Negotiable Instruments Uniform Commercial Code
This short video explains the impact and application of Article 3 on negotiable instruments such as checks, notes, drafts, and certificates of deposit. Liabilities of parties and warranties made upon transfer of an instrument are also discussed. Article 3 has specific rules dealing with alterations of instrument, and rules which require timely action. Notes signed in connection with a mortgage are also governed by Article 3 even though the sale of real estate is not. A discussion of negotiability can be accessed at:
http://uccmadeeasybook.com/excerpts/
http://ucc-madeeasy.blogspot.com/