Nebraska Uniform Commercial Code 8-113

UCC 8-113

8-113.

Statute of frauds inapplicable.

A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed or record authenticated by a party against whom enforcement is sought, even if the contract or modification is not capable of performance within one year of its making.

Source

  • Laws 1995, LB 97, § 17.

Annotations

  • COMMENT

  • This section provides that the statute of frauds does not apply to contracts for the sale of securities, reversing prior law which had a special statute of frauds in section 8-319 (1978). With the increasing use of electronic means of communication, the statute of frauds is unsuited to the realities of the securities business. For securities transactions, whatever benefits a statute of frauds may play in filtering out fraudulent claims are outweighed by the obstacles it places in the development of modern commercial practices in the securities business.

  • Definitional Cross References:

  • "Action". Section 1-201(1).

  • "Contract". Section 1-201(11).

  • "Writing". Section 1-201(46).