Home Table of Contents

§ 1-103. Construction of Uniform Commercial Code to Promote Its Purposes and Policies--Applicab...

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 1. General Provisions (Refs & Annos)
Part 1. Short Title, Construction, Application and Subject Matter of the Act (Refs & Annos)
12A Okl.St.Ann. § 1-103
§ 1-103. Construction of Uniform Commercial Code to Promote Its Purposes and Policies--Applicability of Supplemental Principles of Law
Currentness
Construction of Uniform Commercial Code to Promote Its Purposes and Policies; Applicability of Supplemental Principles of Law.
(a) The Uniform Commercial Code shall 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 the Uniform Commercial 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, or other validating or invalidating cause shall supplement its provisions.

Credits

Laws 1961, p. 69, § 1-103; Laws 2005, c. 139, § 3, eff. Jan. 1, 2006.
12A Okl. St. Ann. § 1-103, OK ST T. 12A § 1-103
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document