Part 3: TERRITORIAL APPLICABILITY AND GENERAL RULES
§1-1302. Variation by agreement
(1).
Except as otherwise provided in subsection (2) or elsewhere in the Uniform Commercial Code, the effect of provisions of the
Uniform Commercial Code may be varied by agreement.
[
2009, c. 325, Pt. A, §2 (NEW);
2009, c. 325, Pt. A, §4 (AFF)
.]
(2).
The obligations of good faith, diligence, reasonableness and care prescribed by the Uniform Commercial Code may not be disclaimed
by agreement. The parties, by agreement, may determine the standards by which the performance of those obligations is to
be measured if those standards are not manifestly unreasonable. Whenever the Uniform Commercial Code requires an action to
be taken within a reasonable time, a time that is not manifestly unreasonable may be fixed by agreement.
[
2009, c. 325, Pt. A, §2 (NEW);
2009, c. 325, Pt. A, §4 (AFF)
.]
(3).
The presence in certain provisions of the Uniform Commercial Code of the phrase “unless otherwise agreed,” or words of similar
import, does not imply that the effect of other provisions may not be varied by agreement under this section.
[
2009, c. 325, Pt. A, §2 (NEW);
2009, c. 325, Pt. A, §4 (AFF)
.]
SECTION HISTORY
2009, c. 325, Pt. A, §2 (NEW).
2009, c. 325, Pt. A, §4 (AFF).
Data for this page extracted on 10/16/2012 08:20:53.