Tennessee § 47-1-103 Construction of chapters 1-9 to promote their purposes and policies - Applicability of supplemental principles of law

Tennessee Statutes

§ 47-1-103 — Construction of chapters 1-9 to promote their purposes and policies - Applicability of supplemental principles of law

(a)Chapters 1-9 of 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 chapters 1-9 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.

(c)In any dispute as to the proper construction of

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(a) Chapters 1-9 of 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 chapters 1-9 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. (c) In any dispute as to the proper construction of one (1) or more sections of chapters 1-9 of this title, the Official Comments pertaining to the corresponding sections of the Uniform Commercial Code, Official Text, as adopted by the Uniform Law Commission and the American Law Institute and as in effect on July 1, 2013, in this state, shall constitute evidence of the purposes and policies underlying such sections, unless: (1) The sections of chapters 1-9 of this title that are applicable to the dispute differ materially from the sections of the Official Text that would be applicable thereto; or (2) The Official Comments are inconsistent with the plain meaning of the applicable sections of chapters 1-9 of this title.

Tennessee § 47-1-103 (Construction of chapters 1-9 to promote their purposes and policies - Applicability of supplemental principles of law) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.