§ 8.1A-103 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
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, and other validating or invalidating cause supplement its provisions.
History
The record of this law’s original creation isn’t available online. It has been modified 3 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1956, chapter 428; in 1964, chapter 219; in 2003, chapter 353.
Code 1950, §§ 6-549, 13-183, 13.1-418, 61-2; 1956, c. 428; 1964, c. 219, §§ 8.1-102, 8.1-103; 2003, c. 353.