ucc 3 full text

8/2/2019 UCC 3 Full Text

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http://www.law.cornell.edu/ucc/3/overview.html#PART%201

UNIFORM COMMERCIAL CODE - ARTICLE 3

NEGOTIABLE INSTRUMENTSCopyright 1978, 1987, 1988, 1990, 1991, 1992 by The American Law Institute and the ationa!

Con"erence o" Commissioners on #ni"orm $tate Laws% reproduced, pub!ished and distributedwith the permission o" the &ermanent 'ditoria! (oard "or the #ni"orm Commercia! Code "or the

!imited purposes o" study, teaching, and academic research)

[For Article 3 as enacted ! a "artic#lar state and an! "ro"osed re$isions clic% &ere'(

*+u!! Tet $earch-

ADDENDUM TO RE)ISED ARTICLE 3

*ART +' GENERAL *RO)ISIONS AND DEFINITIONS

*ART ,' NEGOTIATION TRANSFER AND INDORSEMENT

*ART 3' ENFORCEMENT OF INSTRUMENTS

*ART .' LIABILIT/ OF *ARTIES

*ART 0' DIS1ONOR

*ART 2' DISC1ARGE AND *A/MENT


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Unior4 Co44ercial Code

Article 3U.C.C. - ARTICLE 3 - NEGOTIABLE INSTRUMENTS

..PART 1. GENERAL PROVISIONS AND DEFINITIONS


5 3-+6+' S1ORT TITLE'

Thi Article maB Ce cited a (niDorm +ommercial +ode eEotiaCle $ntrument.

U.C.C. - ARTICLE 3 - NEGOTIABLE INSTRUMENTS..PART 1. GENERAL PROVISIONS AND DEFINITIONS

5 3-+6,' SUB7ECT MATTER'

FaG Thi Article applie to neEotiaCle intrument. $t doe not applB to moneB= to paBment order

Eoverned CB Article A= or to ecuritie Eoverned CB Article 6.

' FCG $D there i conDlict Cetween thi Article and Article or 7= Article and 7 Eovern.

' FcG ReEulation oD the )oard oD overnor oD the ederal Reerve !Btem and operatinE

circular oD the ederal Reerve )anH uperede anB inconitent proviion oD thiArticle to the eItent oD the inconitencB.

U.C.C. - ARTICLE 3 - NEGOTIABLE INSTRUMENTS


5 3-+63' DEFINITIONS'

(a) In this Article:

o (1) "Acceptor" means a draweewho has accepted a draft.

o (2) "Drawee" means a person ordered in a draft to make payment.

o (3) "Drawer" means a person who signs or is identified in a draftas a personordering payment.

o (4) "Good faith" means honesty in fact and the observance of reasonablecommercial standards of fair dealing.

o (5) "Maker" means a person who signs or is identified in a noteas a personndertaking to pay.

o (!) "Order" means a written instrction to pay money signed by the person givingthe instrction. he instrction may be addressed to any person# inclding theperson giving the instrction# or to one or more persons $ointly or in the
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alternative bt not in sccession. %n athori&ation to pay is not an order nlessthe person athori&ed to pay is also instrcted to pay.

o (') "Ordinary care" in the case of a person engaged in bsiness meansobservance of reasonable commercial standards# prevailing in the area in whichthe person is located# with respect to the bsiness in which the person is

engaged. n the case of a bank that takes an instrmentfor processing forcollection or payment by atomated means# reasonable commercial standardsdo not reire the bank to e*amine the instrment if the failre to e*amine doesnot violate the bank+s prescribed procedres and the bank+s procedres do notvary nreasonably from general banking sage not disapproved by this %rticle or%rticle 4.

o (,) "Party" means a party to an instrment.

o (-) "Promise" means a written ndertaking to pay money signed by the personndertaking to pay. %n acknowledgment of an obligation by the obligor is not apromise nless the obligor also ndertakes to pay the obligation.

o (1) "Prove" with respect to a fact means to meet the brden of establishing the

fact (/ection 1021(,)).

o (11) "Remitter" means a person who prchases an instrmentfrom its isser ifthe instrment is payable to an identified person other than the prchaser.

o (b) ther definitions applying to this %rticle and the sections in which they appearare

' "%cceptance" 00 /ection304-

' "%ccommodated party" 00 /ection 3041-

' "%ccommodation party" 00 /ection 3041-

' "%lteration" 00 /ection 304'

' "%nomalos indorsement" 00 /ection 3025

' "lank indorsement" 00 /ection 3025

' "ashier+s check" 00 /ection 3014

' "ertificate of deposit" 00 /ection 3014

' "ertified check" 00 /ection 304-

' "heck" 00 /ection 3014

' "onsideration" 00 /ection 3033

' "raft" 00 /ection 3014

' "6older in de corse" 00 /ection3032

' "ncomplete instrment" 00 /ection 30115

' "ndorsement" 00 /ection 3024

' "ndorser" 00 /ection 3024

' "nstrment" 00 /ection 3014

' "sse" 00 /ection 3015
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' "sser" 00 /ection 3015

' "7egotiable instrment" 00 /ection 3014

' "7egotiation" 00 /ection 3021

' "7ote" 00 /ection 3014

' "8ayable at a definite time" 00 /ection301,

' "8ayable on demand" 00 /ection 301,

' "8ayable to bearer" 00 /ection 301-

' "8ayable to order" 00 /ection 301-

' "8ayment" 00 /ection 30!2

' "8erson entitled to enforce" 00 /ection 3031

' "8resentment" 00 /ection 3051

' "9eacisition" 00 /ection 302'

' "/pecial indorsement" 00 /ection 3025

' "eller+s check" 00 /ection 3014

' "ransfer of instrment" 00 /ection 3023

' "raveler+s check" 00 /ection 3014

' ":ale" 00 /ection 3033

' (c) he following definitions in other %rticles apply to this %rticle

' "ank" 00 /ection 4015

' "anking day" 00 /ection4014

' "learing hose" 00 /ection 4014' "ollecting bank" 00 /ection 4015

' "epositary bank" 00 /ection4015

' "ocmentary draft" 00 /ection4014

' "ntermediary bank" 00 /ection 4015

' "tem" 00 /ection 4014

' "8ayor bank" 00 /ection 4015

' "/spends payments" 00 /ection 4014

' (d) n addition# %rticle 1 contains general definitions and principles of constrction andinterpretation applicable throghot this %rticle.


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5 3-+6.' NEGOTIABLE INSTRUMENT'

(a) !cept as provided in s"#sections (c) and (d)$ %ne&otia#le instr"ment% means an"nconditional promiseor orderto pay a fi!ed amo"nt of money$ with or witho"t interestor other char&es descri#ed in the promise or order$ if it:

o (1) is payable to bearer or to orderat the time it is issedor first comes into

possession of a holder;

o (2) is payable on demand or at a definite time; and

o (3) does not state any other ndertaking or instrction by the person promising orordering payment to do any act in addition to the payment of money# bt thepromiseor ordermay contain (i) an ndertaking or power to give# maintain# orprotect collateral to secre payment# (ii) an athori&ation or power to the holderto confess $dgment or reali&e on or dispose of collateral# or (iii) a waiver of thebenefit of any law intended for the advantage or protection of an obligor.

o (b) "Instr"ment" means anegotiable instrment.

' (c) %n orderthat meets all of the reirements of sbsection (a)# e*cept paragraph (1)#

and otherwise falls within the definition of "check" in sbsection (f) is a negotiableinstrmentand a check.

' (d) % promiseor orderother than a checkis not an instrmentif# at the time it is issedor first comes into possession of a holder# it contains a conspicos statement# howevere*pressed# to the effect that the promise or order is not negotiable or is not aninstrment governed by this %rticle.

' (e) %n instrmentis a "note" if it is a promiseand is a "draft" if it is an order. f aninstrment falls within the definition of both "note" and "draft#" a person entitled toenforcethe instrment may treat it as either.

' (f) "'heck" means (i) a draft# other than a docmentary draft# payable on demand anddrawn on a bank or (ii) a cashier+s checkorteller+s check. %n instrmentmay be acheckeven thogh it is described on its face by another term# sch as "money order."

' (g) "'ashiers check" means a draftwith respect to which thedraweranddraweearethe same bank or branches of the same bank.

' (h) "ellers check" means a draftdrawn by a bank (i) on another bank# or (ii) payable ator throgh a bank.

' (i) "ravelers check" means an instrmentthat (i) is payable on demand# (ii) is drawnon or payable at or throgh a bank# (iii) is designated by the term "traveler+s check" or bya sbstantially similar term# and (iv) reires# as a condition to payment# acontersignatre by a person whose specimen signatre appears on the instrment.

' ($) "'ertificate of deposit" means aninstrmentcontaining an acknowledgment by a

bank that a sm of money has been received by the bank and a promiseby the bank torepay the sm of money. % certificate of deposit is a noteof the bank.


http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-105.html#Issue_3-105http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-104.html#negotiable%20instrument_3-104http://www.law.cornell.edu/ucc/3/3-104.html#negotiable%20instrument_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-104.html#negotiable%20instrument_3-104http://www.law.cornell.edu/ucc/3/3-104.html#negotiable%20instrument_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Check_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-104.html#Check_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-105.html#Issue_3-105http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-301.html#Person%20entitled%20to%20enforce_3-301http://www.law.cornell.edu/ucc/3/3-301.html#Person%20entitled%20to%20enforce_3-301http://www.law.cornell.edu/ucc/3/3-104.html#Draft_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Cashier's%20check_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Teller's%20check_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Teller's%20check_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Check_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Check_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Draft_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Drawer_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Drawer_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Drawee_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Drawee_3-103http://www.law.cornell.edu/ucc/3/3-104.html#Draft_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-104.html#Note_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-105.html#Issue_3-105http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-104.html#negotiable%20instrument_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-104.html#negotiable%20instrument_3-104http://www.law.cornell.edu/ucc/3/3-104.html#negotiable%20instrument_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Check_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-104.html#Check_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-105.html#Issue_3-105http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-301.html#Person%20entitled%20to%20enforce_3-301http://www.law.cornell.edu/ucc/3/3-301.html#Person%20entitled%20to%20enforce_3-301http://www.law.cornell.edu/ucc/3/3-104.html#Draft_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Cashier's%20check_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Teller's%20check_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Check_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Draft_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Drawer_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Drawee_3-103http://www.law.cornell.edu/ucc/3/3-104.html#Draft_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-104.html#Note_3-104


8/42

5 3-+60' ISSUE OF INSTRUMENT'

(a) %Iss"e% means the first delivery of an instr"ment#y the makeror drawer$ whether to aholder or nonholder$ for the p"rpose of &ivin& ri&hts on the instr"ment to any person*

' (b) %n nissedinstrment# or an nissed incomplete instrmentthat is completed# isbinding on the makerordrawer#bt nonissance is a defense. %n instrment that is

conditionally issed or is issed for a special prpose is binding on the maker or drawer#bt failre of the condition or special prpose to be flfilled is a defense.

' (c) "Iss"er" applies to issedand nissed instrmentsand means a makeror drawerofan instrment.



5 3-+62' UNCONDITIONAL *ROMISE OR ORDER'

(a) !cept as provided in this section$ for the p"rposes of +ection ,-./0(a)$apromiseor

orderis "nconditional "nless it states (i) an e!press condition to payment$ (ii) that thepromise or order is s"#1ect to or &overned #y another writin&$ or (iii) that ri&hts oro#li&ations with respect to the promise or order are stated in another writin&* A referenceto another writin& does not of itself make the promise or order conditional*

' (b) % promiseor orderis not made conditional (i) by a reference to another writing for astatement of rights with respect to collateral# prepayment# or acceleration# or (ii) becasepayment is limited to resort to a particlar fnd or sorce.

' (c) f a promiseor orderreires# as a condition to payment# a contersignatre by aperson whose specimen signatre appears on the promise or order# the condition doesnot make the promise or order conditional for the prposes of /ection3014(a).f theperson whose specimen signatre appears on an instrmentfails to contersign the

instrment# the failre to contersign is a defense to the obligation of the isser# bt thefailre does not prevent a transferee of the instrment from becoming a holder of theinstrment.

' (d) f a promiseor orderat the time it is issedor first comes into possession of a holdercontains a statement# reired by applicable stattory or administrative law# to the effectthat the rights of a holder or transferee are sb$ect to claims or defenses that the issercold assert against the original payee# the promise or order is not thereby madeconditional for the prposes of /ection 3014(a); bt if the promise or order is aninstrment# there cannot be a holder in de corseof the instrment.



5 3-+68' INSTRUMENT *A/ABLE IN FOREIGN MONE/'

(nle the intrumentotherwie provide= an intrument that tate the amount paBaCle in DoreiEn

moneB maB Ce paid in the DoreiEn moneB or in an eJuivalent amount in dollar calculated CB

uinE the current CanHoDDered pot rate at the place oD paBment Dor the purchae oD dollar on thedaB on which the intrument i paid.
http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Maker_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Maker_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Drawer_3-103http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-115.html#Incomplete%20instrument_3-115http://www.law.cornell.edu/ucc/3/3-103.html#Maker_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Drawer_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Drawer_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Drawer_3-103http://www.law.cornell.edu/ucc/3/3-105.html#Issue_3-105http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Maker_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Drawer_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Drawer_3-103http://www.law.cornell.edu/ucc/3/3-104.html#3-104(a)http://www.law.cornell.edu/ucc/3/3-104.html#3-104(a)http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-104.html#3-104(a)http://www.law.cornell.edu/ucc/3/3-104.html#3-104(a)http://www.law.cornell.edu/ucc/3/3-104.html#3-104(a)http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-105.html#Issuer_3-105http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-105.html#Issue_3-105http://www.law.cornell.edu/ucc/3/3-105.html#Issuer_3-105http://www.law.cornell.edu/ucc/3/3-104.html#3-104(a)http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-302.html#holder%20in%20due%20course_3-302http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Maker_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Drawer_3-103http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-115.html#Incomplete%20instrument_3-115http://www.law.cornell.edu/ucc/3/3-103.html#Maker_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Drawer_3-103http://www.law.cornell.edu/ucc/3/3-105.html#Issue_3-105http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-103.html#Maker_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Drawer_3-103http://www.law.cornell.edu/ucc/3/3-104.html#3-104(a)http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-104.html#3-104(a)http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-105.html#Issuer_3-105http://www.law.cornell.edu/ucc/3/3-103.html#Promise_3-103http://www.law.cornell.edu/ucc/3/3-103.html#Order_3-103http://www.law.cornell.edu/ucc/3/3-105.html#Issue_3-105http://www.law.cornell.edu/ucc/3/3-105.html#Issuer_3-105http://www.law.cornell.edu/ucc/3/3-104.html#3-104(a)http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104http://www.law.cornell.edu/ucc/3/3-302.html#holder%20in%20due%20course_3-302http://www.law.cornell.edu/ucc/3/3-104.html#Instrument_3-104


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5 3-+69' *A/ABLE ON DEMAND OR AT DEFINITE TIME'

(a) A promiseororderis %paya#le on demand% if it (i) states that it is paya#le on demandor at si&ht$ or otherwise indicates that it is paya#le at the will of the holder$ or (ii) doesnot state any time of payment*

' (b) % promiseor orderis "paya#le at a definite time" if it is payable on elapse of adefinite period of time after sight or acceptanceor at a fi*ed date or dates or at a time ortimes readily ascertainable at the time the promise or order is issed# sb$ect to rights of(i) prepayment# (ii) acceleration# (iii) e*tension at the option of the holder# or (iv)e*tension to a frther definite time at the option of the makeroracceptoror atomaticallypon or after a specified act or event.

' (c) f an instrment# payable at a fi*ed date# is also payable pon demand made beforethe fi*ed date# the instrment is payable on demand ntil the fi*ed date and# if demandfor payment is not made before that date# becomes payable at a definite time on thefi*ed date.



5 3-+6:' *A/ABLE TO BEARER OR TO ORDER'

(a) A promiseororderis paya#le to #earer if it:

o (1) states that it is payable to bearer or to the orderof bearer or otherwiseindicates that the person in possession of the promiseor order is entitled topayment;

o (2) does not state a payee; or

o (3) states that it is payable to or to the orderof cash or otherwise indicates that itis not payable to an identified person.

o (b) % promiseor orderthat is not payable to bearer is payable to order if it ispayable (i) to the order of an identified person or (ii) to an identified person ororder. % promise or order that is payable to order is payable to the identifiedperson.

' (c) %n instrmentpayable to bearer may become payable to an identified person if it isspecially indorsed prsant to /ection 3025(a). %n instrment payable to an identifiedperson may become payable to bearer if it is indorsed in blank prsant to /ection 30

25(b).


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10/42

5 3-++6' IDENTIFICATION OF *ERSON TO ;1OM INSTRUMENT IS *A/ABLE'

(a) he person to whom an instr"mentis initially paya#le is determined #y the intent ofthe person$ whether or not a"thori2ed$ si&nin& as$ or in the name or #ehalf of$ the iss"erof the instr"ment* he instr"ment is paya#le to the person intended #y the si&ner even ifthat person is identified in the instr"ment #y a name or other identification that is not

that of the intended person* If more than one person si&ns in the name or #ehalf of theiss"er of an instr"ment and all the si&ners do not intend the same person as payee$ theinstr"ment is paya#le to any person intended #y one or more of the si&ners*

' (b) f the signatre of the isserof an instrment is made by atomated means# sch asa check0writing machine# the payee of the instrment is determined by the intent of theperson who spplied the name or identification of the payee# whether or not athori&edto do so.

' (c) % person to whom an instrmentis payable may be identified in any way# inclding byname# identifying nmber# office# or accont nmber.


11/42

5 3-+++' *LACE OF *A/MENT'

&Icept a otherwie provided Dor item in Article = an intrumenti paBaCle at the place oDpaBment tated in the intrument. $D no place oD paBment i tated= an intrument i paBaCle at the

addre oD the draweeor maHertated in the intrument. $D no addre i tated= the place oD

paBment i the place oD Cuine oD the drawee or maHer. $D a drawee or maHer ha more than one

place oD Cuine= the place oD paBment i anB place oD Cuine oD the drawee or maHer choenCB theperon entitled to enDorcethe intrument. $D the drawee or maHer ha no place oD Cuine=

the place oD paBment i the reidence oD the drawee or maHer.



5 3-++,' INTEREST'

(a) 3nless otherwise provided in the instr"ment$ (i) an instr"ment is not paya#le withinterest$ and (ii) interest on an interest-#earin& instr"ment is paya#le from the date of theinstr"ment*

' (b) nterest may be stated in an instrmentas a fi*ed or variable amont of money or itmay be e*pressed as a fi*ed or variable rate or rates. he amont or rate of interest maybe stated or described in the instrment in any manner and may reire reference toinformation not contained in the instrment. f an instrment provides for interest# bt theamont of interest payable cannot be ascertained from the description# interest ispayable at the $dgment rate in effect at the place of payment of the instrment and atthe time interest first accres.



5 3-++3' DATE OF INSTRUMENT'

(a) An instr"mentmay #e antedated or postdated* he date stated determines the time ofpayment if the instr"ment is paya#le at a fi!ed period after date* !cept as provided in+ection 0-0/.(c)$ an instr"ment paya#le on demand is not paya#le #efore the date of theinstr"ment*

' (b) f an instrmentis ndated# its date is the date of its isseor# in the case of annissed instrment# the date it first comes into possession of a holder.



5 3-++.' CONTRADICTOR/ TERMS OF INSTRUMENT'

$D an intrumentcontain contradictorB term= tBpewritten term prevail over printed term=

handwritten term prevail over Coth= and word prevail over numCer.


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5 3-++0' INCOM*LETE INSTRUMENT'

(a) %Incomplete instr"ment% means a si&ned writin&$ whether or not iss"ed#y the si&ner$the contents of which show at the time of si&nin& that it is incomplete #"t that the si&nerintended it to #e completed #y the addition of words or n"m#ers*

' (b) /b$ect to sbsection (c)# if an incomplete instrment is an instrmentnder /ection

3014# it may be enforced according to its terms if it is not completed# or according to itsterms as agmented by completion. f an incomplete instrment is not an instrmentnder /ection 3014# bt# after completion# the reirements of /ection3014are met#the instrment may be enforced according to its terms as agmented by completion.

' (c) f words or nmbers are added to an incomplete instrment withot athority of thesigner# there is an alterationof the incomplete instrment nder /ection 304'.

' (d) he brden of establishing that words or nmbers were added to an incompleteinstrment withot athority of the signer is on the person asserting the lack of athority.



5 3-++2' 7OINT AND SE)ERAL LIABILIT/< CONTRIBUTION'

(a) !cept as otherwise provided in the instr"ment$ two or more persons who have thesame lia#ility on an instr"ment as makers$drawers$ acceptors$ indorserswho indorse as1oint payees$ or anomalo"s indorsersare 1ointly and severally lia#le in the capacity inwhich they si&n*

' (b) =*cept as provided in /ection 3041-(e)or by agreement of the affected parties# apartyhaving $oint and several liability who pays the instrmentis entitled to receive fromany party having the same $oint and several liability contribtion in accordance withapplicable law.

' (c) ischarge of one partyhaving $oint and several liability by a person entitled toenforcethe instrmentdoes not affect the right nder sbsection (b) of a party havingthe same $oint and several liability to receive contribtion from the party discharged.

AmendedKPermanent &ditorial )oard +ommentarBL



5 3-++8' OT1ER AGREEMENTS AFFECTING INSTRUMENT'

!uCMect to applicaCle law reEardinE eIcluion oD prooD oD contemporaneou or previou

aEreement= the oCliEation oD apartBto anintrumentto paB the intrument maB Ce modiDied=upplemented= or nulliDied CB a eparate aEreement oD the oCliEor and aperon entitled to enDorce

the intrument= iD the intrument i iuedor the oCliEation i incurred in reliance on the

aEreement or a part oD the ame tranaction EivinE rie to the aEreement. To the eItent anoCliEation i modiDied= upplemented= or nulliDied CB an aEreement under thi ection= the

aEreement i a deDene to the oCliEation.
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5 3-++9' STATUTE OF LIMITATIONS'

(a) !cept as provided in s"#section (e)$ an action to enforce the o#li&ation of a partytopay a notepaya#le at a definite time m"st #e commenced within si! years after the d"edate or dates stated in the note or$ if a d"e date is accelerated$ within si! years after theaccelerated d"e date*

' (b) =*cept as provided in sbsection (d) or (e)# if demand for payment is made to themakerof a notepayable on demand# an action to enforce the obligation of a partyto paythe note mst be commenced within si* years after the demand. f no demand forpayment is made to the maker# an action to enforce the note is barred if neither principalnor interest on the note has been paid for a continos period of 1 years.

' (c) =*cept as provided in sbsection (d)# an action to enforce the obligation of a partytoan naccepted draftto pay the draft mst be commenced within three years afterdishonor of the draft or 1 years after the date of the draft# whichever period e*pires first.

' (d) %n action to enforce the obligation of the acceptorof acertified checkor the isserofa teller+s check#cashier+s check# or traveler+s checkmst be commenced within threeyears after demand for payment is made to the acceptor or isser# as the case may be.

' (e) %n action to enforce the obligation of a partyto acertificate of depositto pay theinstrmentmst be commenced within si* years after demand for payment is made tothe maker# bt if the instrment states a de date and the maker is not reired to paybefore that date# the si*0year period begins when a demand for payment is in effect andthe de date has passed.

' (f) %n action to enforce the obligation of a partyto pay an accepted draft#other than acertified check#mst be commenced (i) within si* years after the de date or dates

stated in the draft or acceptanceif the obligation of the acceptoris payable at a definitetime# or (ii) within si* years after the date of the acceptance if the obligation of theacceptor is payable on demand.

' (g) >nless governed by other law regarding claims for indemnity or contribtion# anaction (i) for conversion of an instrment#for money had and received# or like actionbased on conversion# (ii) for breach of warranty# or (iii) to enforce an obligation# dty# orright arising nder this %rticle and not governed by this section mst be commenced

within three years after the ?case of action@ accres.



5 3-++:' NOTICE OF RIG1T TO DEFEND ACTION'

$n an action Dor Creach oD an oCliEation Dor which a third peron i anweraCle over puruant tothi Article or Article = the deDendant maB Eive the third peron written notice oD the litiEation=

and the peron notiDied maB then Eive imilar notice to anB other peron who i anweraCle over.

$D the notice tate FiG that the peron notiDied maB come in and deDend and FiiG that Dailure to doo will Cind the peron notiDied in an action later CrouEht CB the peron EivinE the notice a to
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anB determination oD Dact common to the two litiEation= the peron notiDied i o Cound unle

aDter eaonaCle receipt oD the notice the peron notiDied doe come in and deDend.



..PART 2. NEGOTIATION, TRANSFER, AND INDORSEMENT

5 3-,6+' NEGOTIATION'

(a) %4e&otiation% means a transfer of possession$ whether vol"ntary or invol"ntary$ of aninstr"ment#y a person other than the iss"erto a person who there#y #ecomes itsholder*

' (b) =*cept for negotiationby a remitter# if an instrmentis payable to an identifiedperson# negotiation reires transfer of possession of the instrment and itsindorsementby the holder. f an instrment is payable to bearer# it may be negotiated by transfer of

possession alone.



5 3-,6,' NEGOTIATION SUB7ECT TO RESCISSION'

(a) 4e&otiation is effective even if o#tained (i) from an infant$ a corporation e!ceedin& itspowers$ or a person witho"t capacity$ (ii) #y fra"d$ d"ress$ or mistake$ or (iii) in #reach ofd"ty or as part of an ille&al transaction*

' (b) o the e*tent permitted by other law# negotiationmay be rescinded or may be sb$ect

to other remedies# bt those remedies may not be asserted against a sbseent holderin de corseor a person paying the instrmentin good faithand withot knowledge offacts that are a basis for rescission or other remedy.



5 3-,63' TRANSFER OF INSTRUMENT< RIG1TS AC=UIRED B/ TRANSFER'

(a) An instr"mentis transferred when it is delivered #y a person other than its iss"er forthe p"rpose of &ivin& to the person receivin& delivery the ri&ht to enforce the instr"ment*

' (b) ransfer of an instrment# whether or not the transfer is a negotiation# vests in thetransferee any right of the transferor to enforce the instrment# inclding any right as aholder in de corse# bt the transferee cannot acire rights of a holder in de corseby a transfer# directly or indirectly# from a holder in de corse if the transferee engagedin frad or illegality affecting the instrment.

' (c) >nless otherwise agreed# if an instrmentis transferred for vale and the transfereedoes not become a holder becase of lack of indorsementby the transferor# thetransferee has a specifically enforceable right to the nalified indorsement of the
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15/42

transferor# bt negotiationof the instrment does not occr ntil the indorsement ismade.

' (d) f a transferor prports to transfer less than the entire instrment#negotiationof theinstrment does not occr. he transferee obtains no rights nder this %rticle and hasonly the rights of a partial assignee.



5 3-,6.' INDORSEMENT'

(a) %Indorsement% means a si&nat"re$ other than that of a si&ner as maker$drawer$ oracceptor$ that alone or accompanied #y other words is made on an instr"mentfor thep"rpose of (i) ne&otiatin& the instr"ment$ (ii) restrictin& payment of the instr"ment$ or (iii)inc"rrin& indorserslia#ility on the instr"ment$ #"t re&ardless of the intent of the si&ner$a si&nat"re and its accompanyin& words is an indorsement "nless the accompanyin&words$ terms of the instr"ment$ place of the si&nat"re$ or other circ"mstances

"nam#i&"o"sly indicate that the si&nat"re was made for a p"rpose other thanindorsement* 5or the p"rpose of determinin& whether a si&nat"re is made on aninstr"ment$ a paper affi!ed to the instr"ment is a part of the instr"ment*

' (b) "Indorser" means a person who makes an indorsement.

' (c) INDORSEMENT< ANOMALOUS

INDORSEMENT'

(a) If an indorsementis made #y the holder of an instr"ment$ whether paya#le to anidentified person or paya#le to #earer$ and the indorsement identifies a person to whomit makes the instr"ment paya#le$ it is a %special indorsement*% 6hen specially indorsed$an instr"ment #ecomes paya#le to the identified person and may #e ne&otiated only #ythe indorsement of that person* he principles stated in +ection ,-../apply to special

indorsements*

' (b) f an indorsementis made by the holder of an instrmentand it is not a specialindorsement# it is a "#lank indorsement." Ahen indorsed in blank# an instrmentbecomes payable to bearer and may be negotiated by transfer of possession alone ntilspecially indorsed.
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' (c) he holder may convert a blank indorsement that consists only of a signatre into aspecial indorsement by writing# above the signatre of the indorser# words identifying theperson to whom the instrmentis made payable.

' (d) "Anomalo"s indorsement" means an indorsementmade by a person who is not theholder of the instrment. %n anomalos indorsement does not affect the manner in which

the instrment may be negotiated.



5 3-,62' RESTRICTI)E INDORSEMENT'

(a) An indorsementlimitin& payment to a partic"lar person or otherwise prohi#itin&f"rther transfer orne&otiationof the instr"mentis not effective to prevent f"rther transferor ne&otiation of the instr"ment*

' (b) %n indorsementstating a condition to the right of the indorsee to receive paymentdoes not affect the right of the indorsee to enforce the instrment. % person paying the

instrment or taking it for vale or collection may disregard the condition# and the rightsand liabilities of that person are not affected by whether the condition has been flfilled.

' (c) f an instrmentbears an indorsement(i) described in /ection 4021(b)# or (ii) inblank or to a particlar bank sing the words "for deposit#" "for collection#" or other wordsindicating a prpose of having the instrment collected by a bank for the indorseror for aparticlar accont# the following rles apply

o (1) % person# other than a bank# who prchases theinstrmentwhen so indorsedconverts the instrment nless the amont paid for the instrment is received bythe indorseror applied consistently with the indorsement.

o (2) % depositary bank that prchases the instrmentor takes it for collection

when so indorsed converts the instrment nless the amont paid by the bankwith respect to the instrment is received by the indorseror applied consistentlywith the indorsement.

o (3) % payor bank that is also the depositary bank or that takes the instrmentforimmediate payment over the conter from a person other than a collecting bankconverts the instrment nless the proceeds of the instrment are received bythe indorseror applied consistently with the indorsement.

o (4) =*cept as otherwise provided in paragraph (3)# a payor bank or intermediarybank may disregard the indorsementand is not liable if the proceeds of theinstrmentare not received by the indorseror applied consistently with theindorsement.

o (d) =*cept for an indorsementcovered by sbsection (c)# if an instrmentbearsan indorsement sing words to the effect that payment is to be made to theindorsee as agent# trstee# or other fidciaryfor the benefit of the indorseroranother person# the following rles apply

o (1) >nless there is notice of breach of fidciarydty as provided in /ection 303'# a person who prchases the instrmentfrom the indorsee or takes theinstrment from the indorsee for collection or payment may pay the proceeds of
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payment or the vale given for the instrment to the indorsee withot regard towhether the indorsee violates a fidciary dty to the indorser.

o (2) % sbseent transferee of the instrmentor person who pays the instrmentis neither given notice nor otherwise affected by the restriction in the indorsementnless the transferee or payor knows that the fidciarydealt with the instrment

or its proceeds in breach of fidciary dty.o (e) he presence on an instrmentof an indorsementto which this section

applies does not prevent a prchaser of the instrment from becoming a holderin de corseof the instrment nless the prchaser is a converter ndersbsection (c) or has notice or knowledge of breach of fidciarydty as stated insbsection (d).

' (f) n an action to enforce the obligation of a partyto pay the instrment# the obligor hasa defense if payment wold violate an indorsementto which this section applies and thepayment is not permitted by this section.



5 3-,68' REAC=UISITION'

ReacJuiition oD an intrumentoccur iD it i tranDerred to a Dormer holder= CBneEotiationor

otherwie. A Dormer holder who reacJuire the intrument maB cancelindorementmade aDter

the reacJuirer Dirt Cecame a holder oD the intrument. $D the cancellation caue the intrument to

Ce paBaCle to the reacJuirer or to Cearer= the reacJuirer maB neEotiate the intrument. Anindorerwhoe indorement i canceled i dicharEed= and the dicharEe i eDDective aEaint anB

uCeJuent holder.

*ART 3' ENFORCEMENT OF INSTRUMENTS


..PART 3. ENFORCEMENT OF INSTRUMENTS

5 3-36+' *ERSON ENTITLED TO ENFORCE INSTRUMENT'

N*erson entitled to enorceN an intrumentmean FiG the holder oD the intrument= FiiG anonholder in poeion oD the intrument who ha the riEht oD a holder= or FiiiG a peron not in

poeion oD the intrument who i entitled to enDorce the intrument puruant to !ection 3307

or 316FdG. A peron maB Ce a peron entitled to enDorce the intrument even thouEh the peroni not the owner oD the intrument or i in wronEDul poeion oD the intrument.


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5 3-36,' 1OLDER IN DUE COURSE'

(a) +"#1ect to s"#section (c) and +ection ,-./7(d)$ %holder in d"e co"rse% means theholder of an instr"mentif:

o (1) the instrmentwhenissedor negotiated to the holder does not bear schapparent evidence of forgery or alterationor is not otherwise so irreglar or

incomplete as to call into estion its athenticity; and

o (2) the holder took the instrment(i) for vale# (ii) in good faith# (iii) withot noticethat the instrment is overde or has been dishonored or that there is an ncreddefalt with respect to payment of another instrment issedas part of the sameseries# (iv) withot notice that the instrment contains an nathori&ed signatreor has been altered# (v) withot notice of any claim to the instrment described in/ection 303!# and (vi) withot notice that any partyhas a defense or claim inrecopment described in /ection 3035(a).

o (b) 7otice of discharge of a party# other than discharge in an insolvencyproceeding# is not notice of a defense nder sbsection (a)# bt discharge iseffective against a person who became a holder in de corsewith notice of the

discharge. 8blic filing or recording of a docment does not of itself constittenotice of a defense# claim in recopment# or claim to the instrment.

' (c) =*cept to the e*tent a transferor or predecessor in interest has rights as a holder inde corse# a person does not acire rights of a holder in de corse of an instrmenttaken (i) by legal process or by prchase in an e*ection# bankrptcy# or creditor+s saleor similar proceeding# (ii) by prchase as part of a blk transaction not in ordinary corseof bsiness of the transferor# or (iii) as the sccessor in interest to an estate or otherorgani&ation.

' (d) f# nder /ection 3033(a)(1)# the promiseof performance that is the considerationforan instrmenthas been partially performed# the holder may assert rights as a holder inde corseof the instrment only to the fraction of the amont payable nder the

instrment eal to the vale of the partial performance divided by the vale of thepromised performance.

' (e) f (i) the person entitled to enforcean instrmenthas only a secrity interest in theinstrment and (ii) the person obliged to pay the instrment has a defense# claim inrecopment# or claim to the instrment that may be asserted against the person whogranted the secrity interest# the person entitled to enforce the instrment may assertrights as a holder in de corseonly to an amont payable nder the instrment which#at the time of enforcement of the instrment# does not e*ceed the amont of the npaidobligation secred.

' (f) o be effective# notice mst be received at a time and in a manner that gives areasonable opportnity to act on it.

' (g) his section is sb$ect to any law limiting stats as a holder in de corseinparticlar classes of transactions.


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19/42

5 3-363' )ALUE AND CONSIDERATION'

(a) An instr"mentis iss"edor transferred for val"e if:

o (1) the instrmentis issedor transferred for a promiseof performance# to thee*tent the promise has been performed;

o (2) the transferee acires a secrity interest or other lien in the instrmentotherthan a lien obtained by $dicial proceeding;

o (3) the instrmentis issedor transferred as payment of# or as secrity for# anantecedent claim against any person# whether or not the claim is de;

o (4) the instrmentis issedor transferred in e*change for a negotiableinstrment; or

o (5) the instrmentis issedor transferred in e*change for the incrring of anirrevocable obligation to a third partyby the person taking the instrment.

o (b) "'onsideration" means any consideration sfficient to spport a simplecontract. he drawerormakerof an instrmenthas a defense if the instrment isissedwithot consideration. f an instrment is issed for a promiseofperformance# the isserhas a defense to the e*tent performance of the promiseis de and the promise has not been performed. f an instrment is issed forvale as stated in sbsection (a)# the instrment is also issed for consideration.



5 3-36.' O)ERDUE INSTRUMENT'

(a) An instr"mentpaya#le on demand #ecomes overd"e at the earliest of the followin&times:

o (1) on the day after the day demand for payment is dly made;

o (2) if the instrmentis a check# - days after its date; or

o (3) if the instrmentis not a check# when the instrment has been otstanding fora period of time after its date which is nreasonably long nder thecircmstances of the particlar case in light of the natre of the instrment andsage of the trade.

o (b) Aith respect to an instrmentpayable at a definite time the following rlesapply

o (1) f the principal is payable in installments and a de date has not beenaccelerated# the instrmentbecomes overde pon defalt nder the instrment

for nonpayment of an installment# and the instrment remains overde ntil thedefalt is cred.

o (2) f the principal is not payable in installments and the de date has not beenaccelerated# the instrmentbecomes overde on the day after the de date.

o (3) f a de date with respect to principal has been accelerated# the instrmentbecomes overde on the day after the accelerated de date.
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