UCC Revised Article 3 covers negotiable instruments within the US. What problems hinder any efforts to...

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UCC Revised Article 3 covers negotiable instruments within theUS. What problems hinder any efforts to establish uniforminternational rules for negotiable instruments? What additionalvariables do you see in trying to establish a uniform internationalset of rules for negotiable instruments compared to doing so solelywithin the United States?
Like the folk song from the 1960's, "The times they are achangin'." UCC revised Article 3 and the law of negotiableinstruments were designed to create a substitute for cash and tofacilitate commerce. Has the importance of negotiable instrumentsin commerce increased or decreased in recent years? How willincreased online commerce affect the importance of negotiableinstruments?

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A negotiable instrument is a special piece of paper that can be passed from one person to another and ultimately exchanged for money The passing or transfer of the piece of paper is known as negotiation and the ability to freely make these kinds of persontoperson transfers and then ultimately to exchange the piece of paperor instrumentfor money is what makes the instrument negotiable You are probably already familiar with one of the most common negotiable instruments a check such as you would write to pay for things for your business and that your customers or clients might use to pay you Another common negotiable instrument with which you also may be familiar is a promissory note such as you might sign in order to get a business loan or possibly to document a deal to exchange property for money Article 3 of the Uniform Commercial Code UCC contains dozens of sections laying out hundreds of rules for how checks promissory notes and other negotiable instruments work In this first of two Nolo overview articles on negotiable instruments we look at a few of the most basic UCC principles Two Types of Negotiable Instruments The UCC defines two types of negotiable instruments drafts and notes A draft is an order to pay money and a note is a promise to pay See Answer

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