Amended
IN
Senate
March 22, 2018 |
Senate Bill | No. 1424 |
Introduced by Senator Pan |
February 16, 2018 |
The Uniform Commercial Code generally regulates commercial transactions, and is intended to be liberally construed and applied to promote its
underlying purposes and policies, which include simplifying, clarifying, and modernizing the law governing commercial transactions.
This bill would make nonsubstantive changes to that law.
(a)This code shall be liberally construed and applied to promote its underlying purposes and policies, which are all of the following:
(1)To simplify, clarify, and modernize the law governing commercial transactions.
(2)To permit the continued expansion of commercial practices through custom, usage, and agreement of the parties.
(3)To make uniform the law among the various jurisdictions.
(b)Unless displaced by the particular provisions of this code, the
principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, and other validating or invalidating cause supplement its provisions.