7-7-206
Section 7-7-206 Termination of storage at warehouse's option. (a) A warehouse, by giving
notice to the person on whose account the goods are held and any other person known to claim
an interest in the goods, may require payment of any charges and removal of the goods from
the warehouse at the termination of the period of storage fixed by the document of title or,
if a period is not fixed, within a stated period not less than 30 days after the warehouse
gives notice. If the goods are not removed before the date specified in the notice, the warehouse
may sell them pursuant to Section 7-7-210. (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 7-7-210, 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...
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7-7-504
Section 7-7-504 Rights acquired in absence of due negotiation; effect of diversion;
stoppage of delivery. (a) A transferee of a document of title, whether negotiable or nonnegotiable,
to which the document has been delivered but not duly negotiated, acquires the title and rights
that its transferor had or had actual authority to convey. (b) In the case of a transfer of
a nonnegotiable document of title, until but not after the bailee receives notice of the transfer,
the rights of the transferee may be defeated: (1) By those creditors of the transferor which
could treat the transfer as void under Section 7-2-402 or 7-2A-308; (2) By a buyer
from the transferor in ordinary course of business if the bailee has delivered the goods to
the buyer or received notification of the buyer's rights; (3) By a lessee from the transferor
in ordinary course of business if the bailee has delivered the goods to the lessee or received
notification of the lessee's rights; or (4) As against the bailee, by...
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7-9A-601
Section 7-9A-601 Rights after default; judicial enforcement; consignor or buyer of accounts,
chattel paper, payment intangibles, or promissory notes. (a) Rights of secured party after
default. After default, a secured party has the rights provided in this part and, except as
otherwise provided in Section 7-9A-602, those provided by agreement of the parties.
A secured party: (1) may reduce a claim to judgment, foreclose, or otherwise enforce the claim,
security interest, or agricultural lien by any available judicial procedure; and (2) if the
collateral is documents, may proceed either as to the documents or as to the goods they cover.
(b) Rights and duties of secured party in possession or control. A secured party in possession
of collateral or control of collateral under Section 7-7-106, 7-9A-104, 7-9A-105, 7-9A-106,
or 7-9A-107 has the rights and duties provided in Section 7-9A-207. (c) Rights cumulative;
simultaneous exercise. The rights under subsections (a) and (b) are cumulative...
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7-7-601
Section 7-7-601 Lost, stolen, or destroyed documents of title. (a) If a document of
title is lost, stolen, or destroyed, a court may order delivery of the goods or issuance of
a substitute document and the bailee may without liability to any person comply with the order.
If the document was negotiable, a court may not order delivery of the goods or issuance of
a substitute document without the claimant's posting security unless it finds that any person
that may suffer loss as a result of nonsurrender of possession or control of the document
is adequately protected against the loss. If the document was nonnegotiable, the court may
require security. The court may also order payment of the bailee's reasonable costs and attorney's
fees in any action under this subsection. (b) A bailee that, without a 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...
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7-1-203
Section 7-1-203 Lease distinguished from security interest. (a) Whether a transaction
in the form of a lease creates a lease or security interest is determined by the facts of
each case. (b) A transaction in the form of a lease creates a security interest if the consideration
that the lessee is to pay the lessor for the right to possession and use of the goods is an
obligation for the term of the lease and is not subject to termination by the lessee, and:
(1) The original term of the lease is equal to or greater than the remaining economic life
of the goods; (2) The lessee is bound to renew the lease for the remaining economic life of
the goods or is bound to become the owner of the goods; (3) The lessee has an option to renew
the lease for the remaining economic life of the goods for no additional consideration or
for nominal additional consideration upon compliance with the lease agreement; or (4) The
lessee has an option to become the owner of the goods for no additional...
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7-2-719
Section 7-2-719 Contractual modification or limitation of remedy. (1) Subject to the
provisions of subsections (2) and (3) of this section and of Section 7-2-718
on liquidation and limitation of damages: (a) The agreement may provide for remedies in addition
to or in substitution for those provided in this article and may limit or alter the measure
of damages recoverable under this article, as by limiting the buyer's remedies to return of
the goods and repayment of the price or to repair and replacement of nonconforming goods or
parts; and (b) Resort to a remedy as provided is optional unless the remedy is expressly agreed
to be exclusive, in which case it is the sole remedy. (2) Where circumstances cause an exclusive
or limited remedy to fail of its essential purpose, remedy may be had as provided in this
title. (3) Consequential damages may be limited or excluded unless the limitation or exclusion
is unconscionable. Limitation of consequential damages for injury to the person in the...

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7-2A-103
Section 7-2A-103 Definitions and index of definitions. (1) In this article unless the
context otherwise requires: (a) "Buyer in ordinary course of business" means a person
who in good faith and without knowledge that the sale to him or her is in violation of the
ownership rights or security interest or leasehold interest of a third party in the goods,
buys in ordinary course from a person in the business of selling goods of that kind but does
not include a pawnbroker. "Buying" may be for cash or by exchange of other property
or on secured or unsecured credit and includes receiving goods or documents of title under
a pre-existing contract for sale but does not include a transfer in bulk or as security for
or in total or partial satisfaction of a money debt. (b) "Cancellation" occurs when
either party puts an end to the lease contract for default by the other party. (c) "Commercial
unit" means such a unit of goods as by commercial usage is a single whole for purposes
of lease and...
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7-2A-523
Section 7-2A-523 Lessor's remedies. (1) If a lessee wrongfully rejects or revokes acceptance
of goods or fails to make a payment when due or repudiates with respect to a part or the whole,
then, with respect to any goods involved, and with respect to all of the goods if under an
installment lease contract the value of the whole lease contract is substantially impaired
(Section 7-2A-510), the lessee is in default under the lease contract and the lessor
may: (a) cancel the lease contract (Section 7-2A-505(1)); (b) proceed respecting goods
not identified to the lease contract (Section 7-2A-524); (c) withhold delivery of the
goods and take possession of goods previously delivered (Section 7-2A-525); (d) stop
delivery of the goods by any bailee (Section 7-2A-526); (e) dispose of the goods and
recover damages (Section 7-2A-527), or retain the goods and recover damages (Section
7-2A-528), or in a proper case recover rent (Section 7-2A-529); (f) exercise any other
rights or pursue any other...
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27-31A-4
Section 27-31A-4 Risk retention groups not chartered in this state. Risk retention groups
chartered and licensed in states other than this state and seeking to do business as a risk
retention group in this state shall comply with the laws of this state as follows: (1) NOTICE
OF OPERATIONS AND DESIGNATION OF COMMISSIONER AS AGENT. a. Before offering insurance in this
state, a risk retention group shall submit to the commissioner both of the following: 1. A
statement identifying the state or states in which the risk retention group is chartered and
licensed as a liability insurance company, charter date, its principal place of business,
and other information, including information on its membership, as the commissioner of this
state may require to verify that the risk retention group is qualified pursuant to subdivision
(11) of Section 27-31A-2. 2. A copy of its plan of operations or feasibility study
and revisions of the plan or study submitted to the state in which the risk retention...
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7-2-311
Section 7-2-311 Options and cooperation respecting performance. (1) An agreement for
sale which is otherwise sufficiently definite (subsection (3) of Section 7-2-204) to
be a contract is not made invalid by the fact that it leaves particulars of performance to
be specified by one of the parties. Any such specification must be made in good faith and
within limits set by commercial reasonableness. (2) Unless otherwise agreed specifications
relating to assortment of the goods are at the buyer's option and, except as otherwise provided
in subsections (1)(c) and (3) of Section 7-2-319, specifications or arrangements relating
to shipment are at the seller's option. (3) Where such specification would materially affect
the other party's performance but is not seasonably made or where one party's cooperation
is necessary to the agreed performance of the other but is not seasonably forthcoming, the
other party in addition to all other remedies: (a) Is excused for any resulting delay in his
own...
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