Section 36-1-103 - Construction of Uniform Commercial Code to promote its purposes and policies; supplementary general principles of law applicable(a) This title 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;(3) to make uniform the law among the various jurisdictions.(b) Unless displaced by the particular provisions of this title, 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, or other validating or invalidating cause shall supplement its provisions.Amended by 2014 S.C. Acts, Act No. 213 (SB 343), s 1, eff. 10/1/2014.1962 Code Section 10.1-102; 1962 Code Section 10.1-103; 1966 (54) 2716; former 1976 Code Section 36-1-102. "This act," referred to in this section, means Act No. 1065 of the 1966 Acts and Joint Resolutions, originally codified as Titles 10.1 to 10.10 of the Code of Laws of South Carolina 1962, and now codified as Title 36 of the Code of Laws of South Carolina 1976.
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."