The New York Court of Appeals will hear oral arguments next Tuesday, September 6, 2005 on two certified questions from the United States Court of Appeals for the Second Circuit concerning the Uniform Commercial Code.  The questions are:

1.  Can the one-year statute of repose established by New York U.C.C. Article 4A-505 be varied by agreement?  If so, are there any limits on the variation thereof (such as "reasonable time") that estop CBNY from denying Regatos recovery in this case?

2.  In the absence of agreement does New York U.C.C. Article 4A require actual notice, rather than constructive notice?  If so, can this requirement be altered by agreement of the parties and was such achieved here?

New York Civil Law posted here in February about the case.