UCC Article 3.docx
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UCC Article 3.docx
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UCCArticle3
UCCARTICLE3NEGOTIABLEINSTRUMENTS
PART1.GENERALPROVISIONSANDDEFINITIONS[TableofContents]
§3-101.SHORTTITLE.
ThisArticlemaybecitedasUniformCommercialCode--NegotiableInstruments.
§3-102.SUBJECTMATTER.
(a)ThisArticleappliestonegotiableinstruments.Itdoesnotapplytomoney,topaymentordersgovernedbyArticle4A,ortosecuritiesgovernedbyArticle8.
(b)IfthereisconflictbetweenthisArticleandArticle4or9,Articles4and9govern.
(c)RegulationsoftheBoardofGovernorsoftheFederalReserveSystemandoperatingcircularsoftheFederalReserveBankssupersedeanyinconsistentprovisionofthisArticletotheextentoftheinconsistency.
§3-103.DEFINITIONS.
(a)InthisArticle:
(1)"Acceptor"meansadraweewhohasacceptedadraft.
(2)"Consumeraccount"meansanaccountestablishedbyanindividualprimarilyforpersonal,family,orhouseholdpurposes.
(3)"Consumertransaction"meansatransactioninwhichanindividualincursanobligationprimarilyforpersonal,family,orhouseholdpurposes.
(4)"Drawee"meansapersonorderedinadrafttomakepayment.
(5)"Drawer"meansapersonwhosignsorisidentifiedinadraftasapersonorderingpayment.
(6)[reserved]
(7)"Maker"meansapersonwhosignsorisidentifiedinanoteasapersonundertakingtopay.
(8)"Order"meansawritteninstructiontopaymoneysignedbythepersongivingtheinstruction.Theinstructionmaybeaddressedtoanyperson,includingthepersongivingtheinstruction,ortooneormorepersonsjointlyorinthealternativebutnotinsuccession.Anauthorizationtopayisnotanorderunlessthepersonauthorizedtopayisalsoinstructedtopay.
(9)"Ordinarycare"inthecaseofapersonengagedinbusinessmeansobservanceofreasonablecommercialstandards,prevailingintheareainwhichthepersonislocated,withrespecttothebusinessinwhichthepersonisengaged.Inthecaseofabankthattakesaninstrumentforprocessingforcollectionorpaymentbyautomatedmeans,reasonablecommercialstandardsdonotrequirethebanktoexaminetheinstrumentifthefailuretoexaminedoesnotviolatethebank'sprescribedproceduresandthebank'sproceduresdonotvaryunreasonablyfromgeneralbankingusagenotdisapprovedbythisArticleorArticle4.
(10)"Party"meansapartytoaninstrument.
(11)"Principalobligor,"withrespecttoaninstrument,meanstheaccommodatedpartyoranyotherpartytotheinstrumentagainstwhomasecondaryobligorhasrecourseunderthisarticle.
(12)"Promise"meansawrittenundertakingtopaymoneysignedbythepersonundertakingtopay.Anacknowledgmentofanobligationbytheobligorisnotapromiseunlesstheobligoralsoundertakestopaytheobligation.
(13)"Prove"withrespecttoafactmeanstomeettheburdenofestablishingthefact(Section1-201(b)(8)).
(14)[reserved]
(15)"Remitter"meansapersonwhopurchasesaninstrumentfromitsissueriftheinstrumentispayabletoanidentifiedpersonotherthanthepurchaser.
(16)"Remotely-createdconsumeritem"meansanitemdrawnonaconsumeraccount,whichisnotcreatedbythepayorbankanddoesnotbearahandwrittensignaturepurportingtobethesignatureofthedrawer.
(17)"Secondaryobligor,"withrespecttoaninstrument,means(a)anindorseroranaccommodationparty,(b)adrawerhavingtheobligationdescribedinSection3-414(d),or(c)anyotherpartytotheinstrumentthathasrecourseagainstanotherpartytotheinstrumentpursuanttoSection3-116(b).
(b)OtherdefinitionsapplyingtothisArticleandthesectionsinwhichtheyappearare:
"Acceptance"Section3-409
"Accommodatedparty"Section3-419
"Accommodationparty"Section3-419
"Account"Section4-104
"Alteration"Section3-407
"Anomalousindorsement"Section3-205
"Blankindorsement"Section3-205
"Cashier'scheck"Section3-104
"Certificateofdeposit"Section3-104
"Certifiedcheck"Section3-409
"Check"Section3-104
"Consideration"Section3-303
"Draft"Section3-104
"Holderinduecourse"Section3-302
"Incompleteinstrument"Section3-115
"Indorsement"Section3-204
"Indorser"Section3-204
"Instrument"Section3-104
"Issue"Section3-105
"Issuer"Section3-105
"Negotiableinstrument"Section3-104
"Negotiation"Section3-201
"Note"Section3-104
"Payableatadefinitetime"Section3-108
"Payableondemand"Section3-108
"Payabletobearer"Section3-109
"Payabletoorder"Section3-109
"Payment"Section3-602
"Personentitledtoenforce"Section3-301
"Presentment"Section3-501
"Reacquisition"Section3-207
"Specialindorsement"Section3-205
"Teller'scheck"Section3-104
"Transferofinstrument"Section3-203
"Traveler'scheck"Section3-104
"Value"Section3-303
(c)ThefollowingdefinitionsinotherArticlesapplytothisArticle:
"Bankingday"Section4-104
"Clearinghouse"Section4-104
"Collectingbank"Section4-105
"Depositarybank"Section4-105
"Documentarydraft"Section4-104
"Intermediarybank"Section4-105
"Item"Section4-104
"Payorbank"Section4-105
"Suspendspayments"Section4-104
(d)Inaddition,Article1containsgeneraldefinitionsandprinciplesofconstructionandinterpretationapplicablethroughoutthisArticle.
§3-104.NEGOTIABLEINSTRUMENT.
(a)Exceptasprovidedinsubsections(c)and(d),"negotiableinstrument"meansanunconditionalpromiseorordertopayafixedamountofmoney,withorwithoutinterestorotherchargesdescribedinthepromiseororder,ifit:
(1)ispayabletobearerortoorderatthetimeitisissuedorfirstcomesintopossessionofaholder;
(2)ispayableondemandoratadefinitetime;and
(3)doesnotstateanyotherundertakingorinstructionbythepersonpromisingororderingpaymenttodoanyactinadditiontothepaymentofmoney,butthepromiseorordermaycontain(i)anundertakingorpowertogive,maintain,orprotectcollateraltosecurepayment,(ii)anauthorizationorpowertotheholdertoconfessjudgmentorrealizeonordisposeofcollateral,or(iii)awaiverofthebenefitofanylawintendedfortheadvantageorprotectionofanobligor.
(b)"Instrument"meansanegotiableinstrument.
(c)Anorderthatmeetsalloftherequirementsofsubsection(a),exceptparagraph
(1),andotherwisefallswithinthedefinitionof"check"insubsection(f)isanegotiableinstrumentandacheck.
(d)Apromiseororderotherthanacheckisnotaninstrumentif,atthetimeitisissuedorfirstcomesintopossessionofaholder,itcontainsaconspicuousstatement,howeverexpressed,totheeffectthatthepromiseororderisnotnegotiableorisnotaninstrumentgovernedbythisArticle.
(e)Aninstrumentisa"note"ifitisapromiseandisa"draft"ifitisanorder.Ifaninstrumentfallswithinthedefinitionofboth"note"and"draft,"apersonentitledtoenforcetheinstrumentmaytreatitaseither.
(f)"Check"means(i)adraft,otherthanadocumentarydraft,payableondemandanddrawnonabankor(ii)acashier'scheckorteller'scheck.Aninstrumentmaybeacheckeventhoughitisdescribedonitsfacebyanotherterm,suchas"moneyorder."
(g)"Cashier'scheck"meansadraftwithrespecttowhichthedraweranddraweearethesamebankorbranchesofthesamebank.
(h)"Teller'scheck"meansadraftdrawnbyabank(i)onanotherbank,or(ii)payableatorthroughabank.
(i)"Traveler'scheck"meansaninstrumentthat(i)ispayableondemand,(ii)isdrawnonorpayableatorthroughabank,(iii)isdesignatedbytheterm"traveler'scheck"orbyasubstantiallysimilarterm,and(iv)requires,asaconditiontopayment,acountersignaturebyapersonwhosespecimensignatureappearsontheinstrument.
(j)"Certificateofdeposit"meansaninstrumentcontaininganacknowledgmentbyabankthatasumofmoneyhasbeenreceivedbythebankandapromisebythebanktorepaythesumofmoney.Acertificateofdepositisanoteofthebank.
§3-105.ISSUEOFINSTRUMENT.
(a)"Issue"meansthefirstdeliveryofaninstrumentbythemakerordrawer,whethertoaholderornonholder,forthepurposeofgivingrightsontheinstrumenttoanyperson.
(b)Anunissuedinstrument,oranunissuedincompleteinstrumentthatiscompleted,isbindingonthemakerordrawer,butnonissuanceisadefense.Aninstrumentthatisconditionallyissuedorisissuedforaspecialpurposeisbindingonthemakerordrawer,butfailureoftheconditionorspecialpurposetobefulfilledisadefense
(c)"Issuer"appliestoissuedandunissuedinstrumentsandmeansamakerordrawerofaninstrument.
§3-106.UNCONDITIONALPROMISEORORDER.
(a)Exceptasprovidedinthissection,forthepurposesofSection3-104(a),apromiseororderisunconditionalunlessitstates(i)anexpressconditiontopayment,(ii)thatthepromiseororderissubjecttoorgovernedbyanotherrecord,or(iii)thatrightsorobligationswithrespecttothepromiseororderarestatedinanotherrecord.Areferencetoanotherrecorddoesnotofitselfmakethepromiseororderconditional.
(b)Apromiseororderisnotmadeconditional(i)byareferencetoanotherrecordforastatementofrightswithrespecttocollateral,prepayment,oracceleration,or(ii)becausepaymentislimitedtoresorttoaparticularfundorsource.
(c)Ifapromiseororderrequires,asaconditiontopayment,acountersignaturebyapersonwhosespecimensignatureappearsonthepromiseororder,theconditiondoesnotmakethepromiseororderconditionalforthepurposesofSection3-104(a).Ifthepersonwhosespecimensignatureappearsonaninstrumentfailstocountersigntheinstrument,thefailuretocountersignisadefensetotheobligationoftheissuer,butthefailuredoesnotpreventatransfereeof
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