Alabama § 7-1-103 Construction of Uniform Commercial Code to Promote Its Purposes and Policies; Applicability of Supplemental Principles of Law

Alabama Statutes

§ 7-1-103 — Construction of Uniform Commercial Code to Promote Its Purposes and Policies; Applicability of Supplemental Principles of Law

Alabama·Title 7 Commercial Code·Art. 1 General Provisions·Part 1 Short Title, Construction, Application and Subject Matter of the Title

(a)This title 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 title, 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.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) This title 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 title, 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.

Alabama § 7-1-103 (Construction of Uniform Commercial Code to Promote Its Purposes and Policies; Applicability of Supplemental Principles of Law) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(Prior version of this section added by Acts 1965, No. 549, p. 811; repealed by Act 2004-524, p. 1070, §§1, 3; current section added by Act 2004-524, p. 1070, §1.)