Section 400.3-101 – Short title.

Effective – 28 Aug 1992 400.3-101. Short title. — This Article may be cited as Uniform Commercial Code-Negotiable Instruments. ­­——– (L. 1963 p. 503 § 3-101, A.L. 1992 S.B. 448)

Section 400.3-102 – Subject matter.

Effective – 28 Aug 1992, 2 histories 400.3-102. Subject matter. — (a) This Article applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 4A, or to securities governed by Article 8. (b) If there is conflict between this Article and Article 4 or 9, Articles 4 and 9 […]

Section 400.3-103 – Definitions.

Effective – 28 Aug 2005, 2 histories 400.3-103. Definitions. — (a) In this Article: (1) “Acceptor” means a drawee who has accepted a draft. (2) “Drawee” means a person ordered in a draft to make payment. (3) “Drawer” means a person who signs or is identified in a draft as a person ordering payment. (4) […]

Section 400.3-104 – Negotiable instruments.

Effective – 28 Aug 2005 400.3-104. Negotiable instruments. — (a) Except as provided in subsections (c) and (d), “negotiable instrument” means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it: (1) is payable to bearer or to […]

Section 400.3-105 – Issue of instrument.

Effective – 28 Aug 1992, 2 histories 400.3-105. Issue of instrument. — (a) “Issue” means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person. (b) An unissued instrument, or an unissued incomplete instrument that is […]

Section 400.3-106 – Unconditional promise or order.

Effective – 28 Aug 1992, 2 histories 400.3-106. Unconditional promise or order. — (a) Except as provided in this section, for the purposes of Section 400.3-104(a), a promise or order is unconditional unless it states (i) an express condition to payment, (ii) that the promise or order is subject to or governed by another writing, […]

Section 400.3-107 – Instrument payable in foreign money.

Effective – 28 Aug 1992, 2 histories 400.3-107. Instrument payable in foreign money. — Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of […]

Section 400.3-108 – Payable on demand or at definite time.

Effective – 28 Aug 1992 400.3-108. Payable on demand or at definite time. — (a) A promise or order is “payable on demand” if it (i) states that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder, or (ii) does not state any […]

Section 400.3-109 – Payable to bearer or to order.

Effective – 28 Aug 1992, 2 histories 400.3-109. Payable to bearer or to order. — (a) A promise or order is payable to bearer if it: (1) states that it is payable to bearer or to the order of bearer or otherwise indicates that the person in possession of the promise or order is entitled […]

Section 400.3-110 – Identification of person to whom instrument is payable.

Effective – 28 Aug 1992 400.3-110. Identification of person to whom instrument is payable. — (a) The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized, signing as, or in the name or behalf of, the issuer of the instrument. The instrument is payable […]

Section 400.3-111 – Place of payment.

Effective – 28 Aug 1992, 2 histories 400.3-111. Place of payment. — Except as otherwise provided for items in Article 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in […]

Section 400.3-112 – Interest.

Effective – 28 Aug 1992, 2 histories 400.3-112. Interest. — (a) Unless otherwise provided in the instrument, (i) an instrument is not payable with interest, and (ii) interest on an interest-bearing instrument is payable from the date of the instrument. (b) Interest may be stated in an instrument as a fixed or variable amount of […]

Section 400.3-113 – Date of instrument.

Effective – 28 Aug 1992, 2 histories 400.3-113. Date of instrument. — (a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in Section 400.4-401(b), an instrument payable on demand is not payable before the […]

Section 400.3-114 – Contradictory terms of instrument.

Effective – 28 Aug 1992, 2 histories 400.3-114. Contradictory terms of instrument. — If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers. ­­——– (L. 1992 S.B. 448)

Section 400.3-115 – Incomplete instrument.

Effective – 28 Aug 1992 400.3-115. Incomplete instrument. — (a) “Incomplete instrument” means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing that it is incomplete but that the signer intended it to be completed by the addition of words or numbers. (b) Subject […]

Section 400.3-116 – Joint and several liability — contribution.

Effective – 28 Aug 1992, 2 histories 400.3-116. Joint and several liability — contribution. — (a) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, endorsers who endorse as joint payees, or anomalous endorsers are jointly and severally liable in the […]

Section 400.3-117 – Other agreements affecting instrument.

Effective – 28 Aug 1992, 2 histories 400.3-117. Other agreements affecting instrument. — Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled […]

Section 400.3-118 – Statute of limitations.

Effective – 28 Aug 1997, 2 histories 400.3-118. Statute of limitations. — (a) Except as provided in subsection (e), an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within ten years after the due date or dates stated in the note or, if […]

Section 400.3-119 – Notice of right to defend action.

Effective – 28 Aug 1992, 2 histories 400.3-119. Notice of right to defend action. — In an action for breach of an obligation for which a third person is answerable over pursuant to this Article or Article 4, the defendant may give the third person written notice of the litigation, and the person notified may […]