senate Bill S7816

Signed By Governor
2013-2014 Legislative Session

Relates to revising and modernizing the uniform commercial code

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A9933 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 17, 2014 signed chap.505
Dec 05, 2014 delivered to governor
Jun 19, 2014 returned to assembly
passed senate
3rd reading cal.1651
substituted for s7816
Jun 19, 2014 substituted by a9933
ordered to third reading cal.1651
committee discharged and committed to rules
Jun 11, 2014 referred to judiciary

S7816 - Details

See Assembly Version of this Bill:
A9933
Law Section:
Uniform Commercial Code
Laws Affected:
Rpld Arts 1 & 7, ยง2-A--207, amd UCC, generally

S7816 - Summary

Relates to revising and modernizing the uniform commercial code; makes significant amendments and revisions to articles 1, 7 and 9; makes conforming amendments.

S7816 - Sponsor Memo

S7816 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7816

                            I N  S E N A T E

                              June 11, 2014
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

AN ACT to amend the uniform commercial code, in relation to  modernizing
  commercial  law in New York state; and to repeal certain provisions of
  such code relating thereto

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Article 1 of the uniform commercial code is REPEALED and a
new article 1 is added to read as follows:
                                ARTICLE 1
                                 PART 1
                           GENERAL PROVISIONS
SECTION 1--101. SHORT TITLES.
  (A) THIS ACT MAY BE CITED AS THE UNIFORM COMMERCIAL CODE.
  (B) THIS ARTICLE MAY BE CITED AS UNIFORM COMMERCIAL  CODE  --  GENERAL
PROVISIONS.
SECTION 1--102. SCOPE OF ARTICLE.
  THIS  ARTICLE  APPLIES  TO  A  TRANSACTION  TO  THE  EXTENT THAT IT IS
GOVERNED BY ANOTHER ARTICLE OF THIS ACT.
SECTION 1--103. CONSTRUCTION OF UNIFORM COMMERCIAL CODE TO  PROMOTE  ITS
                  PURPOSES  AND  POLICIES; APPLICABILITY OF SUPPLEMENTAL
                  PRINCIPLES OF LAW.
  (A) THIS ACT MUST BE LIBERALLY CONSTRUED AND APPLIED  TO  PROMOTE  ITS
UNDERLYING PURPOSES AND POLICIES, WHICH ARE:
  (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; AND
  (3) TO MAKE UNIFORM THE LAW AMONG THE VARIOUS JURISDICTIONS.
  (B)  UNLESS  DISPLACED  BY  THE PARTICULAR PROVISIONS OF THIS ACT, 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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