Arkansas Code Annotated
Ark. Code Ann. § 4-1-302 (2026)
Variation by agreement
✓ current as of May 2026
- Except as otherwise provided in subsection (b) or elsewhere in this subtitle, the effect of provisions of this subtitle may be varied by agreement.
- The obligations of good faith, diligence, reasonableness, and care prescribed by this subtitle may not be disclaimed by agreement. The parties, by agreement, may determine the standards by which the performance of those obligations is to be measured if those standards are not manifestly unreasonable. Whenever this subtitle requires an action to be taken within a reasonable time, a time that is not manifestly unreasonable may be fixed by agreement.
- The presence in certain provisions of this subtitle of the phrase “unless otherwise agreed”, or words of similar import, does not imply that the effect of other provisions may not be varied by agreement under this section.
History. Acts 2005, No. 856, § 16.
Case Notes
Reasonable Time.
The plain meaning of former § 4-1-204(1) (now the third sentence of subsection (b) of this section) shows that if the Arkansas legislature wants an action to be taken in a reasonable time, they express it within the text of the statute, as they have done repeatedly throughout the Uniform Commercial Code. Landreth v. First Nat'l Bank, 45 F.3d 267 (8th Cir. 1995).