Governor Dave Heineman signed LB 570 in April 2005, which, by its terms, will take effect on January 1, 2006. LB 570, like the nine versions of Revised Article 1 already enacted in Alabama, Arkansas, Delaware, Hawaii, Idaho, Minnesota, New Mexico, Texas, and Virginia, rejects uniform R1-301, retaining the basic choice-of-law regime of pre-revised 1-105. LB 570, like the versions of Revised Article 1 enacted in four other states (Alabama, Hawaii, Idaho, and Virginia), rejects uniform R1-201(b)(20)'s definition of "good faith" as "honesty in fact and the observance of reasonable commercial standards of fair dealing," retaining the definitions set forth in pre-revised 1-201(19) (Neb. 1-201(19))and unamended (Neb.)2-103(1)(b) and 2A-103(3).
Thursday, March 30, 2006
Nebraska adopts new UCC Article 1 but retains old UCC dual good faith standards for merchants and non-merchantsContractsProf Blog
Posted by stan_sipple at 8:09 AM