ART 2', '§7', '§ 7', '§7', '§7', '§7', '§7', '§7', '§7', '§7', '§7', 'ART 3', '§7', '§7', '§7', '§7', 'art 4', '§7', '§7', '§7', '§7', '§7', 'ART 4', '§ 7', '§ 7', '§ 7', '§ 7', 'ART 5', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', 'ART 6', '§ 7', '§ 7', '§ 7', 'ART 7', '§ 7', '§ 7', '§ 7', '§ 7']

Uniform Commercial Code - Article t
U.C.C. - ARTICLE 7 - DOCUMENTS OF TITLE
§7-101. Short Title.
§7-102. Definitions and Index of Definitions.
(9) "Person entitled under the document" means the holder, in the case of anegotiable document of title, or the person to which delivery of the goods is to be made by the terms of, or pursuant to instructions in a record under, a nonnegotiable document of title.
(13) "Warehouse" means a person engaged in the business of storing goods for hire. (B) Definitions in other articles applying to this article and the sections in which they appear are:
(2) "Lessee in ordinary course of business", Section 2A-103.
(C) In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.;
§7-103. Relation of Article to Treaty or Statute.
(A) This article is subject to any treaty or statute of the United States or a regulatory statute of this State to the extent the treaty, statute, or regulatory statute is applicable.
(B) This article does not repeal or modify any law prescribing the form or contents of a document of title or the services or facilities to be afforded by a bailee, or otherwise regulating a bailee's businesses in respects not specifically treated in this article. However, violation of these laws does not affect the status of a document of title that otherwise complies with the definition of a document of title.
(D) To the extent there is a conflict between the Uniform Electronic Transactions Act and this article, this article governs.
§7-104. Negotiable and Nonnegotiable Document of Title.
(A) A document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of anamed person.
§ 7-105. Reissuance in Alternative Medium.
§7-106. Control of Electronic Document of Title.
(1) a single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in paragraphs(4), (5), and (6), unalterable;
(a) the person to which the document was issued;or
PART 2. WAREHOUSE RECEIPTS:; SPECIAL PROVISIONS
§7-201. Person That May Issue a Warehouse Receipt; Storage Under Bond.
(B) If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a receipt issued for the goods is deemed to be a warehouse receipt even if issued by a person that is the ownerof the goods and is not a warehouse.
§ 7-202. Form of Warehouse Receipt.
(B) Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a personinjured by its omission:
(4) a statement whether the goods received will be delivered to the bearer, to a named person,or to a named person or its order;
(5) the rate of storage and handling charges, but if goods are stored under a field warehousing arrangement, a statement ofthat fact is sufficient on a nonnegotiable receipt;
(C) A warehouse may insert in its receipt any terms that are not contrary to [the Uniform Commercial Code] and do not impair its obligation of delivery under Section 7-403 or its duty of care under Section 7-204. Any contrary provisions are ineffective.
§7-203. Liability for Nonreceipt or Misdescription.
§7-204. Duty of Care; Contractual Limitation of Warehouse's Liability.
(A) A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the goods that a reasonably careful person would exercise under similar circumstances. However, unless otherwise agreed, the warehouse is not liable for damages that could not have been avoided by the exercise of that care.
(D) This section does not impair or repeal [Insert reference to any statute that imposes a higher responsibility upon the warehouse or invalidates contractual limitations that would be permissible under this Article.]
§7-205. Title Under Warehouse Receipt Defeated in Certain Cases.
A buyer in ordinary course of business of fungible goods goods and delivered by a warehouse that is also in the business of buying and selling such goods takes the goods free of any claim under a warehouse receipt even if the receipt is negotiable and has been duly negotiated.
§7-206. Termination of Storage at Warehouse's Option.
(B) If a warehouse in good faith believes that goods are about to deteriorate or decline in value to less than the amount of its lien within the time provided in subsection (a)and Section 7-210, the warehouse may specify in the notice given under subsection (a) any reasonable shorter time for removal of the goods and, if the goods are not removed, may sell them at public sale held not less than one week after a single advertisement or posting.
§7-207. Goods Must Be Kept Separate; Fungible Goods.
(B) If different lots Of fungible goods are commingled, the good are owned in common by the persons entitled thereto and the warehouse is severally liable to each owner for that owner's share. If, because of over issue, a mass of fungible goods is insufficient to meet all the receipts the warehouse has issued against it, the persons entitled include all holders to which over issued receipts have been duly negotiated.
§7-208. Altered Warehouse Receipts.
If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any tangible or electronic warehouse receipt enforceable against the issuer according to its original tenor.
§7-209. Lien of Warehouse.
(B) The warehouse may also reserve a security interest under Article 9 against the bailor for the maximum amount specified on the receipt for charges other than those specified in subsection (a), such as for money advanced and interest. A security interest is governed by Article 9.
(1) deliver or entrust the goods or any document covering the goods to the bailor or the bailor's nominee with actual or apparent authority to ship, store, or sell; or with power to obtain delivery under Section 7-403; or with power of disposition under Sections 2-403, 2A-304(2), 2A-305(2) or 9-320 or other statute or rule of law; or
§7-210. Enforcement of Warehouse's Lien.
(A) Except as otherwise provided In subsection (b), a warehouse's lien 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 different method from that selected by the warehouse is not of itself sufficient to establish that the sale was not made in a commercially reasonable manner. The warehouse has sold in a commercially reasonable manner if the warehouse 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 has otherwise sold in conformity with commercially reasonable practices among dealers in the type of goods sold. 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 the preceding sentence.
PART 3. BILLS OF LADING:; SPECIAL PROVISIONS
§7-301. Liability for Non-receipt or Misdescription; "Said to Contain"; "Shipper's Load and Count"; Improper Handling.
(A) A consignee of a nonnegotiable bill of lading which has given value in good faith, or a holder to which a negotiable bill has been duly negotiated, relying upon the description of the goods in the bill or upon the date shown in the bill, may recover from the issuer damages caused by the misdating of the bill or the nonreceipt or misdescription of the goods, except to the extent that the document of title indicates that the issuer does not know whether any part or all of the goods in fact were received or conform to the description, such as in a case in which the description is in terms of marks or labels or kind, quantity, or condition or the receipt or description is qualified by "contents or condition of contents of packages unknown", "said to contain", "shipper's weight, load and count," or words of similar import, if that indication is true.
§7-302. Through Bills of Lading and Similar Documents of Title.
(A) The issuer of a through bill of lading or other document of title embodying an undertaking to be performed in part by a person acting as its agent or by a performing carrier is liable to any person entitled to recover on the document for any breach by the other person or the performing carrier of its obligation under the document. However, to the extent that the bill covers an undertaking to be performed overseas or in territory not contiguous to the continental United States or an undertaking including matters other than transportation, this liability for breach by the other person or the performing carrier may be varied by agreement of the parties.
(1) the amount it may be required to pay to any person entitled to recover on the document for the breach, as may be evidenced by any receipt, judgment, or transcript of judgment, and;
§7-303. Diversion; Reconsignment; Change of Instructions.
§7-304. Tangible Bills of Lading in a Set.
(E) The bailee is obliged to deliver in accordance with Part 4 against the first presented part of a tangible bill of lading lawfully issued in a set. Delivery in this manner discharges the bailee's obligation on the whole bill.
§7-305. Destination Bills.
§7-306. Altered Bills of Lading.
§7-307. Lien of Carrier.
§7-308. Enforcement of Carrier's Lien.
(A) 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 different method from that selected by the carrier is not of itself sufficient to establish that the sale was not made in a commercially reasonable manner. The carrier has sold 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 has otherwise sold in conformity with commercially reasonable practices among dealers in the type of goods sold. 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 the preceding sentence.
§7-309. Duty of Care; Contractual Limitation of Carrier's Liability.
PART 4. WAREHOUSE RECEIPTS AND BILLS OF LADING:; GENERAL OBLIGATIONS
§ 7-401. Irregularities in Issue of Receipt or Bill or Conduct of Issuer.
(1) the document does not comply with the requirements of this article or of any other statute, rule, or regulation regarding its issue, form, or content;
§ 7-402. Duplicate Document of Title; Overissue.
§ 7-403. Obligation of Warehouse or Carrier to Deliver; Excuse.
(C) Unless a person claiming the goods is one against which the document of title does not confer a right under Section 7-503(a):
(2) the bailee shall cancel the document or conspicuously indicate in the document the partial delivery or be liableto any person to which the document is duly negotiated.
§ 7-404. No Liability for Good Faith Delivery Pursuant to Document of Title.
A bailee that in good faith has received goods and delivered or otherwise disposed ofthe goods according to the terms of a document of title or pursuant to this article is not liable for the goods even if:
PART 5. WAREHOUSE RECEIPTS AND BILLS OF LADING:; NEGOTIATION AND TRANSFER
[Table ofContents]
§ 7-501. Form of Negotiation and Requirements of Due Negotiation.
§ 7-502. Rights Acquired by Due Negotiation.
(4) the direct obligation of the issuer to hold or deliver the goods according to the terms of the document free of any defense or claim by the issuer except those arising under the terms of the document or under this article. In the case of a delivery order, the bailee's obligation accrues only upon the bailee's acceptance of the delivery order and the obligation acquired by the holder is that the issuer and any indorser will procure the acceptance of the bailee.
§ 7-503. Document of Title to Goods Defeated in Certain Cases.
(1) deliver or entrust the goods or any document covering the goods to the bailor or the bailor's nominee with actual or apparent authority to ship, store, or sell; with power to obtain delivery under Section 7-403; or with power of disposition under Section 2-403, 2A-304(2), 2A-305(2), or 9-320or other statute or rule of law; or
§ 7-504. Rights Acquired in the Absence of Due Negotiation; Effect of Diversion; Stoppage of Delivery.
(1) by those creditors of the transferor that could treat the transfer as void under Section 2-402 or 2A-308;
(D) Delivery of the goods pursuant to a nonnegotiable document of title may be stopped by a seller under Section 2-705 or a lessor under Section 2A-526, subject to the requirements of due notification in those sections. A bailee honoring the seller's or lessor's instructions is entitled to be indemnified by the seller or lessor against any resulting loss or expense.
§ 7-505. Indorser Not a Guarantor for Other Parties.
§ 7-506. Delivery Without Indorsement; Right to Compel Indorsement.
§ 7-507. Warranties on Negotiation or Transfer of Document of Title.
If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under Section 7-508, unless otherwise agreed, the transferor warrants to its immediate purchaser only in addition to any warranty made in selling or leasing the goods that:
§ 7-508. Warranties of Collecting Bank as to Documents of Title.
§ 7-509. Adequate Compliance With Commercial Contract.
PART 6. WAREHOUSE RECEIPTS AND BILLS OF LADING:; MISCELLANEOUS PROVISIONS
§ 7-601. Lost, Stolen, or Destroyed Documents of Title.
(B) A bailee that without court order delivers goods to a person claiming under a missing negotiable document of title is liable to any person injured thereby. If the delivery is not in good faith, the bailee is liable for conversion. Delivery in good faith is not conversion if the claimant posts security with the bailee in an amount at least double the value of the goods at the time of posting to indemnify any person injured by the delivery which files a notice of claim within one year after the delivery.
§ 7-602. Attachment of Goods Covered by a Negotiable Document.
Unless a document of title Was originally issued upon delivery of the goods by a person that did not have power to dispose of them, a lien does not attach by virtueof any judicial process to goods in the possession of a bailee for which a negotiable document of title is outstanding unless possession or control of the document is first surrendered to the bailee or the document's negotiation is enjoined. The bailee may not be compelled to deliver the goods pursuant to process until possession or control of the document is surrendered to the bailee or to the court. A purchaser of the document for value without notice of the process or injunction takes free of the lien imposed by judicialprocess.
§ 7-603. Conflicting Claims; Interpleader.
PART 7. MISCELLANEOUS PROVISIONS
§ 7-701. Effective Date.
This [Act] takes effect on ______,20___.
§ 7-702. Repeals.
[Existing Article 7] and [Section 10-104 of the Uniform Commercial Code] are repealed.
§ 7-703. Applicability.
This [Act] applies to a document of title that is issued or a bailment that arises on or after the effective date of this [Act]. This [Act] does not apply to a document of title that is issued or a bailment that arises before the effective date of this [Act] even if the document of title or bailment would be subject to this [Act] if the document of title had been issued or bailment had arisen after the effective date of this [Act]. This [Act] does not apply to a right of action that has accrued before the effective dateof this [Act].
§ 7-704. Savings Clause.
A document of title issued or a bailment that arises before the effective date of this [Act] and the rights, obligations, and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this [Act] as if amendment or repeal had not occurred and may be terminated, completed, consummated, or enforced under that statute or other rule.