Document Type
Conference Proceeding
Publication Date
1994
Abstract
Power to Modify Article 5 Obligations Under 1-102(3) and 1-203. see Sections 5-103(c) and 5-116(c) of Revised Article 5.
Persons speaking for issuing banks argued strongly in the Article 5 revision process that complete freedom of contract should prevail and that no provision should be made invariable . They argued successfully for the removal in current Section 5-109 of references to due care and they argued successfully against the inclusion of any similar obligation elsewhere in Article 5. Consequently Section 1-102(3) has no place to get a grip in Article 5--because no obligations of due care are expressed in the statute.
Recommended Citation
White, James J. "The Effect of Section 1-102(3) and 1-103 on Commercial Agreements Involving UCC Tansactions: Should They Be Revised?" The Emerged and Emerging New Uniform Commercial Code: ALI-ABA Course of Study Materials (1994): 569-74. (C965)