2006 Minnesota Statutes

336.1-103 MS 2002 [Repealed, 2004 c 162 art 1 s 26]
336.1-103 CONSTRUCTION OF UNIFORM COMMERCIAL CODE TO PROMOTE ITS
PURPOSES AND POLICIES; APPLICABILITY OF SUPPLEMENTAL PRINCIPLES
OF LAW.
(a) The Uniform Commercial Code 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 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: 2004 c 162 art 1 s 3