UCC Article 3 – Negotiable Instruments

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  • June 25, 2016 at 8:12 pm #203186
    Bonk
    Participant

    Why are these instruments called “negotiable” if they must be an “unconditional promise to give” and for a “fixed amount of money?”

    Does that make any sense at all? Isn’t it contradictory? Am I missing something?

    Thanks!

    FAR: 85
    BEC: 84
    AUD: 74, 83
    REG: ??

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  • June 25, 2016 at 8:17 pm #783590
    Bonk
    Participant

    Never mind. I just found this.. I was thinking of the other type of negotiation.. ha!

    Ҥ 3-201. NEGOTIATION.
    (a) “Negotiation” means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder.”

    FAR: 85
    BEC: 84
    AUD: 74, 83
    REG: ??

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