LexisNexis® Legal Newsroom
UCC Protects Bank from Breach of Contract Allegations

Even in Virginia, which recently placed which recently placed first in a ranking of the " Best States for Business " by Forbes.com, businesses often fail. Particularly in small companies, relationships among the owners sour and partnership disputes arise. Here in Fairfax County, where my practice...

Battle of The Forms in Texas

Most parties believe that whichever business sends the final form is the one left standing and therefore should be the controlling form for legal purposes if a dispute arises. However a more detailed analysis of Texas case law interpreting its adopted version of the Uniform Commercial Code (UCC) dictates...

The Uniform Commercial Code and the Transfer of Mortgage Notes

The Permanent Editorial Board for the U.C.C. recently issued a report explaining the Code provisions relevant to the transfer and enforcement of mortgage notes. This report highlights the particular provisions of Articles 3 and 9 that pertain to who can enforce promissory notes in real property transactions...

UCC Reporter-Digest: Mortgagor's Tender of Delinquent Payments Failed to Constitute Effective Cure: Rossi v. Suntrust Mortgage., Inc.

CASE OVERVIEW Revised Section 3-111 of the Uniform Commercial Code states that an instrument is payable at the place of payment listed in the instrument. According to Revised Section 4-107, bank branches are separate banks for purposes of determining a place of payment. In Rossi v. Suntrust Morg...

The UCC Did Not Displace South Carolina's Common Law Rule Regarding Standing Timber: Epstein v. Coastal Timber Co.

CASE OVERVIEW According to South Carolina law, a mortgage on real property includes the standing timber unless the mortgage excepts it. The Uniform Commercial Code has not displaced this common law rule. Specifically, Section 2-107(2) does not transform all standing timber from realty into...

New York's Proposed UCC Amendments: Will New York Pass Legislative Amendments to Bring Its Uniform Commercial Code in Line with the Rest of the Country?

by Kyle C. Bisceglie Esq., Thomas J. Fleming Esq. and Lori Marks-Esterman Esq. New York's Antiquated UCC: In June 2013 legislation was proposed that would modernize New York's UCC, making a wholesale modification of Articles 3 and 4 governing negotiable instruments and bank procedures. The...

Are Purchase Orders Enforceable Contracts?

They can be. The Uniform Commercial Code provides that a contract for the sale of goods may be made in any manner sufficient to show agreement, and that "an order or other offer to buy goods for prompt or current shipment shall be construed as inviting acceptance either by a prompt promise to ship...

This Is Real Law: Collateral Damage: Falling Energy Prices Pose New Risks for Lenders

Where energy prices are going in 2015 is anyone’s guess. According to Goldman Sachs Group Inc. , Barclays and the Tokyo-based Marubeni Corp. , for example, the price of crude oil could soon plummet to $30 per barrel. Other predictions are even more extreme. Oil as cheap as $20 a barrel could be...