The proposal serves the broader goals of commercial law as well, by reducing needless legal complexity and more closely aligning legal requirements with business realities. Instead, the proposed regime would allow creditors to stake their claims directly-by means of online “smart” maps or by electronic tags identifying interests in particular items of collateral-and would eliminate numerous arcane, inefficient, and inequitable features of the current regime. It would no longer be necessary to file financing statements indexed under the name and location of the owner of collateral. The proposal would jettison this outdated and often ineffective method of providing notice of security interests, and instead, would look to modern technologies to stake clearer and more reliable claims on collateral. This Article proposes to remove and replace a primary structural component of Article 9 of the UCC-the filing system by which secured creditors put others on notice of their interest in items of collateral. But just as the UCC was motivated initially by the idea of streamlining the law to accommodate modern commerce, now that goal should motivate revision of the UCC itself. Its weaknesses are well known but have been considered necessary evils, accepted because no better approaches were available. 2-606).Article 9 of the Uniform Commercial Code (UCC) governs secured transactions in personal property in all fifty states and has been lauded as “the most successful commercial statute ever.” But while Article 9 has facilitated commerce and economic growth, it remains complicated and inefficient in numerous respects. (c) with respect to goods for which payment has been made and accepted or which have been received and accepted (Sec.(b) if the party against whom enforcement is sought admits in his pleading, testimony or otherwise in court that a contract for sale was made, but the contract is not enforceable under this provision beyond the quantity of goods admitted or. (a) if the goods are to be specially manufactured for the buyer and are not suitable for sale to others in the ordinary course of the seller's business and the seller, before notice of repudiation is received and under circumstances which reasonably indicate that the goods are for the buyer, has made either a substantial beginning of their manufacture or commitments for their procurement or.(3) A contract which does not satisfy the requirements of subsection (1) but which is valid in other respects is enforceable (2) Between merchants if within a reasonable time a writing in confirmation of the contract and sufficient against the sender is received and the party receiving it has reason to know its contents, it satisfies the requirements of subsection (1) against such party unless written notice of objection to its contents is given within 10 days after it is received. A writing is not insufficient because it omits or incorrectly states a term agreed upon but the contract is not enforceable under this paragraph beyond the quantity of goods shown in such writing. (1) Except as otherwise provided in this section a contract for the sale of goods for the price of $500 or more is not enforceable by way of action or defense unless there is some writing sufficient to indicate that a contract for sale has been made between the parties and signed by the party against whom enforcement is sought or by his authorized agent or broker.
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